Minutes 02/14/1984 - Laserfiche WebLink

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,) 1'1 ""'. FEBRUARY 14, 1984 TUESDAY WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing have been filed with the Council; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA,as follows: 1. The Council hereby approves the issuance of the Bonds by the Authority for the benefit of the Company, as stipulated by said Section 103(k), to permit the Authority to assist in the financing of the Facility; 2. The approval of the issuance of the Bonds, as stipulated by said Section 103(k), does not constitute an endorsement to a prospective purchaser of the Bonds of the credit-worthiness of the Facility or the Company, and, as required by Section 15.1-1380 of the Code of Virginia of 1950, 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 or credit nor the taxing power of the Commonwealth, the City or the Authority shall be pledged thereto; and - 3. This Resolution shall take effect immediately upon its adoption. Also, upon being informed that the City's Industrial Development Authority has agreed to issue its bonds (in the amount estimated at $750,000) to assist the partnership of Drs. James S. McGinn and David H. Lewis in the financing of the acquisition, construction, and equipping of a proposed medical office and treatment facility in the City, Council unani- mously adopted the following resolution approving of the issuance of such bonds for said purpose: WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia (the "Authority"), has considered the application of Drs. James S. McGinn and David H. Lewis (the "Partnership"), requesting the issuance of the Authority's industrial development revenue bonds in an amount estimated at $750,000 (the "Bonds") to assist in the financing of the Partnership's acquisition, construction and equipping of a medical office and treatment facility (the "Facility") in the City of Martinsville, Virginia, and has held a public hearing thereon on February 2, 1984; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must first