Minutes 02/26/1985 - Laserfiche WebLink

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".'3 ( \ ,- .....~ TUESDAY FEBRUARY 26, 1985 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The City Council of the City of Martinsville, Virginia, hereby delegates to the Authority the power to make allo- cations of the "private activity bond limit" available to the City under Section 103(n) of the Internal Revenue Code of 1954, as amended, and the Order, to "private activity bonds" issued to finance projects located within the City; 2. The power of allocation delegated hereby shall include both (i) the power to allocate the "Local Allocation" of the City referred to in Section C.1 of the Order and (ii) the power to specify those projects for which allocation from the "State Reserve" referred to in Section C.3 thereof shall be requested by the City. The Authority is hereby appointed the "authorized representative" of the Council for purposes of filing all applications and other documents necessary or appropriate under the Order to obtain any re- quested allocation from the "State Reserve", 3. The Council, its officers, the officers of the City, the Authority and the officers of the Authority shall cooperate in complying with the requirements of Section 103(n) of the Code (and any implementing Treasury Regu- lations, whether temporary or final) and the Order, to the end that there shall be allocated to all "private activity bonds" issued by the Authority to finance pro- jects located within the City, and which the Authority deems worthy, sufficient "private activity bond limit" to assure exemption of the interest on the bonds from Federal income taxation; and 4. This resolution shall take effect immediately upon its adoption. In connection with the Commonwealth of Virginia'a FY-'85 Community Development Block Grant Program, Council unanimously requested the West Piedmont Planning District Commission to include in its compilation of regional priorities (for CDBG funding) the following projects for the City of Martinsville: AS THE CITY'S PRIORITY NO.1 The continuation of the City's owner-occupied housing rehabil- itation program with CDBG funding assistance, with which assistance the City initiated said program but for which pro- gram subsequent applications for CDBG funding have been rejected but, as City Manager Brown pointed out, with the interest in and the efforts by Council in such a program already demonstrated, there appears to be a good chance that the City's next application