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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 INOVA Corporation ("Borrower") requesting the <br />issuance of the Authority's revenue bonds in an amount not to <br />exceed $3,300,000 ("Bonds") to assist in the financing of the <br />Borrower's acquisition, construction and equipping of a facility <br />for the manufacture of specialized electronic systems consisting <br />of approximately 30,000 square feet ("Project") to be located at <br />211 Lyman Street, in the City of Charlottesville, Virginia, and <br />has held a public hearing on September 9, 1997; <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 Borrower, 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 ("Virginia Code") to permit the <br />Authority to assist in 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 Borrower. <br />3. Pursuant to the limitations contained in Temporary <br />Income Tax Regulations Section 5f.103 -2(f)(1), this resolution <br />