1999_Resolutions - Laserfiche WebLink

Home Browse Search

40 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 Region Ten Community Services Board, Inc. ("Company") to approve the issuance of revenue bonds by the Industrial Development Authority of Albemarle County, Virginia ("Albemarle Authority") in an amount not to exceed $5,000,000 ("Bonds") to assist the Company in refinancing and financing the projects (collectively the "Project") listed on Exhibit A, and has held a public hearing on July 20, 1999; 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 15.2-4906 of the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, 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 an 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; 40 WHEREAS, the City Council of the City of Charlottesville, Virginia ("Council") has created an industrial development authority, a portion of the Project is located in the City of Charlottesville, Virginia ("City") and the 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, as well as a copy of the Albemarle Authority's resolution approving the issuance of the Bonds, subject to the terns 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: 1. The Council concurs with the resolution adopted by the Albemarle Authority and approves the issuance of the Bonds by the Albemarle Authority for the benefit of the Company, as required by Section 147(f) of the Code and Section 15.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code"). 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company.