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<br />-- <br /> <br />211 <br /> <br />TUESDAY, FEBRUARY 11, 1986 <br /> <br />,........ <br /> <br />$1,365,000; whereupon the Authority now recommends that the City apply its total alloca- <br /> <br />tion, as now set, to Virginia Mirror Company to assist in the financing of said projects, <br /> <br />noting that Virginia Mirror Company will apply to the "State Reserve" for the difference <br /> <br />of $635,000.00, assuming that impending Federal legislation does not reduce the now-known <br /> <br />City allocation. Accordingly, Council unanimously adopted the following resolution which <br /> <br />ratifies and extends a resolution adopted by Council on February 26, 1985, delegating <br /> <br />power to the City's Industrial Development Authority to make allocations of the City's <br /> <br />"Private Activity Bond Limit" and, also, which ratifies and confirms the Authority's <br /> <br />February 6th (1986) action in allocating $1,365,000 (of the City of Martinsville Local <br /> <br />Allocation) to the Virginia Mirror project financing: <br /> <br />WHEREAS, on February 26, 1985, the City Council of the City of Martins- <br />ville, Virginia, at a meeting duly called and held at which a quorum of <br />the members of the City Council were present and acting throughout, <br />adopted a resolution, a copy of which is attached hereto as Exhibit A, <br />delegating to the Industrial Development Authority of the City of <br />Martinsville, Virginia, power to make allocations of the City's "Private <br />Activity Bond Limit" under the Internal Revenue Code and Executive Order <br />54(85) issued January 23, 1985, by the Governor of Virginia (the Order); <br />and, <br /> <br />WHEREAS, the Order under which the City's "Local Allocation" was made is <br />effective through the year 1986; now, therefore, <br /> <br />BE IT RESOLVED by the City Council of the City of Martinsville, Virginia, <br />that the aforesaid resolution adopted February 26, 1985, is hereby rati- <br />fied and confirmed and shall be effective for the year 1986 in all res- <br />pects and to the full extent of its effect in 1985; and, <br /> <br />,~ <br /> <br />BE IT FURTHER RESOLVED that the Authority's action taken by Resolution <br />adopted February 6, 1986, a copy of which is attached hereto as Exhibit <br />B, in allocating $1,365,000 of the City of Martinsville Local Allocation, <br />is hereby ratified and confirmed. <br /> <br />This Resolution shall take effect immediately upon its adoption. <br /> <br />After some discussion of City Manager Brown's February 5th memorandum supplementing his <br /> <br />earlier recommendation that subsection 7.1-1(b) of the City's Employee Manual (per- <br /> <br />taining to improper political activity) be slightly revised, Council unanimously approved <br />