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87 request from the State Reserve, as defined in the Order, $217,000 to be allocated to the Bonds; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the proposed issuance of the Bonds by the Authority for the benefit of the Applicant, to the extent required by the federal and state laws referred to above, to permit the Authority to assist in the financing of the Facility. the Bonds does not constitute an the financial viability of the Fa of the Applicant. As required by 1950, as amended, the Bonds shall Commonwealth of Virginia, the Cit obligated to pay the Bonds or the costs incident thereto except fro pledged therefor and neither the The foregoing approval of the proposed issuance of ~ndorsement of the Bonds, ility or the creditworthiness the Code of Vir.ginia of provide that neither the z nor the Authority shall be interest thereon or other n the revenues and moneys faith and credit nor the taxing power of the Commonwealth, the City or the Authority shall be pledged thereto. 3. The Council, pursuant to the Order, hereby authorizes and directs the City Manager, on or before August 15, 1985, to request $217,000 from the State Reserve to be allocated to the issuance of the Bonds. 4. This ResolUtion shall take effect immediately upon its adoption. RESOLUTION: ASSOCIATES AUTHORIZING ISSUANCE OF BONDS FOR KAPPA ALPHA RENOVATION On motion by Dr. Gunter, seconded by Mrs. Gleason, the Resolution Authorizing the Issuance of Bonds to Kappa Alpha Renovation Associates was unanimously approved by Council. WHEREAS, the Charlottesville Redevelopment and Housing Authority (the "Authority") has considered the application of Kappa Alpha Renovation Associates~ a Virginia limited partner- ship (the "Applicant") Madison Hall, University Avenue, Charlottesville, Virginia 22906-9012, for the issuance of the Authority's bonds in the maximum amount not to exceed $268,000 (the "Bonds") to assist in the financing of the Applicant's renovation and construction of a %,000 square foot housing facility to be used as a fraternity house (the "Fraternity") to be leased in part to 600 Rugby Road Housing Corporation and in part to individuals. The Facility will be located at 600 Rugby Road in the Central City Development District in the City of Charlottesville, Virginia (theI '~City ). The Authority held a public hearing on this matter ob July 22, 1985, a date within 60 daxs prior to the date of adoption of this resolution; WHEREAS, the Authority has requested the City Council of the City of Charlottesville, Virginia (the Council ) to approve the issuance of the Bonds to comply with Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code"), and Paragraph 2 of Chapter 514 of the Acts of the General Assembly of Virginia of 1983; WHEREAS, a copy of the Authority's resolution approving the .issuance of the Bonds, its recommendation with respect thereto,~ a record of the public hearing, and the fiscal impact statement required by Paragraph 2 of Chapter 514 of the Acts of the General Assembly of Virginia of 1983, have been filed with the Council; WHEREAS, Section 103(n) of the Code and Executive Order 54(.85) of the Governor of Virginia (the "Order") have imposed upon the City a Local Allocation, as defined-in the Order, of $3,022,425 of bonds that may be issued to finance facilities located in the City, $3,022,425 of which has been allocated by the Council for use by the Industrial Development Authority of