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<br />the financial viability of the Facility or the credit-
<br />worthiness of the Applicant. As required by the Code
<br />of Virginia of 1950, as amended, the Bonds shall provide
<br />their neither the Commonwealth of Virginia, the City
<br />nor the Authority shall be obligated to pay the Bonds
<br />or the interest .thereon or other costs incident thereto
<br />except £rom the revenues and moneys pledged therefor and
<br />neither the faith and credit nor the taking power of
<br />the Commonwealth, the City or the Authority shall be
<br />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 $275,000 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 FOR ST. ANTHONY
<br />RENOVATION ASSOCIATES
<br />
<br /> On motion by Mr. Barnes, seconded by Dr. Gunter,
<br />the Resolution Authorizing the Issuance of Bonds for
<br />St. Anthony Renovation Associa.tes was unanimously approved
<br />by Council.
<br />
<br /> WHEREAS, the Charlottesville Redevelopment and
<br />Housing Authority (the "Authority") has considered the
<br />application of St. Anthony Renovation Associates, a
<br />Virginia limited partnership (the "Applicant") Madison
<br />Hall, University Avenue, Charlottesville, Virginia 22906-
<br />9012, for the issuance of the Authority's bonds ~n the
<br />maximum amount not to exceed $217,000 (the "Bonds") to
<br />assist in the financing of the Applicant's renovation
<br />of a 7,700 square foot housing facility to be used as
<br />a fraternity house (the "Facility") to be leased in part
<br />to The Saint Anthony Alumni Association of Virginia and
<br />in part to individuals. The Facility will be located at
<br />133 Chancellor Street in the Central City Development
<br />District in the City of Charlottesville, Virginia (the "City").
<br />The Authority held a public hearing on this matter on
<br />July 22, 1985, a date within 60 days prior to the date of
<br />adoption 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 Section
<br />103(k) of the Internal Revenue Code of 1954, as amended
<br />(the "Code"), and Paragraph 2 of Chapter 514 of t'he Acts of
<br />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 />thereto, a record of the public hearing, and the fiscal
<br />impact statement required by Paragraph 2 of Chapter 514 of
<br />the Acts of the General Assembly of Virginia of 1983, have
<br />been filed with the Council~
<br />
<br /> WHEREAS, Section 103(n) of the Code and Executive
<br />Order 54 (85) of the Governor of Virginia (the "Order")
<br />have imposed upon the City a Local Allocation, as defined
<br />in the Order, of $3,022,425 of bonds that may be issued
<br />to financ~ facilities located in the City, $3,022,425 of
<br />which has been allocated by the Council for use by the
<br />Industrial Development Authority of the City of Charlottes-
<br />ville, Virginia; and
<br />
<br /> WHEREAS, the entire $3,022,425 Local Allocation has
<br />been allocated to other facilities located in the City,
<br />and the Authority has, therefore, requested that the Council
<br />
<br />
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