Agenda 01/13/2009 (2) - Laserfiche WebLink

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December 9,2008 recognized bond counsel that any such covenants need not be complied with to prevent the interest on the Lease Obligations from being includable in the gross income for Federal income tax purposes of the registered owner thereof under existing law, the Council need not comply with such covenants. 6. The Council intends for the Lease Obligations to be treated as complying with, and hereby designates the Lea,e Obligations as eligible for, the provisions of Section 148(f)(4)(D) of the Code and Section 1.148-8 of the U.S. Treasury Regulations thereunder, which provides an exception from the "rebate requirement," since this Lea,e Obligations issue (I) is issued by the City which is a governmental unit with general taxing powers, (2) no Lease Obligation whieh is a part of this issue is a private activity bond, (3) 95% or more of the net proceeds of this issue are to be used for local governmental activities of the City, and (4) the aggregate face amount of all tax-exempt obligations (other than private activity bonds) issued by the City during the calendar year 2008 (and obligations issued by any subordinate entity of the City) is not reasonably expected to exceed $5,000,000. 7. The recitals to this resolution arc hereby incorporated by reference and are declared to be tin dings of the Council in connection with its decision to acquire and finance the Project. 8. This resolution shall be etTective immediately upon its adoption. Date of Adoption: December 9, 2008. CERTIFICATE The undersigned hereby certities that thc foregoing resolution was introduced and adopted at a duly called and open meeting ofthe City Council of the City of Martinsville, Virginia, at which a quorum was present, held in accordance with all legal requirements on the 9th day of December, 2008. The undersigned further eertities that the above resolution has not been repealed or amended ,Uld remains in full force and effect a, of this ~ day of December, 200S. Set forth below is a record of the roll call vote (including names of members of the COlUlcil) by which the j(lfegoing resdution was adopted: Ayes: Lawson, Reynolds, Teague, Stroud Nays:Turner Abstain: Absent: Clerk, City Council of the City of Martinsville, Virginia Council agreed to set a public hearing for January 13, 2009 to abandon an alley located between 702 Lesters Lane and 705 Liberty Street, as shown on Tax Map 12 on a recommendation from the Planning Commission. The petitioner wishes to abandon this alley in preparation for any future development on this corner site. The alley is not maintained by the City nor does it serve any public purpose. Council agreed to set a public hearing for January 13, 2009 to rezone property located at 1 Dudley Street and known as 12(12)00jXR on the Tax Map of the City of Martinsville, from P-2 Professional to C-1 Commercial. This rezoning would enable the property to be used for a professional office with related retail sales. Business from the floor: Donna Rivera, 807 Perdue Street, voiced her concerns to Council regarding the need for a traffic signal or caution light at the intersection of Moss & Market, curbing needs on Perdue St., and run off from ditches which sends water into her backyard. Scott Coleman, Public Information Officer, briefed Council on the National League of Cities (NLC) free prescription discount card program for member cities to help residents cope with the high cost of prescription drugs offering savings on prescription drugs to residents who are without health insurance, a traditional pharmacy benefit plan, or have prescriptions not covered by insurance. There is no cost to the city to sponsor the program in collaboration with NLC. CVS Caremark