1995_Resolutions - Laserfiche WebLink

Home Browse Search

RESOLUTION • OF THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia ("Authority"), has been asked by The University of Virginia Health Services Foundation ("Foundation") to approve the issuance of revenue bonds by the Industrial Development Authority of Albemarle County, Virginia ("Albemarle Authority") in an amount not to exceed $8,000,000 ("Bonds") a portion of which will be used to finance the Foundation's acquisition, construction and equipping of (a) two new operating rooms and additional staff and support space at the Virginia Ambulatory Surgery Center ("VASI Facility") located at 337 15th Street, SW, in the City of Charlottesville, Virginia and (b) the refinancing of approximately $1,600,000 in revenue bonds issued by the Authority to finance the acquisition, construction and equipping of the VASI Facility and has held a public hearing on September 12, 1995; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the • proceeds of private activity bonds is located must approve the issuance of the bonds; WHEREAS, Section 15.1-1378 of the Industrial Development and Revenue Bond Act, Chapter 33, Title 15.1, Code of Virginia of 1950, as amended ("Act"), provides that if a locality has created an industrial development authority, no industrial development authority created by a second locality may finance a facility located in the first locality unless the governing body of such first locality concurs with the inducement created by the second locality; WHEREAS, the Project is located in the City of Charlottesville, Virginia ("City") and the City Council of the City of Charlottesville, Virginia ("Council") constitutes the highest elected governmental unit of the City; WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE • CITY OF CHARLOTTESVILLE, VIRGINIA: