Minutes 03/26/1985 - Laserfiche WebLink

Home Browse Search

58 TUESDAY MARCH 26, 1985 Council unanimously adopted the following resolution authorizing (pursuant to the conditions set forth therein) the City's Industrial Development Authority to issue up to $975,000 of its revenue bonds to assist Hooker Furniture Corporation (repre- sented at this meeting by its counsel, Mr. John L. Gregory, Ill, Attorney at Law) in the manner and for the purposes set forth in said resolution: WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia (the Authority), has considered the application of Hooker Furniture Corporation (the Company), Post Office Box 4708, East Church Street, Martinsville, Vir- ginia, 24115, for the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $975,000 (the Bonds) to assist in the financing of the Company's con- struction, acquisition, and equipping of a warehousing facil- ity and purchase of woodworking equipment used in the manu- facture of furniture (the Project) to be located at the Company's existing facilities at the intersection of Hooker Street and East Church Street on the south side of Common- wealth Boulevard, in the City of Martinsville, Virginia (the City), and has held a public hearing thereon on March 7, 1985; and WHEREAS, the Authority has requested the City Council (the Council) of the City to approve the issuance of the Bonds to comply with Section 103(k) of the Internal Revenue Code of 1954, as amended (the Code); and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to terms to be agreed upon, a record of the public hearing and a "fiscal impact statement" with respect to the Project have been filed with the Council; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The City Council of the City of Martinsville, Virginia, approves the issuance of the Bonds by the Industrial Development Authority of the City of Martinsville, Virginia, for the benefit of Hooker Furniture Corporation, to the extent re- quired 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 of the Bonds or the creditworthiness of the Company, but, as required by Section 15.1-1380 of the Code of Virginia of