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RESOLUTION OF
<br />CITY OF CHARLOTTESVILLE, VIRGINIA
<br />• WHEREAS, the Industrial Development Authority of City of Charlottesville, Virginia (the
<br />"Authority"), has considered the application of The Kroger Co., an Ohio corporation (the "Applicant") for
<br />the issuance of the Authority's industrial development revenue refunding bonds in an amount not to
<br />exceed $3,250,000 (the "Bonds") to refund the Authority's outstanding $3,250,000 Industrial
<br />Development Revenue Refunding Bonds (The Kroger Co.), Series 1994, dated as of April 1, 1994 (the
<br />"Prior Bonds"), the proceeds of which refunded an earlier issue of bonds, which were used to assist in the
<br />financing of a commercial grocery store facility (the "Project"), and has held a public hearing on said
<br />application on September 14, 2004; and
<br />WHEREAS, the refunding of the Prior Bonds will assist the applicant in maintaining its grocery
<br />store located on the east side of U.S. Rt. 29 and the south side of Hydraulic Road (Rugby Road extended)
<br />in the City of Charlottesville, Virginia; and
<br />WHEREAS, the Authority has requested the City Council (the "Council") of City of
<br />Charlottesville, Virginia to approve the issuance of the Bonds to comply with Section 147(f) of the
<br />Internal Revenue Code of 1986, as amended (the "Code"), and Section 15.2-4906 of the Code of Virginia,
<br />as amended (the "Act'); and
<br />WHEREAS, the Authority intends to issue its Bonds on behalf of City of Charlottesville,
<br />Virginia, the Project is located in City of Charlottesville, Virginia, and the Council constitutes the elected
<br />legislative body of the City of Charlottesville, Virginia; and
<br />WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, adopted
<br />• on September 14, 2004, subject to terms to be agreed upon, a certificate of the public hearing, including a
<br />reasonably detailed summary of any comments expressed at the hearing, and a fiscal impact statement
<br />required by Section 15.2-4907 of the Act have been filed with the Council of City of Charlottesville,
<br />Virginia;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
<br />CHARLOTTESVILLE, VIRGINIA:
<br />1. The Council approves the refunding of the Prior Bonds in order to refinance the Project,
<br />and approves the issuance of the Bonds by the Authority for the benefit of the Applicant, as required by
<br />Section 147(f) of the Code and Section 15.2-4906 of the Act.
<br />2. The foregoing approval of the proposed issuance of the Bonds does not constitute an
<br />endorsement of the Bonds to a prospective purchaser of the credit -worthiness of the Project or of the
<br />Applicant, or the financial viability of the Project. As required by Section 15.2-4909 of the Act, the
<br />Bonds shall provide that neither the Commonwealth of Virginia nor City of Charlottesville, Virginia nor
<br />the Authority shall be obligated to pay the Bonds, or the interest thereon, or any other costs incident
<br />thereto, except from the revenue and monies pledged therefore, and further, that neither the faith and
<br />credit nor the taxing power of the Commonwealth of Virginia, nor City of Charlottesville, Virginia, nor
<br />the Authority shall be pledged thereto.
<br />3. This resolution shall take effect immediately upon its adoption.
<br />Approved by Council
<br />cAi
<br />October 18, 2004 CUrV of City Council
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