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• RESOLUTION <br />OF THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of the City of <br />Charlottesville, Virginia ("Authority"), has considered the <br />application of the Monticello Area Community Action Agency <br />("Agency") requesting the issuance of the Authority's revenue <br />bonds in an amount not to exceed $1,000,000 ("Bonds") to assist <br />in the financing of the Agency's acquisition, renovation and <br />expansion of the existing YMCA facilities located on 7.445 acres <br />at 1027 Park Street in the City of Charlottesville consisting of <br />six buildings, such facilities to be used by the Agency for <br />education, human services programs and recreational activities <br />("Project"), and has held a public hearing thereon on March 9, <br />1993; <br />WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Code"), provides that the governmental <br />unit having jurisdiction over the issuer of private activity <br />bonds and over the area in which any facility financed with the <br />proceeds of private activity bonds is located must approve the <br />issuance of the bonds; <br />WHEREAS, the Authority issues its bonds on behalf of the <br />• City of Charlottesville, Virginia ("City"); the Project is to be <br />located in the City and the City Council of the City of <br />Charlottesville, Virginia ("Council") constitutes the highest <br />elected governmental unit of the City; <br />WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br />WHEREAS, a copy of the Authority's resolution approving the <br />issuance of the Bonds, subject to the terms to be agreed upon, a <br />certificate of the public hearing and a Fiscal Impact Statement <br />have been filed with the Council. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA: <br />1. The Council approves the issuance of the Bonds by the <br />Authority for the benefit of the Agency, as required by Section <br />147(f) of the Code and Section 15.1-1378.1 of the Code of <br />Virginia of 1950, as amended to permit the Authority to assist in <br />the financing of the Project. <br />2. The approval of the issuance of the Bonds does not <br />constitute an endorsement to a prospective purchaser of the Bonds <br />of the creditworthiness of the Project or the Agency. <br />• 3. Pursuant to the limitations contained in Temporary <br />Income Tax Regulations Section 5f.103 -2(f)(1), this resolution <br />