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<br />3~ <br /> <br />TUESDAY, JULY 22, 1986 <br /> <br />other projects. Representing Hooker Furniture Corporation was John L. Gregory, <br /> <br />III, Attorney at Law and its Counsel, and Mr. E. Larry Ryder, its Vlce- <br /> <br />President for Finance/Administration. The resolution, as adopted, follows: <br /> <br />RES 0 L UTI 0 N <br /> <br />WHEREAS, the Industrial Development Authority of the City of <br />Martinsville, Virginia (the Authority), has considered the appli- <br />cation of Hooker Furniture Corporation, (the Company), East Church <br />and Hooker Street, Martinsville, Virginia 24115, requesting the <br />issuance of the Authority's industrial development revenue bonds <br />in an amount estimated at $4,500,000 (the Bonds) to assist in the <br />financing of the Company's acquisition, construction and equipping <br />of approximately 45,000 square feet freestanding, single story <br />masonry finishing room with related equipment including bulk spray <br />equipment, conveyors, spray booths and other furniture manufac- <br />turing equipment and rehabilitation of the Company's present pro- <br />duction facilities at the Company's existing manufacturing plant <br />at East Church and Hooker Streets in the City of Martinsville, <br />Virginia (the Project), and has held a public hearing thereon on <br />July 10, 1986; and <br /> <br />WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as <br />amended, provides that the governmental unit having jurisdiction <br />over the issuer of industrial development bonds and over the area <br />in which any facility financed with the proceeds of industrial <br />development bonds is located must approve the issuance of the <br />bonds; and <br /> <br />WHEREAS, the Authority issues its bonds on behalf of the City of <br />Martinsville, Virginia (the City), the Project is to be located in <br />the City and the City Council of the City of Martinsville, Vir- <br />ginia (the Council) constitutes the highest elected governmental <br />officials of the City; and <br /> <br />WHEREAS, the Authority recommends that the City Council approve <br />the issuance of the Bonds; and <br /> <br />WHEREAS, a copy of the Authority's resolution approving the <br />issuance of the Bonds, subject to terms to be agreed upon, a <br />record of the public hearing and a "fiscal impact statement" with <br />respect to the Project have been filed with the Council; now, <br />therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ~1ARTlNSVILLE, <br />VIRGINIA: <br /> <br />1. The City Council of the <br />approves the issuance <br />Development Authority <br /> <br />City <br />of the <br />of the <br /> <br />of Martlnsville, Virginia, <br />Bonds by the Industrial <br />City of Martinsville, <br />