WHEREAS, Section 147(f) of the Code provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds;
WHEREAS, the Authority issues its bonds on behalf of the City of Alexandria, Virginia ("City"); the Facility is located in the City and the City Council of the City (the "Council") constitutes the highest elected governmental unit of the City;
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 City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ALEXANDRIA, VIRGINIA:
The Council approves the issuance of the Bonds by the Authority for the benefit of Association, as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code"), to permit the Authority to assist in the financing and refinancing of the Project.
The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Facility or Association, and, as required by Section 15.2 - 4909 of the Virginia Code, the Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefore, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia nor any political subdivision thereof, including the City and the Authority, shall be pledged thereto. This resolution shall take effect immediately upon its adoption. 29. Consideration of a Resolution Authorizing the Issuance of Bonds by the Industrial Development Authority of the City of Alexandria for the Episcopal High School. (ROLL-CALL VOTE) (A copy of the City Manager's memorandum dated April 20, 2005, is on file in the Office of the City Clerk and Clerk of Council, marked Exhibit No. 1 of Item No. 29; 4/26/05, and is incorporated as part of this record by reference.) WHEREUPON, upon motion by Councilman Gaines, seconded by Vice Mayor Pepper and carried unanimously by roll-call vote, City Council adopted the resolution authorizing the issuance of bonds by the IDA for the Episcopal High School. The voting was as follows: Gaines "aye" Krupicka "aye" Pepper "aye" Macdonald "aye" Euille "aye" Smedberg "aye" Woodson "aye" The resolution reads as follows: RESOLUTION NO. 2146 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALEXANDRIA, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Alexandria (the "Authority"), has considered the application and plan of financing of Protestant Episcopal High School in Virginia (the "Borrower"), a 501(c)(3) organization not organized exclusively for religious purposes requesting that the Authority issue up to $17,000,000 of its revenue bonds (the "Bonds"), in one or more series at one time or from time to time, to assist the Borrower in financing or refinancing (the "Plan of Financing") (a) the acquisition, construction, equipping, expansion, renovation and enlargement of the educational facilities of the Borrower, all located or to be located at the campus of the Borrower consisting of approximately 135 acres at 1200 North Quaker Lane in the City of Alexandria, Virginia (the "Facility"), including: (1) the renovation, construction and equipping of improvements to and expansion of existing academic facilities in the approximately 12,000 square foot Hummel Learning Center and the approximately 15,000 square foot Williams West Wing, (2) the construction, renovation and equipping of portions of the Borrower’s landscaping, walks, roadways and parking areas, and (3) other capital improvements at the Facility; and (b) the refunding of all or a portion of the outstanding amount of the Authority's Educational Facilities Revenue Bonds (Episcopal High School), Series 1999, which were issued to finance the construction, acquisition, renovation and equipping of improvements at the Facility, including without limitation a fine arts center, dormitories and housing, athletic facilities and campus landscaping, walkways, roads and parking. WHEREAS, the Authority has held a public hearing on the Borrower’s application and Plan of Financing on April 19, 2005; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds; WHEREAS, the Authority issues its bonds on behalf of the City of Alexandria, Virginia (the "City"), the Facility is located in the City and the City Council of the City of Alexandria, Virginia (the "Council") constitutes the highest elected governmental unit of the City; WHEREAS, the Authority has recommended that the Council approve the Plan of Financing and the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds pursuant to the Borrower’s Plan of Financing, 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. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALEXANDRIA, VIRGINIA: 1. The Council approves the Plan of Financing and the issuance of the Bonds by the Authority for the benefit of the Borrower, as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended (the "Virginia Code") to permit the Authority to assist in its Plan of Financing. 2. The approvals of the Plan of Financing and the issuance of the Bonds do not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Plan of Financing or the Borrower. 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f.103-2(f)(1), this resolution shall remain in effect for a period of one year from the date of its adoption. 4. This resolution shall take effect immediately upon its adoption. 30. Consideration of a Resolution Authorizing the Issuance of Bonds by the Industrial Development Authority of the City of Alexandria for the American Statistical Association. (ROLL-CALL VOTE) (A copy of the City Manager's memorandum dated April 19, 2005, is on file in the Office of the City Clerk and Clerk of Council, marked Exhibit No. 1 of Item No. 30; 4/26/05, and is incorporated as part of this record by reference.) WHEREUPON, upon motion by Councilman Macdonald, seconded by Councilman Gaines and carried unanimously by roll-call vote, City Council adopted the resolution authorizing the issuance of bonds by the IDA for the American Statistical Association. The voting was as follows: Macdonald "aye" Pepper "aye" Gaines "aye" Krupicka "aye" Euille "aye" Smedberg "aye" Woodson "aye" The resolution reads as follows: RESOLUTION NO. 2147 RESOLUTION OF THE CITY COUNCIL OF ALEXANDRIA, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Alexandria ("Authority") has considered the application of the American Statistical Association ("ASA"), an organization which is not organized exclusively for religious purposes and is described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("Code"), requesting the issuance of the Authority's revenue bonds in an amount not to exceed $6,920,000 ("Bonds") to assist ASA in financing (i) the costs of acquiring, renovating and equipping ASA’s national headquarters building located at 732 N. Washington Street and three separate lots for parking with the addresses of 710 N. Madison Street, 806 N. Columbus Street and 815 N. Columbus Street in Alexandria, Virginia (the "Facility"); (ii) the costs of funding a debt service reserve fund, working capital, capitalized interest; and (iii) the costs associated with the foregoing, including credit enhancement fees, other eligible expenditures, and the costs of issuance in connection with the Bonds (collectively, the "Project");
1. The Council approves the issuance of the Bonds by the Authority for the benefit of ASA, as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code"), to permit the Authority to assist in the financing and refinancing of the Project.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Facility or ASA, and, as required by Section 15.2 – 4909 of the Virginia Code, the Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefore, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia nor any political subdivision thereof, including the City and the Authority, shall be pledged thereto.
3. This resolution shall take effect immediately upon its adoption.
OTHER 31. Consideration of City Council Schedule. (A copy of the City Manager's memorandum dated April 21, 2005, is on file in the Office of the City Clerk and Clerk of Council, marked Exhibit No. 1 of Item No. 31; 4/26/05, and is incorporated as part of this record by reference.) WHEREUPON, upon motion by Councilman Gaines, seconded by Councilman Macdonald and carried unanimously, City Council received a revised calendar for April through June, 2005, which includes: a change in the date and time for the June public hearing meeting from Saturday, June 18 at 9:30 a.m. to Tuesday, June 21 at 4:00 p.m., in the Council Chambers. The voting was as follows: Gaines "aye" Pepper "aye" Macdonald "aye" Krupicka "aye" Euille "aye" Smedberg "aye" Woodson "aye" * * * * * * NEW BUSINESS ITEM NO. 1: Mayor Euille reminded Council that there will be a work session tomorrow night at 7:00 p.m. There will be a work session on Monday, May 2, 2005, at 6:00 p.m., followed by the formal budget adoption and setting of the tax rates. * * * * * * THERE BEING NO FURTHER BUSINESS TO BE CONSIDERED, upon motion by Vice Mayor Pepper, seconded by Councilwoman Woodson and carried unanimously, City Council adjourned the regular meeting of April 26, 2005, at 8:57 p.m. The voting was as follows: Pepper "aye" Gaines "aye" Woodson "aye" Krupicka "aye" Euille "aye" Macdonald "aye" Smedberg "aye" APPROVED BY: __________________________ WILLIAM D. EUILLE MAYOR ATTEST: _____________________________________ Jacqueline M. Henderson, CMC City Clerk