Minutes 11/08/1994 - Laserfiche WebLink

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172TUESDAY, NOVEMBER 8, 1994 renovation - the renovation of the main classroom building and gymnasium building and asbestos removal, (iii) fixed equipment/furnishings - acquisition and installation of kitchen equipment, science classroom equipment, general millwork and lecture classroom seats, (iv) technology items - wiring for televisions in classrooms and computer wiring and associated hardware, (v) other construction and furnishings and equipment cost items - band instrument storage cabinets and acoustical panels, technology lab millwork, landscaping, television sets, concentrators for computer network wiring, enhanced communication/media management system, computers, computer software, synergistic modules and furnishings and furniture and (vi) related project cost - construction phase testing, utility connection fees, financing and counsel fees and interim financing costs (collectively, the "Pro3ect"); and WHEREAS, the City and the City's School Board (the "School Board") intend to apply for subsidized loans from the State Literary Fund through the State Department of education to finance the Project or the portion thereof eligible for such financing; and WHEREAS, there has been presented to the City Council a plan for lease financing of the Project which would not create debt of the City for purposes of the Virginia Constitution and which would provide interim financing of the Pro3ect until the Project is funded from subsidized loans from the State Literary Fund, expected to be available within a period of two and one half (2 1/2) years; and WHEREAS, there have been presented to this meeting drafts of the following documents (collectively, the "Documents") in connection with the transactions described above, copies of which shall be filed with the records of the City Council: (a) A Ground Lease between the School Board and the Industrial Development Authority of the City of Martinsville, Virginia (the "Authority") conveying to the Authority interests in certain real property constituting part of the Project, acknowledged and consented to by the City (the "Ground Lease"); (b) A Lease Agreement between the Authority and the City conveying to the City a leasehold interest in the Project, acknowledged and consented to by the School Board (the "Lease Agreement"); (c) A Note Purchase Agreement among the Authority, the City and local bank or financial institution to be designated by the Authority upon recommendation of the City Manager (the "Bondholder"), pursuant to which the Note (as defined below) is to be issued (acknowledged and consented to by the School Board) (the "Note Purchase Agreement"); and (d) An Assignment Agreement between the Authority and the Bondholder, assigning to the Bondholder certain of the Authority's rights under the ~rQund ~eeee end ~he ~emee Agreement, which is to be acknowledged and consented to by the City and the School Board (the "Assignment Agreement"); NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF