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• RESOLUTION <br />OF THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of Albemarle <br />County, Virginia ("Authority") has considered the application of <br />Martha Jefferson Hospital ("Hospital") requesting the issuance of <br />the Authority's refunding revenue bonds in an amount not to <br />exceed $39,500,000 ("Bonds") to assist in refunding all or a <br />portion of the Industrial Development Authority of the City of <br />Charlottesville, Virginia's $37,000,000 Hospital Revenue Bonds <br />(Martha Jefferson Hospital Project), Series 1990, originally <br />issued on October 4, 1990 to, among other things, finance and <br />refinance various construction and renovation projects and <br />capital equipment purchases for the Hospital's acute care <br />hospital facility in the City of Charlottesville, Virginia (the <br />"Project"), and has held a public hearing thereon on May 25, <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 area in which any facility <br />financed with the proceeds of private activity bonds is located <br />must approve the issuance of the bonds; <br />• WHEREAS, Section 15.1-1378 of the Code of Virginia of 1950, <br />as amended (the "Virginia Code"), provides that if a locality has <br />created an industrial development authority, no industrial <br />development authority created by a second locality may finance a <br />facility located in the first locality unless the governing body <br />of such first locality concurs with the inducement resolution <br />adopted by the industrial development authority created by the <br />second locality; <br />WHEREAS, the City Council of the City of Charlottesville, <br />Virginia ("Council") has created an industrial development <br />authority; the Project is located in the City of Charlottesville, <br />Virginia ("City") and the Council constitutes the highest elected <br />governmental unit of the City; <br />WHEREAS, the Authority and the Industrial Development <br />authority of the City of Charlottesville, Virginia (the "City <br />Authority") have recommended that the Council approve the <br />issuance of the Bonds; and <br />WHEREAS, a copy of the City Authority's resolution approving <br />the issuance of the Bonds, as well as a copy of the Authority's <br />resolution approving the issuance of the Bonds, subject to the <br />terms to be agreed upon, a certificate of the public hearing and <br />a Fiscal Impact Statement, have been filed with the Council. <br />40 <br />