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29
<br />
<br /> WHEREAS, Section 103(n) of the Code and Executive Order
<br />54(85) of the Governor of Virginia (the "Order") have imposed
<br />upon the City a Local Allocation, as defined in~.the Order,
<br />of ~3,022,425 of bonds that m~y be issued to finance facilities
<br />located in the City, $3,022,425 of which has been allocated by
<br />the Council for use by the Authority; and
<br />
<br /> WHEREAS, the entire $3,022,425 Local Allocation has been
<br />allocated to other facilities located in the City, and the
<br />Authority has, therefore, requested that the Council request
<br />from the State Reserve, as defined in the Order, $4,115,000 to
<br />be allocated to the Bonds:
<br />
<br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The Council approves the proposed issuance of the Bonds
<br />by the Authority for the benefit of the Applicant, to the extent
<br />required by the federal and state laws referred to above, to
<br />permit the Authority to assist in the financing of the Facility.
<br />
<br /> 2. The foregoing approval of the proposed issuance of the
<br />Bonds does not constitute an endorsement of the Bonds, the financial
<br />viability of the Facility or the creditworthiness of the Applicant.
<br />As required by Section 15.1-1380 of the Code of Virginia of 1950,
<br />as amended, the Bonds shall provide that neither the Commonwealth
<br />of Virginia, the City nor the Authority shall be obligated to pay
<br />the Bonds or the interest thereon or other costs incident thereto
<br />except from the revenues and moneys pledged therefor and neither
<br />the faith and credit nor the taxing power of the Commonwealth,
<br />the City or the Authority shall be pledged thereto.
<br />
<br /> 3. The Council, pursuant to the Order, hereby authorizes
<br />and directs the City Manager, on or before May 15, 1985, to
<br />request $4,115,000 from theState Reserve to be allocated to the
<br />issuance of the Bonds.
<br />
<br /> 4. This Resolution shall take effect immediately upon its
<br />adoption.
<br />
<br />RESOLUTION:
<br />
<br />BONDS
<br />
<br />APPROVING LOCAL ALLOCATION OF INDUSTRIAL DEVELOPMENT
<br />
<br /> On motion by Dr. Gunter, seconded by Mrs. Gleason, the
<br />resolution approving the local allocation of industrial development
<br />bonds was unanimously approved by Council.
<br />
<br /> WHEREAS, on July 18, 1984, the President of the United
<br />States signed into law the Deficit Reduction Act of 1984 (the
<br />"Act") which placed certain limitations on the annual volume
<br />of private activity bonds to be issued by any State;
<br />
<br /> WHEREAS, pursuant to the authority vested in him under the
<br />Act, the Governor of Virginia on January 23, 1985 issued Executive
<br />Order 54 (85) (the "Order") providing a formula for the allocation
<br />of the State Ceiling, as defined in the Order;
<br />
<br /> WHEREAS, the City of Charlottesville, Virginia (the "City")
<br />received as its portion of the State Ceiling a Local Allocation
<br />(as defined in the Order) of $3,022,425;
<br />
<br /> WHEREAS, Section c.1. of the Order authorizes the Council
<br />of the City of Charlottesville, Virginia (the "Council") to
<br />allocate its Local Allocation to the issuing authorities within
<br />the City;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
<br />OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The Council hereby allocates $1,238,000 of its Local
<br />Allocation to revenue bonds to be issued by the Industrial
<br />Development Authority of the City of Charlottesville, Virginia
<br />(the "Authority") to assist in the financing of the acquisition,
<br />
<br />
<br />
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