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Development District in the City of Charlottesville, Virginia
<br />(the "City"). The Authority held a public hearing on this
<br />matter on July 22, 1985, a date within 60 days prior to the
<br />date of adoption of this resolution;
<br />
<br /> WHEREAS, the Authority has requested the City Council
<br />of the City of Charlottesville, Virginia (the "Council") to
<br />approve the issuance of the Bonds to comply with Section 103(k)
<br />of the Internal Revenue Code of 1954, as amended (the "Code"),
<br />and Paragraph 2 of Chapter 514 of the Acts of the General
<br />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 />thereto, a record of the public hearing, and the fiscal impact
<br />statement required by Paragraph 2 of Chapter 514 of the Acts of
<br />the General Assembly of Virginia of 1983, have been filed with
<br />the Council~
<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, 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 by
<br />the Council for use by the Industrial Development Authority of
<br />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, $250,000 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 the
<br />Bonds does not constitute an endorsement of the Bonds, the
<br />financial viability of the Facility or the creditworthiness of
<br />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
<br />and 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 o.r before August 15, 1985, to
<br />request $250,000 from the State Reserve to be allocated to the
<br />issuance of the Bonds.
<br />
<br /> 4. This Resolution shall take effect immediately u~on
<br />its adoption.
<br />
<br />RESOLUTION: AUTHORIZI)[G ISSUANCE OF BONDS FOR PHI GAMMA DELTA
<br />RE~OV~TION ASSOCIATES
<br />
<br /> Mr. Barnes stated that he would abstain due to a~ conflict
<br /> of interest.
<br />
<br /> On motion by Mrs. Gleason, ~econded by Dr. Gunter, the
<br />Resolution Authorizing Issuance 0f Bonds for Phi Gamma Delta
<br />Renovation Associates was approved by Council, with Mr. Barnes
<br />abstaining.
<br />
<br />
<br />
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