Minutes 12/12/1995 - Laserfiche WebLink

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TUESDAY, DECEMBER 12, 1995 its plans to (A) finance the costs of a pro3ect (the "Pro3ect") consisting of (i) replacing and upgrading all ma3or core electrical equipment at the Hospital's facility (the "Facility"); (ii) replacing ~and upgrading the major core mechanical equipment and certain ~-~mechanical equipment and electrical accommodations at the Facility; and (iii) the acquisition of ongoing capital equipment replacements and additions for use at the Facility; and (B) pay certain costs of issuance of the Note; and WHEREAS, the Authority has held a public hearing on the issuance of the Note and the plan of finance for the Project on December 5, 1995; and WHEREAS, the Authority has requested the City Council (the "Council") of the City of Martinsville, Virginia (the "City"), to approve the financing of the Pro3ect and the issuance of the Note to comply with Section 15.1-1378.1 of the Industrial Development and Revenue Bond Act, as amended (the "Act"), and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and recommended that the City, at.the request of the Hospital, designate the Note as a "qualified tax-exempt obligation" under Section 265 of the Code; and WHEREAS, a copy of the Authority's December 5, 1995, resolution approving the issuance of the Note, a fiscal impact statement and a reasonably detailed summary of the comments made at the December 5, 1995, public hearing, have been filed with the Council; and THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The Council hereby approves the financing of the Project and the issuance of the Note by the Authority for the benefit of the Hospital, to the extent required by Section 15.1-1378.1 of the Act and Section 147(f) of the Code, to permit the Authority to assist in the financing of the Project. 2. The City hereby designates the Note as a "qualified tax- exempt obligation" for the purpose of Section 265(b) (3) of the Code. The City hereby represents and covenants as follows: (a) The City will in no event designate more than 810,000,000 of obligations as qualified tax-exempt obligations in calendar year 1995, including the Note, for the purpose of Section 265(b) (3) of the Code. (b) The City, all its "subordinate entities" (within the meaning of Section 265(b) (3) of the Code), and all entities that issue tax-exempt obligations on behalf of the City and its subordinate entities, together, have not issued more than $10,000,000 of tax-exempt obligations in calendar year 1995 (not including "private activity bonds" as defined in Section 141 of the Code other than "qualified 501(c) (3) bonds" as defined in Section 145 of the Code), including the Note. (c) Barring circumstances unforeseen as of the date of delivery of the Note, the City will not issue tax-exempt obligations itself or approve the issuance of tax-exempt obligations of any such other entities if the issuance of such tax-exempt obligations would, when aggregated with all other tax-