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283 WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City,'); the Project is to be located in the City and the City Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing, and a Fiscal Impact Statement have been filed with the Council; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Partnership, as required by Section 103(k) and Section 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Partnership. 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f.103-2(f)(1), this Resolution shall remain in effect for a period of one year from the date of its adoption. 4. This Resolution shall take effect immediately upon its adoption. RESOLUTION: APPROVING CITY'S PAY PLAN Mr. O'Connel! stated that the Pay Plan included a 3.5% cost of living allowance which had been approved by Council during the budget process. Mr. Barnes asked if there was a pay grade at which supervisory personnel for the City began. Mr. O'Connell stated that the pay grade for supervisory personnel varied from department to department and it was not possible to categorize supervisory personnel into a particular range. On motion by Dr. Hall, seconded by Mrs. Gleason, the resolution approving the City's Pay Plan was unanimously approved by Council. BE IT RESOLVED by the Council of the City of Charlottesville, Virginia, that a document consisting of 31 pages, comprising the Employee Classification and Pay Plan for the City of Charlottesville, to be effective July 1, 1986, assigning salary ranges to each class or position in the City service is hereby approved pursuant to Section 20-7 and 20-8 of the City Code, and a copy of the same shall be kept on file with the records of the meeting at which this resolution is approved.