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28 WHEREAS; the Authority Iias recommended that~the Council approve the ~ssuance 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; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Company, as required by Section 103(k) and Section 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company. 3. Pursuant to the limitatiOns contained in Temporary Income Tax Regulations Section 5f.lO3-2(f)(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. RESOLUTION: AUTHORIZING INDUSTRIAL DEVELOPMENT BONDS FOR I & B SERVICES, INC. - HAMPTON INN MOTEL IN SEMINOLE SQUARE AREA Mr. and Mrs. Charles Barrell and Mr. George Gilliam, attorney for the project, requested $4,115,000 in industrial development bonds (to come from the state allocation) to construction a 125.-unit motel in Seminole Square. On motion by Mr. Barnes, seconded 'by Dr. Gunter, the resolution authorizing industrial development bonds for I & B Services, Inc. Hampton Inn Motel in Seminole Square Area was unanimously approved by Council. WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority") has considered the application of I & B Services, Inc., a Virginia corporation (the "Applicant"), 122 West Cameron Street, P. O. Box 712, Culpeper, Virginia 22701, for the issuance of the Authority's industrial development revenue bonds in the maximum amount not to exceed $4,115,000 (the "Bonds") to assist in the financing of the Applicant's acquisition, construction and equipping of a hotel With approximately 125 rooms (the "Facility") to be located on land to be owned by Seminole Square, a Virginia general partnership or the Applicant at the northwest corner of the intersection of India Road and Line Drive off of U.S. Route 29 in Seminole Square Shopping Center in Charlottesville, Virginia (the "City") and has held a public hearing thereon on April 30, 1985, 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 Section 15.1-1378.1(B) of the Code of Virginia of 1950, as amended; WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, its recommendation with respect thereto, a record of the public hearing, and the fiscal impact statement required by Section 15.1-1378.2 of the Code of Virginia of 1950, as amended, have been filed with the Council;