Minutes 05/11/1993 - Laserfiche WebLink

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TUESDAY, MAY 11, 1993 Issuer of not to exceed $2,280,000 aggregate principal amount of its industrial development revenue refunding bonds for the purpose of refinancing and refunding the outstanding balance of the Issuer's $2,860,000 First Mortgage Revenue Bonds (Martinsville Convalescent Home Project) Series 1980, the proceeds of which were used for the acquisition, construction, and equipping of a nursing home located at 1607 Spruce Street, Henry County, Virginia, provided, however, that the appropriate concurring resolution is adopted by the Board of Supervisors of Henry County. Section 2. The City Manager is hereby authorized and directed, on behalf of the Council, to take any and all action necessary, including the execution of any documents, to consummate the sale of the Bonds in conformity with the provisions of this resolution. Section 3. The approval of the issuance of the Bonds, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended and the Act, does not constitute an endorsement to any prospective purchaser of the Bonds of the credit-worthiness of Beverly Enterprise- Virginia, Inc. and, as required by the Act, the Bonds shall provide that neither the Commonwealth of Virginia, the City nor the Issuer shall be obligated to pay the principal or, the redemption premium, if any, or the interest on the Bonds or other costs incident thereto except from the revenues and funds pledged therefor and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City nor the Issuer shall be pledged thereto. Section 4. adoption. This resolution shall take effect immediately upon its Council considered adoption, on second reading, of Ordinance No. 93-3 establishing an Alarm Ordinance regulating installation, operation and maintenance of alarm systems and adoption of Practices and Procedures of alarm systems connected to the Martinsville-Henry County Communications Center. Mayor McClain and Councilman Draper said the proposed Practices and Procedures as revised by Communications Center Board were acceptable. Henry Gilbert, Communications Center Director, said the Practices and Procedures satisfied his needs, with the exception of addressing "runaway alarms". Upon motion, duly seconded and by unanimous vote, Council decided to leave the Ordinance on first reading, with second reading to be scheduled for June 8, 1993, in order to allow for comment by operators of alarm services. Upon motion, duly seconded and by unanimous vote, Council approved, on