Laserfiche WebLink
TUESDAY, DECEMBER 12, 1995 <br /> <br />exempt obligations theretofore issued by the City and such other <br />entities in calendar year 1995, result in the City and such other <br />entities having issued a total of more than $10,000,000 of tax- <br />exempt obligations in any such year (not including private <br />activity bonds other than qualified 501(c) (3) bonds), including <br />the Note. <br /> <br /> (d) The City has no reason to believe that the City and such <br />other entities will issue tax-exempt obligations in calendar year <br />1995 in an aggregate amount that will exceed such 810,000,000 <br />limit; provided, however, if the City receives an opinion'of a <br />nationally recognized bond counsel that compliance with any <br />covenant set forth in (a) or (c) above is not required for the <br />Note to be a qualified tax-exempt obligation, the City need not <br />comply with such restriction. <br /> <br /> 3. The approval of the issuance of the Note does not constitute <br />an endorsement of the Note or the creditworthiness of the Hospital, <br />and, as required by Section 15.1-1380 of the Act, the Note shall <br />provide that neither .the City nor the Authority shall be obligated to <br />pay the Note or the interest thereon or other costs incident thereto. <br />except from the revenues and moneys pledged therefor, and neither the <br />faith or credit nor the taxing power of the Commonwealth of Virginia, <br />the City nor the Authority shall be pledged thereto. <br /> <br /> 4. This resolution shall take effect immediately upon its <br />adoption. <br /> <br />Council considered a request from the City of Danville on behalf of the <br />W. W. Moore, Jr. Juvenile Detention Home requesting funding for a Needs <br />Assessment Study. Jan Reed, Director, 21st District Court Services <br />Unit, was present to explain the shortage of space at the W. W. Moore <br />facility. The Needs Assessment Study would be used to assist in <br />planning for future expansion of the facility and would cost <br />approximately $10,000. Mr. Reed stated each jurisdiction served by the <br />facility was being requested to pay $1,337.50. Upon motion, duly <br />seconded and by unanimous vote, Council approved a supplemental <br />appropriation in an amount not to exceed $1,400 to be taken from the <br />General Fund unexpended fund balance to an account established by the <br />Director of Finance. <br /> <br />Upon motion, duly seconded and by unanimous vote, Council approved an <br />amendment to the FY 95-96 Social Services Department budget increasing <br /> <br /> <br />