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the issuance of the Bonds to comply with Section 103(k) <br />of the Internal Revenue Code of 1954, as amended ~the <br />"Code'l), and Paragraph 2 of Chapter 514 of the Acts of <br />the General Assembly of Virginia of 1983; <br /> <br /> WHEREAS, a copy of the Authority's resolution <br />approving the issuance of the Bonds, its recommendation <br />with respect thereto, a record of the public hearing, <br />and the fiscal impact ~statement required by Paragraph 2 <br />of Chapter 514 ~of the Acts of the General Assembly of <br />Virginia of 1983, have been filed with the Council; and <br /> <br /> WHEREAS, pursuant to Section 103(n) of the Code and <br />Executive Order 54(84) of the Governor of Virginia (the <br />"Order") the Authority may not issue the Bonds until <br />$235,000 of the County's Local Allocation, as defined in <br />the Order, or $235,000 of the State Reserve, as defined <br />in the Order (or some combination thereof) is allocated <br />to the issuance of 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 <br />the Bonds by the Authority for the benefit of the Applicant, <br />to the extent required by the federal and state laws <br />referred to above, to permit the Authority to assist in <br />the £inancing 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 o~f 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 of Charlottesville, Virginia, the County nor the <br />Authority shall be obligated to pay the Bonds or the <br />interest thereon or other costs incident 'thereto except <br />from the revenues and moneys pledged therefor and neither <br />the faith and credit nor the taking power of the Common- <br />wealth, the City, the County or the Authority shall be <br />pledged thereto. <br /> <br /> 3. The Council hereby encourages the Board of <br />Supervisors of the County to allocate a portion of its <br />Local Allocation to the issuance of the Bonds or to <br />assist the Applicant in submitting an application to the <br />State Reserve. <br /> <br /> 4. This Resolution shall take effect immediately <br />upon its adoption. <br /> <br />RESOLUTION: AUTHORIZING ISSUANCE OF BONDS FOR PHI KAPPA <br />SIGMA RENOVATION ASSOCIATES <br /> <br /> On motion by Dr. Gunter, seconded by Mr. Barnes, <br />the Resolution Authorizing the Issuance of Bonds for <br />Phi Kappa Sigma Renovation Associates was unanimously <br />approved by Council. <br /> <br /> WHEREAS, the Charlottesville Redevelopment and <br />Housing Authority (the "Authority") has considered the <br />application of Phi Kappa Sigma Renovation Associates, <br />a Virginia limited partnership (the "Applicant") Madison <br />Hall, University Avenue, Charlottesville, Virginia 22906- <br />9012, for the ~ssuance o£ the Authority's bonds in the <br />maximum amount not to exceed $2S0,000 (the "Bonds") to <br />assist in the financing of the Applicant's renovation <br />of a 6,600 square foot housing facility to be used as <br />a fraternity house (the "Facility") to be leased in part <br />to Eta Chapter House Corporation of Phi Kappa Sigma <br />Fraternity and in part to individuals. The Facility <br />will be located at 160 Madison Lane in the Central City <br /> <br /> <br />