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<br />(c) One or more support, purchase or similar agreements by and among the Henry
<br />County, the Henry County IDA, the Martinsville Henry County Economic Development Council
<br />("MHCEDC") and the City (collectively, whether encompassed in one or more agreements,
<br />referred to as, the "Support Agreement"), pursuant to which, generally, (i) the MHCEDC will
<br />agree to fund to or othenvise reimburse Henry County for certain design, engineering,
<br />maintcnancc, insurance, utility, legal and othcr soft costs associated with the development of the
<br />Project, together I"'Jth an amount equal to the rental payments due during the first year of the
<br />Lease Agreement and (ii) the City, in consideration of the Revenue Sharing Agreement and its
<br />other interests and desire to facilitate the development of the Projed, will agree, subject to the
<br />teons set forth therein, to fund to or otherwise reimbun;e Henry Cuunty for an amount equal to at
<br />least thirty three (33%) perccnt of the rental payments due and payable by Henry County during
<br />the second through the fifth year of the Lease Agreement, in each case subject to the terms and
<br />conditions of the Support A[,Tfcement, togethcr with ~uch change~, modifications or additions to
<br />the foregoing as may be approved by the City;
<br />
<br />(d) A Collateral Assignment or similar agreement pursuant to which the Henry
<br />County IDA and Henry County wi11 assign substantially all of their rights under the Support
<br />Af,'Tecment to and for the benetlt of the Bank;
<br />
<br />(e) A Bank Qualification Allocation Agreement ,>...ifh respect to the Series 2008 Bond
<br />and the Series 2009 Bond.
<br />
<br />(t) Such other documents and agreements as may be deemed necessary or
<br />appropriate by Henry County in order to etTectuate the financing of the Project.
<br />
<br />WHEREAS, the obligation of the City to make any payments under the Support
<br />Agreement shall be subject to annual appropriations by the City Council, \vhich is under no legal
<br />obligation to make such appropriations. Neither the Lease Agreement, the Support Agreement,
<br />the other Financing Documents not the Bond will constitute a general obligation debt of the
<br />Commomvealth of Virginia or any political subdivision thereof, including the City, Henry
<br />County, and the Henry County IDA, or a pledge of the faith and credit or taxing power of the
<br />Commonwealth of Virginia, the City, Henry County or the Henry County IDA.
<br />
<br />NO'''", THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
<br />CITY OF MARTINSVILLE, VIRGINIA:
<br />
<br />I. It is dctcnnined to be in the best interests of the City and its citizens for the City
<br />Council to enter into a Support Agreement in connection with the Project.
<br />
<br />') The City Manager and Assistant City Manager, either of whom may al~t, are
<br />hereby authorized and directed to execute and deliver a Support Agreement in connection with
<br />the Project upon the tenus and conditions generally described herein, together with such
<br />amendments, modifications and supplements thereto as may be acceptable to the City J\.'1anager
<br />or Assistant City J\,'lanager; provided, however, that (i) the aggregate principal amount of the
<br />obligations under the Lease Agreement shall nol exceed S3,500,000, (ii) the interest rate on the
<br />
<br />')
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