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TUESDAY~ MAY 11, 1993 <br /> <br />subdivision of the Commonwealth of Virginia exercising public and <br />essential governmental functions pursuant to the Constitution and laws <br />of the Commonwealth of Virginia; and <br /> <br />WHEREAS, the Industrial Development Authority of the City of <br />Martinsville, Virginia (the Issuer) is a political subdivision of the <br />Commonwealth of Virginia duly created pursuant to the Industrial <br />Development and Revenue Bond Act, Chapter 33, Title 15.1, Code of <br />Virginia of 1950, as amended (the Act) and authorized by the Act to <br />issue revenue bonds for the purpose of providing funds to finance or <br />refinance the costs of certain projects required or useful for health <br />care purposes; and <br /> <br />WHEREAS, Beverly Enterprises-Virginia, Inc. (the Company) , a California <br />corporation whose principal place of business is 1200 South Waldron <br />Road, Ft. Smith, Arkansas 72903, is authorized to transact business in <br />Virginia and owns and operates a nursing home facility located in Henry <br />County, Virginia; and <br /> <br />WHEREAS, the Issuer has by resolution adopted May 5, 1993, (the Issuer <br />Resolution) authorized the issuance of its Bonds for the purpose of <br />refinancing and refunding the Issuer's outstanding $2,860,000 First <br />Mortgage Revenue Bonds (Martinsville Convalescent Home Project) Series <br />1980 (the Refunded Bonds), the proceeds of which were used for the <br />acquisition, construction, and equipping of a nursing home located at <br />1607 Spruce Street, Henry County, Virginia; and <br /> <br />WHEREAS, the City Council of the City of Martinsville, Virginia (the <br />Council) must first approve the issuance of the Bonds before the Issuer <br />can proceed with the refinancing; and <br /> <br />WHEREAS, the Board of Supervisors of Henry County, Virginia (the Board) <br />must concur in the Issuer's inducement resolution relating to the issue <br />and approve the financing; and <br /> <br />WHEREAS, the Issuer has delivered or caused to be delivered to the <br />Council the following: (i) a reasonably detailed summary of the <br />comments expressed at the public hearing held by the Issuer in <br />connection with the proposed issuance of the Bonds, (ii) a fiscal <br />impact statement concerning the Bonds in the form specified in Section <br />15.1-1378.2 of the Act, and (iii) a copy of the Issuer Resolution, <br />which constitutes the recommendation of the Issuer that the Council <br />approve the refunding of the Refunded Bonds and the issuance of the <br />Bonds by the Issuer; and <br /> <br />WHEREAS, the Council has determined that it is necessary at this time <br />to approve the issuance by the Issuer of not to exceed $2,280,000 <br />aggregate principal amount of the Bonds to promote the improvement of <br />health and living conditions of the people of the City of Martinsville <br />and the Commonwealth of Virginia, increase opportunities for gainful <br />employment, improve health care and otherwise aid in improving the <br />prosperity and welfare of said City and Commonwealth and its <br />inhabitants; now, therefore, <br /> <br />BE IT RESOLVED by the City Council of the City of Martinsville, <br />Virginia, in regular session assembled May 11, 1993, that: <br /> <br />Section 1. The City Council hereby approves the issuance by the <br /> <br /> <br />