Minutes 04/23/1991 - Laserfiche WebLink

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.... ~(the.-~,Council), h constitute the' 'hig est officials of the City; and WHEREAS, section 15.1-1378.1 'of the Code of Virginia of 1950, as amended, provides that the Council shall within 60 calendar days from the public hearing with respect to revenue bonds either approve or. disapprove the issuance of such bonds; and W~EREAS, a copy of the Issuer's resolution approving the issuance of the Bonds, subject to terms to be agreed upon, a reasonably detailed summary of the comments expressed at the public hearing with respect to the Bonds and a statement in the form prescribed by Section 15.1-1378.2 of the Code of Virginia of 1950, as amended, have been filed with the Council, together with the Issuer's recommendation that the Council approve the issuance of the Bonds; now, therefore, TUESDAY, APRIL 23, 1991 elected governmental BE IT RESOLVED by the Council of the=City of Martinsville, Virginia, in regular session assembled April 23, 1991, that: The recitals made in the first preamble to this Resolution are hereby adopted as a part of this Resolution. The City Council of the City of Martinsville, Virginia, hereby approves the issuance of the Bonds by the Issuer to assistin the Financing Plan for the benefit of the Company, to the extent required by the Internal Revenue Code of 1986, as, amended (the Code), and Section 15.1-1378.1 of the Code of Virginia of 1950, as amended (the Virginia Code)· The approval of the issuance of the Bonds, as requiredby the Code and Section 15.1-1378.1 of the Virginia Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the credit-worthiness of the Financing Plan or the Company, but, as required by Section 15.1-1380 of the Virginia Code, the Bonds shall provide that neither the City nor the Issuer shall be obligated to pay the Bonds or the .interest thereon or other costs incident thereto except from the revenues and moneys 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. This Resolution shall take effect immediately upon its adoption. Council conducted a public hearing on a request by Dr. Mark W. Mason, on behalf of J.E. Scearce, to rezone Lot 20 (Lot 26) located. on the northeast side of Griggs Road from R-9 Residential to P-2 Professional. There being no persons present to comment on this matter, Mayor McClain declared the_public hearing closed. Upon motion, duly seconded and by unanimous vote, Council adopted the following Ordinance: