Minutes 08/14/1984 - Laserfiche WebLink

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396 TUESDAY AUGUST 14, 1984 fabrication at a site located on the south side of Stultz Road and the west side of Liberty Street. Council's approval is set forth in the following resolution, unani- mously adopted: WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia (the Authority), has considered the application of Fibre Container Company, Inc., (the Applicant) requesting the issuance of the Authority's industrial development revenue bonds in an amount estimated at $1,121,500 (the Bonds) to assist in the financing of the acquisition, renovation and equipping of a facility (the Facility) to be used for corrugated box fab- rication to be located on the south side of Stultz Road and the west side of Liberty Street, in the City of Martinsville, Virginia, and has held a public hearing thereon on August 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 approve of the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Martins- ville, Virginia (the City), the Project is located in the City, and the City Council of the City of Martinsville, Virginia (the Council) consti- tutes the highest elected governmental officials of the City; and WHEREAS, the Authority recommends that the Council approve the issuance of the Bonds; and 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 Applicant, as stip- ulated 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 Applicant 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