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270 <br /> <br /> Mr. O'Connell stated that the Virginia Hospital <br />Association has developed a pool for capital projects for <br />hospitals and local Councils must approve the projects <br />before the hospital can receive the funds. <br /> <br /> On motion by Dr. Hall, seconded by Mrs. Gleason, the <br />resolution approving Virginia Hospital Association Financing <br />Pool for Martha Jefferson Hospital was unanimously approved <br />by Council. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />County of Henrico, Virginia (the Authority), on January 17, <br />1985, adopted an inducement resolution (the Resolution), a <br />coy of which is attached hereto, for the benefit of Virginia <br />Hospital .Association, a nonprofit association (the <br />Association), wherein the Authority has agreed to assist the <br />Association in financing the acquisition of certain real <br />and personal property, including the purchase of certain <br />equipment and the acquisition and construction of certain <br />improvements for lease or sale to various nonprofit <br />hospitals throughout Virginia and for the financing of <br />indebtedness previously incurred by nonprofit hospitals to <br />acquire such real or personal property(collectively, the <br />Project), through the issuance of its medical facilities <br />revenue bonds; and <br /> <br /> WHEREAS, the Authority proposes to 'issue its Hospital <br />Facilities Adjustable Rate Revenue Bonds (the Bonds) in an <br />amount up to $50,000,000 to finance the Project; and <br /> <br /> WHEREAS, Section 15.1-1378 of the Code of Virginia of <br />1950, as amended, states that an industrial development <br />authority may not finance facilities in another jurisdiction <br />that has an industrial development authority "unless the <br />governing body of such county, city or town in which the <br />facilities are located or are proposed to be located, <br />concurs with the inducement resolution adopted by the <br />authority, and shows such concurrence in a duly adopted <br />resolution;" and <br /> <br /> WHEREAS, the City Council of the City of <br />Charlottesville, Virginia, has been asked to express its <br />concurrence with the Resolution so that a portion of the <br />Project financed with proceeds of the Bonds may be leased or <br />sold to hospitals located in the City of Charlottesville, <br />Virginia. <br /> <br /> BE IT RESOLVED by the City Council of the City of <br />Charlottesville, Virginia: <br /> <br /> (1) The City Council concurs with the Resolution <br />adopted by the Authority for the benefit of Virginia <br />Hospital Association to the extent required by Section <br />15.1-1378 to allow the Authority to finance with the <br />proceeds of the Bonds a portion fo the Project described in <br />the Resolution that is to be located in the City of <br />Charlottesville, Virginia. <br /> <br />(2) This Resolution shall take effect immediately. <br /> <br />RESOLUTION: APPROVING POST RETIREMENT SUPPLEMENT OF 1.75% <br /> <br /> Mr, O'Connell stated that the Retirement Commission has <br />reviewed and.recommended that retirees receive an increase <br />of 1.75%, effective July 1, 1987, which is one half of the <br />average pay increase for general employees. <br /> On motion by Mrs. Gleason, seconded by Mr. Towe, the <br />resolution approving a post retirement supplement of 1.75% <br />was unanimously approved by. Council. <br /> <br /> WHEREAS, the Retirement Plan Commission has approved a <br />post retirement supplement of 1.75% of the current <br /> <br /> <br />