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256 Mr. O'Connell said that the bonds are required for a University facility in Louisa County, but they are also being used to replace existing equipment at the University, so Louisa County was asked to issue all of them. On motion by Mr. Lynch, seconded by Mr. Cox, the resolution Approving LOuisa County Industrial Development Authority Bond Issue for U. Va. Hospital was approved by the following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Pdchards, Mr. Toscano. Noes: None. WHEREAS, the Charlottesville Industrial Development Authority of the City of Charlottesville, Virginia ("Authority"), has been asked by The University of Virginia Health Services Foundation ("HSF") to approve the issuance of revenue bonds by the Industrial Development Authority of Louisa County, Virginia ("Louisa Authority"), in an amount not to exceed $5,100,000 ("Bonds") which will be used to finance HSF's acquisition and development of c-em~ real property in Louisa County and in Augusta County, Virginia and the acquisition and installation of certain medical equipment in the City of Charlottesville, Virginia ("Project"), and has held a hearing on December 1, 2000; WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds and Section 15.2-4906 of the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended ("Act") sets forth the procedure for such approval; WHEREAS, Section 15.2-4905 of the Act provides that if a locality has created an industrial development authority, no industrial development authority created by a second locality may finance a facility located in the fa'st locality unless the governing body of such first locality concurs with the inducement created by the second locality; WHEREAS, a portion of the medical Project consists of the acquisition and installation of a gamma knife® (a specialized neurosurgical device) to be located at the University of Virginia Medical Center in the City of Charlottesville, Virginia ("City") and the City Council of the City of Charlottesville, Virginia ("Council") constitutes the highest elected governmental unit of the City; WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact ;Statement have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE VIRGINIA: 1. The Council concurs in the recommendation of and approves the issuance of the Bonds by the Louisa Authority for the benefit of HSF, as required by Section 147(f) of the Code and Section 15.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code") to permit the Authority to assist in the financing. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prOspective purchaser of the Bonds or the creditworthiness of HSF. 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f. 103-2(0(1), this resolution shall remain in effect for a period of one year from the date of its adoption. 4. This resolution shall take effect immediately upon its adoption.