Minutes 07/22/1986 - Laserfiche WebLink

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33~ TUESDAY, JULY 22, 1986 -, Virginia, for the benefit of the Company 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 or the credit-worthiness 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 therefor, and neither the faith and credit nor the taxing power of the Commonwealth, the City nor the Authority shall be pledged thereto. 3. The City's "Local Allocation", as such term is defined in Executive Order 54(85) issued January 23, 1985, by the Governor of Virginia, or a successor executive order (the Executive Order), having been heretofore awarded, the City Manager is hereby authorized and directed to take such action as may be necessary or expedient to apply for and obtain additional bond issuing authority from the "State Reserve", as such term is defined in the Executive Order, for dedication to the Project. 4. This resolution shall take effect i~nediately upon its adoption. Upon motion, duly seconded and unanimously carried, Council approved of a lease agreement (and authorized its execution for the City by City Manager Brown) - between the City and the United States Government by which, beginning July 1, 1986, certain parking spaces, numbering 110 and located to the rear of the City's Municipal Building, will be reserved for U. S. Government vehicles one weekend each month at a monthly rental fee of $95.00, with said lease agreement to be for a term ending June 30, 1987, and to remain in force thereafter to June 30, 1991, unless otherwise terminated prior to that date. As City Manager Brown pointed out, this agreement renews and/or replaces a similar agreement which has been in force over the past several years.