Minutes 11/28/2000 - Laserfiche WebLink

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November 28, 2000 U. S. Route 58 in the City of Galax, Virginia ("Gala/'), which will be on the same side of said Route 58 as WaI-Mart (which is located at 1140 Stuart Drive) and separated from WaI-Mart by an access road leading off of said Route 48 and which will be constructed on a parcel bearing tax identification number 13-27(2), containing approximately 12,000 square feet, and (c) the acquisition, construction and equipping of a retail store located at 280 Commonwealth Boulevard and 284 Commonwealth Boulevard in the City of Martinsville, Virginia ("Martinsville"), which will be on the same side of Commonwealth Boulevard as Liberty Fair Mall and separated from Liberty Fair Mall by an access road leading off of Commonwealth Boulevard, containing approximately 12,000 square feet, which workforce development center and retail stores (collectively, the "Project") will be owned and operated by the Borrower,' and the Authority has :held a public hearing thereon; and WHEREAS, it has been requested that the City Council of Martinsville (the "Council") approve the financing of the Project and the issuance of the Bonds, and such approval is required for compliance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The Council approves the financing of the Project and the issuance of the Bonds by the Authority for the benefit of the Borrower, as required by said Section 147(f), to permit the Authority to assist in the financing of the Project. The Council concurs with the resolution adopted by the. Authority on November 20, 2000 with respect to the Bonds and the Project. 2. The approval of the issuance of the Bonds, as required by said Section 147(f), does not constitute an endorsement of the Bonds or the creditworthiness of the Borrower or otherwise indicate that the Project possesses any economic viability. The Bonds shall provide that neither the Commonwealth of Virginia (the "Commonwealth") nor any political subdivision thereof, including the County, Galax, Martinsville and the Authority, shall be obligated to pay the principal of or interest on the Bonds or other costs incident thereto except from the revenues and receipts pledged therefor and that neither the faith or credit nor the taxing power of the Commonwealth or any political subdivision thereof, including the County, Galax, Martinsville and the Authority, shall be pledged thereto. 3. This Resolution shall take effect immediately upon its adoption.