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feet of floor space, which will be owened by a corporation or <br />partnership (the Developer) of which the principals will be <br />the Applicant and Charles Douglas Cross (and possibly one or <br />more of the following: Steve W. Cross, William E. Holdren <br />and William E. Holdren, Jr.), and which will be leased to <br />Holdren's, Inc. and HHC Corporation (trading as Metro TV and <br />Applicance Rental), and has held a public hearing thereon on <br />July 9, 1985; <br /> <br /> WHEREAS, Section 103(k) of the Internal Revenue Code of <br />1954, as amended, provides that the governmental unit having <br />jurisdiction over the issuer of industrial development bonds <br />and over the area in which any facility financed with the <br />proceeds of industrial development bonds is located must <br />approve the issuance of such bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the <br />City, the Project is to be located in the City and the Council <br />of the City (the Council) constitutes the highest elected <br />governmental unit of the City; <br /> <br /> WHEREAS~ the Ordinance adopted by the Council on July 19, <br />1976, as amended on February 4, 1980, which created the <br />Authority (the Ordinance) provides that the Authority shall <br />not finance any facility until the location and financing of <br />such facility have been approved by the Council; <br /> <br /> WHEREAS, Section 5 of the Ordinance sets forth certain <br />standards to be considered by the Authority and the Council <br />in determining the nature and location of facilities to be <br />financed by the Authority; <br /> <br /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authoritv's resolution approving <br />the issuance of the Bonds, subject to the terms to be agreed <br />upon, a certificate of the public hearing, and a fiscal mmpact <br />statement have been. filed with the Council; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council approves the location and financing <br />of the Project and the issuance of the Bonds by the <br />Authority for the benefit of the Developer, as required <br />by said Se'ction 10S(k) and Section 15.1-1378.1 of the <br />Virginia Code, to permit the Authority to assist in the <br />financing of the Project~. <br /> <br /> 2. The approval of the issuance of the Bonds, as <br />required by said Section 103(k), does not constitute an <br />endorsement of the Bonds, the creditworthiness of the <br />Developer or th'e financial viability of the Project. The <br />Bonds shall provide that neither the Commonwealth of <br />Virginia (the Commonwealth) nor any political subdivision <br />thereof, including the City and the Authority, shall be <br />obligated to pay the principal of or interest on the Bonds <br />or other costs incident thereto except from the revenues and <br />receipts p~ledged therefor and that neither the faith or <br />credit nor the taxing power of the Commonwealth or any <br />political subdivision thereof, including the City and the <br />Authority, shall be pledged thereto. <br /> <br /> 3. It is hereby found and determined that the Project <br />meets the criteria set forth in Section 5 of the Ordinance. <br /> <br /> 4. Pursuant to Executive Order Number 54 (85) (the <br />Order), executed by the Governor of Virginia on January 23, <br />1985, the Council hereby authorizes and directs the City <br />Manager of the City to take such action as may be necessary <br />to request by August 15, 1985 an allocation from the State <br />Reserve (as defined in the Order) to -e used with respect <br />to the Project in an)- amount not exceeding ~1,500,000 (but <br /> <br /> <br />