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requested that the Council approve of the issuance of the Bonds by the Authority. A copy of the <br />Inducement Resolution, a brief summary of the Authority's public hearing, and the Foundation's <br />• Fiscal Impact Statement 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 recitals made in the first paragraph of this Resolution above are hereby <br />adopted as part of this Resolution. <br />2. The Council approves the issuance of the Bonds by the Authority in a principal <br />amount now estimated to be $170,000,000 for the benefit of the Foundation, as required by Section <br />147(f) of the Code and Section 15.2-4906 of the Virginia Code, to permit the Authority to assist in <br />the financing and refinancing of the Projects. <br />3. The approval of the issuance of the Bonds does not constitute an endorsement to <br />a prospective purchaser of the creditworthiness of the Projects or the Foundation, and, as required <br />by Section 15.2-4909 of the Virginia Code, the Bonds shall provide that neither the City nor the <br />Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto <br />except from the revenues and moneys pledged therefor, and neither the faith and credit nor the <br />taxing power of the Commonwealth of Virginia nor any political subdivision thereof, including the <br />City and the Authority, shall be pledged thereto. <br />4. The Council finds that the Projects to be financed or refinanced satisfy the <br />• criteria for the financing of projects by the Authority contained in the City code. <br />5. This resolution shall take effect immediately upon its adoption. <br />Approved by Council <br />December 4, 2006 <br />ler of City Counci—— <br />F-1 <br />LJ <br />