Minutes 02/26/1985 - Laserfiche WebLink

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q7 TUESDAY FEBRUARY 26, 1985 Upon being informed, through the West Piedmont Planning District Commission, that the - Piedmont Regional Mental Retardation Services Agency (under the "Chapter 10" Board) is applying for a grant of federal funds in the amount of $11,172.00 which, with this agency's available funds of $2,793.00, is to be used for the purchase of a twelve- passenger van (to be used to transport developmentally-disabled persons to and from the PRMRS' s group home located at 214 Starling Avenue), Council unanimously recommended that the West Piedmont Planning District Commission "make favorable comment" on the application, provided and with the understanding that no local City funds will be in- - volved or required. Upon motion, duly seconded and unanimously carried, and in keeping with similar and prior actions of Council, Council unanimously adopted the following resolution which delegates power to the City's Industrial Development Authority to make allocations of the City's "private activity bond limit" to "private activity bonds" issued to finance projects within the City as well as (which) appoints this agency as the Council's authorized representative for purposes set forth in said resolution: -. WHEREAS, Section 103(n) of the Internal Revenue Code of 1954, as amended (the Code), as presently implemented in the Commonwealth of Virginia by Executive Order Number 54(85) of the Governor of Virginia, dated January 23, 1985 (the Order), permits the Counties and Cities of Virginia to allocate their respective "private activity bond limits" to "private activity bonds" issued by "issuing authorities" for projects within their respective jurisdictions, in order to assure exemption from Federal in- come taxation of interest on such "private activity bonds"; and WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia (the Authority), is the only "issuing authority" unconditionally empowered to issue "private activity bonds" for projects located within the City of Martinsville, Virginia (the City); and WHEREAS, the City Council of the City of Martinsville, Virginia (the Council), deems it appropriate to delegate to the Authority the power to make allocations of the City's "private activity bond limit" under the Code and the Order to "private activity bonds" issued by the Authority to Finance projects located within the City; now, therefore,