Agenda 12/12/2000 - Laserfiche WebLink

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November 14, 2000 having jurisdiction over the issuer of revenue bonds and over the area in which any facility financed with the proceeds of revenue bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Martinsville, Virginia (the "City"), the Facility is to be located in the City, and the City Council is constituted of the highest elected governmental officials of the City; and WHEREAS, the Authority recommends that the City Council approve the issuance of the Bonds; and WHEREAS, copies of the Authority's Inducement Resolution, the Company's Fiscal Impact Statement, a certificate of the public hearing and a detailed summary of the comments expressed at the public hearing have been filed with the City Council. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Martinsville, Virginia: 1. The City Council approves the issuance of the Bonds in an aggregate principal amount not to exceed $6,500,000 by the Authority for the benefit of the Company, as required by Section 147(0 of the Code, to permit the Authority to assist in the financing of the Facility. 2. The approval of the issuance of the Bonds, as required by Section 147(0 of the Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the Bonds or of the credit worthiness of the Facility or the Company, and, as required by Section 15.2-4909 of the Code of Virginia of 1950, as amended, the Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor and neither the faith or credit nor the taxing power of the Commonwealth, the City nor the Authority shall be pledged thereto. Any purchaser of the Bonds shall agree to purchase such Bonds at their sole dsk and shall acknowledge that no representation of any kind has been made to the purchaser by either the City or the Authority. The approval provided by this resolution is solely for federal tax purposes, as requested by the Company. 3. The City Council hereby agrees to apply to the Virginia Small Business Financing Authority to request an allocation of up to $6,500,000 of the State Ceiling for the Bonds, subject to availability, pursuant to the Virginia Industrial Development Revenue Bond Act, and directs the City Manager or other appropriate representative to prepare and file an application therefor as promptly as practicable. 4. This Resolution shall take effect immediately upon its adoption.