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19841127 r-84-25RESOLUTION NO. R-84-25 WHEREAS, the Industrial Development Authority of the City of Fairfax, Virginia (the Authority), has considered the application of EZ Limited Partnership (the applicant) requesting the issuance of the Authority's industrial development revenue bonds (the Bonds) in an amount not to exceed $1,~00 ,000 to assist in the financing of the applicants construction, improvement and equipping of a commercial office building (the Project) to be located at 10800 - 10810 Main Street in the City, and has held a public hearing thereon on November 19,198~; and WHEREAS, Section 103(k) of the Internal Revenue Code of 195#, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development Bonds and over the area in which any facility financed with the proceeds of industrial development Bonds is located must approve the issuance of the Bonds; and WHEREAS, the Project is located in the City, and the City Council of the City of Fairfax, Virginia, constitutes the highest elected governmental unit of the City; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Council; BE IT RESOLVED by the City Council of the City of Fairfax, Virginia, that: The Council approves the issuance of the Bonds by the Authority for the benefit of the applicant, as required by Section 103(k) of the Internal Revenue Code, and Section 15.1-1378.1 of the Code of Virginia, to permit the Authority to assist in the financing of the Project; and The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the credit worthiness of the Project or the applicant; and This resolution shall take effect immediately upon its adoption. Adopted this 27 day of November ,1988. ATTEST: (.~ty ~ lerk