Laserfiche WebLink
TUESDAY. JUNE 26. 1990 <br /> <br />.-'?.~.=-.WHEREAS, a resolution approving a plan of financing of <br /> the Industrial Development Authority of the City of <br /> Martinsville, Virginia, for the benefit of Herald <br /> Associates, a Virginia limited partnership, to the extent <br /> required by Section 147 of the Internal Revenue Code of <br /> 1986, as amended; and <br /> <br />WHEREAS, the Industrial Development Authority of the City <br />of Martinsville, Virginia (the "Authority"), has <br />considered the application of Herald Associates, a <br />Virginia limited partnership (the "Owner"), whose <br />principal office is at 2917 Penn Forest Boulevard, <br />Roanoke, Virginia 24018, requesting the Authority to <br />issue its $379,013.35 (or lesser face amount) Industrial <br />Development Revenue Refunding Bond (the "Bond") to refund <br />the outstanding balance under the Authority's $500,000 <br />Industrial Development Revenue Note issued December 30, <br />1982 (the "Prior Bond"), to finance the renovation of a <br />33-unit elderly housing project known as "The Henry <br />Apartments" located at the west corner of Broad and East <br />Church Streets and being 10 Broad Street, in the City of <br />Martinsville, Virginia; and <br /> <br />WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Internal Revenue Code"), provides <br />that. lthe~governmental unit having jurisdiction over the <br />issuer of revenue bonds and over the area in which any <br />facility financed with the proceeds of revenue bonds is <br />located must approve the issuance of the bonds; and <br /> <br />WHEREAS:, the Authority issues its bonds on behalf of the <br />City of Martinsville, Virginia (the "City"), the Project <br />is to be located in the City, and the Council of the City <br />of Martinsville, Virginia (the "Council") constitutes the <br />highest elected governmental officials of the City; and <br /> <br />WHEREAS, ~the' Authority recommends~that~ the Council <br />approve the issuance of the Bond; and <br /> <br />WHEREAS, a copy of the Authority's resolution approved <br />the issuance of the Bond, subject to approval by the <br />Council as well as the terms to be agreed upon, and a <br />certificate of the public hearing has been filed with the <br />Council; now, therefore, v <br /> <br />BE IT RESOLVED by the Council of the City- of <br />Martinsville, Virginia, in regular session assembled June <br />26, 1990, that: <br /> <br />Council approves the issuance of theaforesaid <br />Bond by the Authority for the benefit of the <br />Owner, as required by Section 147(f) of <br /> <br /> <br />