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<br />thereto, a record of the.Public hearing, and the fiscal impact
<br />statement required by Paragraph 2 of Chapter 514 of the Acts
<br />of the General Assembly of Virginia of 1983, have been filed
<br />with the Council;
<br />
<br /> WHEREAS, Section 103(n) of the Code and Executive Order
<br />£4~85) of the Governor of Virginia (the "Order") have imposed
<br />upon the City a Local Allocation, as defined in the Order, of
<br />$3,022,425 of bonds that may be issued to finance facilities
<br />located in the City, $3,022,425 of which has been allocated
<br />by the Council for use by the Industrial Development Authority
<br />of the City of Charlottesville, Virginia; 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, $505,000 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
<br />Bonds by the Authority for the benefit of the Applicant, to
<br />the extent required by the federal and state laws referred to
<br />above~ to permit the Authority to assist in the financing of
<br />the Facility.
<br />
<br /> 2. The foregoing approval of the proposed issuance of
<br />the Bonds does not constitute an endorsement of the Bonds,
<br />the financial viability of the Facility or the creditworthiness
<br />of the Applicant. As required by 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
<br />pay the Bonds or the interest thereon or other costs incident
<br />thereto except from the revenues and moneys pledged therefor and
<br />neither the faith and credit .nor the taxing power of the
<br />Commonwealth, 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 August 15, 1985, to
<br />request $505,000 from the State Reserve to be allocated to the
<br />issuance of the Bonds.
<br />
<br /> 4. This Resolution shall take effect immediately upon
<br />its adoption.
<br />
<br />RESOLUTION: AUTHORIZING ISSUANCE OF BONDS FOR DELTA KAPPA EPSILON
<br />RENOVATION ASSOCIATES
<br />
<br /> On motion by Mrs. Gleason, seconded by Mr. Barnes, the
<br />Resolution Authorizing Issuance of Bonds for Delta Kappa
<br />Epsilon Renovation Associates was unanimously approved by Council.
<br />
<br /> WHEREAS, the Charlottesville Redevelopment and Housing
<br />Authority (the "Authority") has considered the application of
<br />Delta Kappa Epsilon Renovation Associates, a Virginia limited
<br />partnership (the "Applicant") Madison Hall, University Avenue,
<br />Charlottesville, Virginia 22906-9012~ for the issuance of the
<br />Authority's bonds in the maximum amount not to exceed $235,000
<br />(the "Bonds") to assist in the financing-of the Applicant's
<br />renovation of a 5,700 square foot housing facility to be used
<br />as a fraternity house (the "Facility") to be leased in part to
<br />D.K.E. Corporation and in part to individuals. The Facility
<br />will be located at 1820 Carrs Hill Road in a Conservation
<br />District located in the County of Albemarle, Virginia (the "County).
<br />The Authority held a public hearing on this matter on July 22,
<br />1985, a date within 60 days prior to the date of adoption of
<br />this resolution;
<br />
<br /> WHEREAS, the Authority has requested the City Council of
<br />the City of Charlottesville, Virginia (the "Council") to approve
<br />
<br />
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