Minutes 01/28/1986 - Laserfiche WebLink

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04 TUESDAY, JANUARY 28, 1986 Street, Martinsville, Virginia, 24112, requesting the issuance of the Authority's industrial development revenue bonds in an amount esti- mated at $2,000,000 (the Bonds) to assist in the financing of the Company's acquisition and installation of a silvering line and addi- tion to its physical plant with related improvements and equipment (the Project) at 300 South Moss Street, in the City of Martinsville, Virginia, and has held a public hearing thereon on December 23, 1985; and 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 Martinsville, Virginia (the City), the Project is to be located in the City and the City Council of the City of Martinsville, Virginia (the Council) constitutes 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, a copy of the Authority's resolution approving the issuance of the bonds, subject to terms to be agreed upon, a record of the pub- lic hearing and a "fiscal impact statement" with respect to the Pro- ject have been filed with the Council; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The City Council of the City of Martinsville, Virginia, approves the issuance of the bonds by the Industrial Development Authority of the City of Martinsville, Vir- ginia, for the benefit of Virginia Mirror Company, Inc., to the extent required by Section 103(k) of the Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds, as required by Section 103(k) of the Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company, and, as required by Section 15.1-1380 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 moneys pledged there- for, and neither the faith or credit nor the taxing power of the Commonwealth, the City nor the Authority shall be pledged thereto.