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88 <br /> <br />the City of Charlottesville, Virginia; and <br /> <br /> WHEREAS, the entire $3,022,425 Local Allocation <br />has been allocated to other facilities located in the <br />City, and the Authority has, therefore, requested that <br />the Council request from the State Reserve, as defined <br />in the Order, $268,000 to be allocated to the Bonds: <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIl OF THE CITY <br />OF CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council approves the proposed issuance of <br />the Bonds by the Authority for the Benefit of the <br />Applicant, to the extent required by the federal and <br />state laws referred to above, to permit the Authority <br />to assist in the financing of the Facility. <br /> <br /> 2. The foregoing approval of the proposed issuance <br />of the Bonds does not constitute an endorsement of the <br />Bonds, the financial viability of the Facility or the <br />creditworthiness of the Applicant. As required by the <br />Code of Virginia of 1950, as amended, the Bonds shall <br />provide that neither the Commonwealth of Virginia, the <br />City nor the Authority shall be obligated to pay the <br />Bonds or the interest thereon or other costs incident <br />thereto except from the revenues and moneys pledged <br />therefor and neither the faith and credit nor the taxing <br />power of the Commonwealth, the City or the Authority shall <br />be pledged thereto. <br /> <br /> 3. The Council, pursuant to the Order, hereby <br />authorizes and directs the City Manager, on or before <br />August 15, 1985, to request $268,000 from the State <br />Reserve to be allocated to the issuance of the Bonds. <br /> <br /> 4. This Resolution shall take effect immediately <br />upon its adoption. <br /> <br />RESOLUTION: AUTHORIZING ISSUANCE OF BONDS TO BARRINGER <br />RENOVATION ASSOCIATES <br /> <br /> On motion by Mr. Barnes, seconded by Mrs. Gleason, <br />the Resolution Authorizing Issuance of Bonds to Barringer <br />Renovation Associates was unanimously approved by Council. <br /> <br /> WHEREAS, the Charlottesville Redevelopment and <br />Housing Authority (the "Authority") has considered the <br />application of Barringer Renovation Associates, a Virginia <br />limited partnership (the "Applicant") Madison Hall, <br />University Avenue, Charlottesville, Virginia 22906-9012, <br />for the issuance of the Authority's bonds in the maximum <br />amount not to exceed $505,000 (the "Bonds") to assist in <br />the financing of the Applicant's renovation of a 7,600 <br />square foot housing facility to be used as a language <br />house (the "Facility") to be leased in part to the Alumni <br />Association of the University of Virginia and in part to <br />individuals. The Facility will be located at 1404 Jefferson <br />Park Avenue in the Central City Development District in <br />the City of Charlottesville, Virginia (the "City"). The <br />Authority held a public hearing on this matter on .July 22, <br />1985, a date within 60 days prmor to the date of adoption <br />of this resolution; <br /> <br /> WHEREAS, the Authority has requested the City Council <br />of the City of Charlottesville, Virginia (the "Council") <br />to approve the issuance of the Bonds to comply with <br />Section 103(k) of the Internal Revenue Code of 1954, as <br />amended (the "Code"), and Paragraph 2 of Chapter 514 of <br />the Acts of the General Assembly of Virginia of 1983; <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, its recommendation with respect <br /> <br /> <br />