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188 <br /> <br />APPROPRIATION: $5,000 - Virginia Commission for the Arts Grant <br /> (for Piedmont Council of the Arts and Virginia <br /> Discovery Museum) (carried over) <br /> <br />d. RESOLUTION: <br /> <br />Approving Albemarle County Industrial <br /> Development Bonds for Region Ten Community <br /> Services Board <br /> <br /> WHEREAS, the Industrial Development Authority of the City of Charlottesville, <br />Virginia ("Authority") has been asked by Region Ten Community Services Board, Inc. <br />("Company") to approve the issuance of revenue bonds by the Industrial Development <br />Authority of Albemarle County, Virginia ("_Albemarle Authority") in an amount not to <br />exceed $5,000,000 ("Bonds") to assist the Company in refinancing and financing the <br />projects (collectively the "Project") LISTED ON Exhibit A, and has held a public hearing <br />on July 20, 1999; <br /> <br /> WItEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended <br />(the "Code"), provides that the governmental unit having jurisdiction over the issuer of <br />private activity bonds and over the .area in which any facility financed with the proceeds <br />of Private activity bonds is located must approve the issuance of the bonds~ <br /> <br /> WltEREAS, Section 15.2-4906 of the Industrial Development and Revenue <br />Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended ("Act"), <br />provides that if a locality has created an industrial development authority, no industrial <br />development authority created by a second locality may finance a facility located in the <br />first locality unless the governing body of such first locality concurs with the inducement <br />created by the second locality; <br /> <br /> WHEREAS, the City Council of the City of Charlottesville, Virginia ("Council") <br />has created an industrial development authority, a portion of the Project is located in the <br />City of Charlottesville, Virginia ("City") and the Council constitutes the highest elected <br />governmental unit of the City; <br /> <br /> WHEREAS, the Authority has recommended that the Counc~ approve the <br />issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving the issuance of the <br />Bonds, as well as a copy of the Albemarle Authority's resolution approving the issuance <br />of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing <br />and a Fiscal Impact Statement have been filed with the'Council; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF CHARLOTTESVILLE, VIRGINIA: <br /> <br />The Council concurs with the resolution adopted by the Albemarle Authority <br />and approves the issuance of the Bonds by the Albemarle Authority for the <br />benefit of the Company, as-required by Section 147(0 of the Code and Section <br />t5.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code"). <br /> <br />The approval of the issuance of the Bonds does not constitute an endorsement <br />toa prospective purchaser of the Bonds of the creditworthiness of the Project <br />or _the Company. <br /> <br />Pursuant to the limitations contained in Temporary Income Tax Regulations <br />Section 5f, 103-2(091), this resolution shall remain in effect for a period of <br />one year from the date of its adoption. <br /> <br />4. This resolution shall take effect immediately upon its adoption. <br /> <br />e. RESOLUTION: <br /> <br />Supporting Grant Application for Piedmont <br />Housing Alliance <br /> <br /> <br />