1986-08-25(II) - Laserfiche WebLink

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25 $375,000 10,000 square feet of leasable space 1830 Carrs Hill Road, Charlottesville, Virginia 22903 (Albemarle County) Lessee: The Hopkins Society of the Sigma Nu Fraternity Sigma Phi Renovation Limited Partnership $300,000 163 Rugby Road, CharlottesVille, Virginia 22903 (Albemarle County) Lessee: Alpha of Virginia, Sigma Phi, incorporated Kappa Sigma Renovation Limited Partnership $300,000 7,900 square feet of leasable space 165 Rugby Road, Charlottesville,Virginia 22903 (Albemarle County) Lessee: Bologna Society of the University of Virginia The Authority held a public hearing on this matter on August 25, 1986, a date within 60 days prior to the date of adoption of this resolution; WHEREAS, the Authority has requested the City Council of the City of Charlottesville, Virginia (the "Council") to approve the issuance of the Bonds to comply with Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), and Paragraph 2 of Chapter 514 of the Acts of the General Assembly of Virginia of 1983; WHEREAS, a copy of the Authority's resolutions approving the issuance of the Bonds, its recommendations with respect thereto, a record of the public hearing, and the fiscal impact statements rquired by Paragraph 2 of Chapter 514 of the Acts of the General Assembly of Virginia of 1983, have been filed with the Council; and WHEREAS, pursuant to Section 103(n) of the Code and Executive Order 54 (85) (Revised) of the Governor of Virginia (the "Order") the Authority may not issue the Bonds for Facilities located in the City until $950,000 of the State Reserve, as defined in the Order is allocated to the issuance of those Bonds; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the proposed issuance of the Bonds by the Authority for the benefit of the Applicants, to the extent required by the federal and state laws referred to above, to permit the Authority to assist in the financing of the Facilities. 2. The foregoing approval of the proposed issuance of the Bonds does not constitute an endorsement of the Bonds, the financial viability of the Facilities or the creditworthiness of the Applicants. As required by the Code of Virginia of 1950, as amended, the Bonds shall provide that neither the Commonwealth of Virginia, the City, the County nor the Authorityy shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor and neither the faith and credit nor the taxing power of the Commonwealth, the City, the County or the Authority shall be pledged thereto. 3. The Council hereby authorizes and directs the City Manager to assist the Applicants in submitting application to the State Reserve for the Facilities located in the City.