Laserfiche WebLink
<br />2( <br /> <br />TUESDAY <br /> <br />NOVEMBER 8, 1983 <br /> <br />- <br /> <br />WHEREAS, the Authority issues its bonds on behalf of the City of Martins- <br />ville, Virginia (the "City"), the Facility is located in the City, and the <br />City Council of the City of Martinsville, Virginia (the "Council") con- <br />stitutes the highest elected governmental officials of the City; and <br /> <br />WHEREAS, the Authority recommends that the Council approve the issuance of <br />the Bonds; and <br /> <br />WHEREAS, a copy of the Authority's resolution approving the issuance of <br />the Bonds, subject to the terms to be agreed upon, and a certificate of <br />the public hearing have been filed with the Council; now, therefore, <br /> <br />- <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA, as <br />follows: <br /> <br />1. The Council hereby approves the issuance of the Bonds <br />by the Authority for the benefit of the Company, as <br />stipluated by said Section 103(k), to permit the <br />Authority to assist in the financing of the Facility; <br /> <br />2. The approval of the issuance of the Bonds, as stip- <br />ulated by said Section 103(k), does not constitute <br />an endorsement to a prospective purchaser of the <br />Bonds of the credit-worthiness of the Facility or the <br />Company, and, as required by Section 15.1-1380 of the <br />Code of Virginia of 1950, the Bonds shall provide that <br />neither the City nor the Authority shall be obligated <br />to pay the Bonds or the interest thereon or other costs <br />incident thereto except from the revenues and moneys <br />pledged therefor and neither the faith or credit nor <br />the taxing power of the Commonwealth, the City or the <br />Authority shall be pledged thereto; and <br /> <br />3. This Resolution shall take effect immediately upon its <br />adoption. <br /> <br />- <br /> <br />Vice-Mayor Oakes informed Council that he will be attending a meeting of the Legis- <br /> <br />lative Committee of the Virginia Municipal League in Richmond, Virginia, on November <br /> <br />16th, and Mayor Cole asked that members of Council study a recently-published memo- <br /> <br />randum issued by the Virginia Municipal League pertaining to studies underway and to <br /> <br />the possibility of legislation being introduced in the Virginia General Assembly <br /> <br />.- <br /> <br />designed to restrict public bodies from using their own personnel and equipment in <br /> <br />non-highway construction projects and/or to establish a "cap" (based upon a set <br />