Laserfiche WebLink
<br />418 <br /> <br />TUESDAY <br /> <br />AUGUST 28, 1984 <br /> <br />Federal income taxation of interest on IDA bonds issued to finance projects within <br /> <br />the City, in accordance with regulations cited in this resolution: <br /> <br />WHEREAS, Section 103(n) of the Internal Revenue Code of 1954, as <br />amended (the Code), as presently implemented in the Commonwealth <br />of Virginia by Executive Order Number 50(84) of the Governor of <br />Virginia, dated July 31, 1984 (the Order), permits Counties and <br />Cities of Virginia to allocate their respective l~rivate activity <br />bond limits" to "private activity bonds" issued by "issuing <br />authorities" for projects within their respective jurisdictions, <br />in order to assure exemption from Federal income taxation of <br />interest on such "private activity bonds"; and <br /> <br />WHEREAS, the Industrial Development Authority of the City of <br />Martinsville, Virginia (the Authority), is the only "issuing <br />authority" unconditionally empowered to issue "private activity" <br />bonds" for projects located within the City of Martinsville, <br />Virginia (the City); and <br /> <br />WHEREAS, the City Council of the City of Martinsville, Virginia <br />(the Council), deems it appropriate to delegate to the Authority <br />the power to make allocations of the City's "private activity <br />bond limit" under the Code and the Order to "private activity <br />bonds" issued by the Authority to finance projects located within <br />the City; now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, <br />VIRGINIA: <br /> <br />1. The City Council of the City of Martinsville, <br />Virginia, hereby delegates to the Authority the <br />power to make allocations of the "private activity <br />bond limit" available to the City under Section <br />103(n) of the Internal Revenue Code of 1954, as <br />amended, and the Order, to "private activity bonds" <br />issued to finance projects within the City. <br /> <br />2. The power of allocation delegated hereby shall include <br />both (i) the power to allocate the "Local Allocation" <br />of the City referred to in Section C.1. of the Order <br />and (ii) the power to specify those projects for which <br />allocation from the "State Reserve" referred to in <br />Section C.3. thereof shall be requested by the City. <br />The Authority is hereby appointed as the "authorized <br />representative" of the Council for purposes of filing <br />all applications and other documents necessary or <br />appropriate under the Order to obtain any requested <br />allocation from the "State Reserve". <br /> <br />3. The Council, its officers, the officers of the City, <br />the Authority and the officers of the Authority shall <br />