Minutes 06/14/1983 - Laserfiche WebLink

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.20 TUESDAY JUNE 14, 1983 $300,000.00 in the Authority's revenue bonds to assist in the financing and equipping of a drug store facility on the north side of Spruce Street in the Druid Hills Shopping Center, pursuant to application filed therefor by Lanier Farm, Inc.: WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia, (the "Authority"), has considered the application of Lanier Farm, Incorporated (the "Company") requesting the issuance of the Authority's industrial development revenue bonds in an amount estimated at $300,000.00 (the "Bonds") to assist in the financing of the Company's construction and equipping of a drug store facility (the "Project") in the City of Martins- ville, Virginia, and has held a public hearing thereon on June 2, 1983; 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 approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Martinsville, Virginia (the "City"), the Project is located in the City and the City Council of the City of Martinsville, Virginia (the "Council") constitutes 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 has been filed with the Council; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Company, as required by Section 103(k), 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), does not constitute an endorsement to a prospective purchaser of the Bonds of the credit- worthiness of the Project or the Company, and, as re- quired by Section 15.1-1380 of the Code of Virginia of 1950, as amended, 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 nor the Authority shall be pledged thereto. 3. This Resolution shall take effect immediately upon its adoption.