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253 <br /> <br /> Mr. Towe and Mr. Buck agreed to amend their motion to <br />strike the exception clause and the resolution, as amended, <br />was approved by the following vote. Ayes: Mr. Buck, Rev. <br />Edwards~ Mr. Towe, Ms. Waters. Noes: Mr. Vandever. <br /> <br /> WHEREAS, the Virginia General Assembly has imposed a <br />requirement on persons or entities who want property tax <br />exemptions under state law that they first seek a resolution <br />of support from the local governing body; and <br /> <br /> WHEREAS, the number of requests to City Council for such <br />resolutions supporting tax exemptions has increased, partly <br />as a result of this requirement; and <br /> <br /> WHEREAS, the grant of a property tax exemption is a form <br />of local subsidy to the applicant; and <br /> <br /> WHEREAS, many of the applicants seeking such taX relief <br />already are subsidized by the City through its regular budget <br />funding; and <br /> <br /> WHEREAS, this Council, to be ~air and orderly in its <br />treatment of all organizations under Virginia law, and those <br />which do not have property tax exemptions, would prefer that <br />most or all of its subsidies be analyzed as part of the <br />budget process rather than piecemeal during the entire fiscal <br />year through the tax exempt process. <br /> <br /> NOW, THEREFORE BE IT RESOLVED, that this Council has <br />decided that it will not support property tax exemptions in <br />the future. <br /> <br /> BE IT FURTHER RESOLVED, that during its annual budget <br />process this Council will take into account whether a funding <br />applicant has a property tax exemption, and if so, its nature <br />and extent, and then shape the aggregate City funding amount <br />accordingly, all with the goal of treating every applicant <br />fairly. <br /> <br />RESOLUTION: APPROVING RIVANNA WATER & SEWER AUTHORITY SALE OF <br />BONDS <br /> <br /> Mr. Hendrix explained that the Rivanna Water and Sewer <br />Authority has recently sold bonds and under Internal Revenue <br />Service regulations the Council must approve the sale. <br /> <br /> On motion by Rev. Edwards, seconded by Mr. Vandever, the <br />resolution approving the sale of bonds by the Rivanna Water <br />and Sewer Authority was unanimously approved by Council. <br /> <br /> WHEREAS, Rivanna Water and Sewer Authority (the <br />"Authority") proposes to issue Regional Water and Sewer <br />System Revenue Bonds, Series of 1988 (the "Bonds") in an <br />aggregate principal amount not to exceed $5,000,000 to <br />finance the cost of improvements to its water and sewer <br />system~ and <br /> <br /> WHEREAS, the Authority was created by concurrent <br />resolutions adopted by the City of Charlottesville, Virginia <br />(the "City"), and the Board of County Supervisors of <br />Albemarle County, Virginia (the"County"), to serve the needs <br />of the citizens of the City and the County; and <br /> <br /> WHEREAS, the Authority has requested the City Council of <br />the City and the Board of County Supervisors of the County to <br />join with the Authority to ',designate" ~the Bonds as <br />"qualified tax-exempt obligations" for the purpose of Section <br />265(b)(3) of the Internal Revenue Code of 1986, as amended <br />(the "Code"), to improve the marketability of the Bonds and <br />reduce the Authority's cost of financing; and <br /> <br /> WHEREAS, the Code generally requires all issuers of <br />tax-exempt bonds to rebate to the United States any arbitrage <br /> <br /> <br />