Representations by Authority. The Authority makes the following representations and findings:
(a) The Authority is a duly organized and validly existing Community Redevelopment Authority under the Act.
(b) The Redevelopment Plan has been duly approved and adopted by the City pursuant to Section 18-2109 through 18-2117 of the Act.
(c) The Authority deems it to be in the public interest and in furtherance of the purposes of the Act to accept the proposal submitted by Redeveloper as specified herein.
(d) The Redevelopment Project will achieve the public purposes of the Act by, among other things, increasing employment, improving public infrastructure, increasing the tax base, and lessening conditions of blight and substandard in the Redevelopment Area.
(1) The Redevelopment Plan is feasible and in conformity with the general plan for the development of the City as a whole and the plan is in conformity with the legislative declarations and determinations set forth in the Act, and
(2) Based on Representations made by the Redeveloper:
(i) the Project would not be economically feasible without the use of tax-increment financing,
(ii) the Project would not occur in the Redevelopment Area without the use of tax-increment financing, and
(iii) the costs and benefits of the Project, including costs and benefits to other affected political subdivisions, the economy of the community, and the demand for public and private services have been analyzed by the Authority and have been found to be in the long-term best interest of the community impacted by the Project.
(f) The Authority has determined that the proposed land uses and building requirements in the Redevelopment Area are designed with the general purpose of accomplishing, in conformance with the general plan, a coordinated, adjusted, and harmonious development of the City and its environs which will, in accordance with present and future needs, promote health, safety, morals, order, convenience, prosperity, and the general welfare, as well as efficiency and economy in the process of development: including, among other things, adequate provision for traffic, vehicular parking, the promotion of safety from fire, panic, and other dangers, adequate provision for light and air, the promotion of the healthful and convenient distribution of population, the provision of adequate transportation, water, sewerage and other public utilities, schools, parks, recreational and community facilities, and other public requirements, the promotion of sound design...
Representations by Authority. The Authority makes the following representations:
(a) The Authority is a political subdivision of the Commonwealth of Virginia duly created by an ordinance of the County pursuant to the Act;
(b) The undertaking by the Authority (i) to refund the Refunded Bond and (ii) to lease the Leased Property to the County, has been authorized, in compliance with the Act and the Authority’s Bylaws, by the affirmative vote of not less than a majority of the members of the Authority present during an open meeting at which a quorum was present and acting throughout;
(c) Pursuant to the Act, the Authority has full power and authority to enter into the Basic Agreements and to perform the transactions contemplated thereby and to carry out its obligations thereunder and by proper action has duly authorized, executed and delivered the Basic Agreements and has issued the Bond;
(d) The execution, delivery and compliance by the Authority with the terms and conditions of the Basic Agreements will not conflict with or constitute or result in a default under or violation of, (1) the Act, the Authority’s Bylaws or the ordinance creating the Authority,
Representations by Authority. The Authority hereby represents and warrants that:
(a) The Authority is a public body corporate and politic and an agency, instrumentality, and political subdivision of the Commonwealth validly created and existing under the Act, has full power and authority to execute, deliver, and issue the Series 2017 Bonds, is authorized to enter into the transactions contemplated by this Loan Agreement, the Bond Indenture, the Tax Regulatory Agreement, the Escrow Agreement, and the Bond Purchase Agreement and to carry out its obligations hereunder and thereunder, has been duly authorized to execute and deliver, and has executed and delivered, this Loan Agreement, the Bond Indenture, the Series 2017 Bonds, the Tax Regulatory Agreement, the Escrow Agreement, and the Bond Purchase Agreement and agrees that to the extent permitted by law it will do or cause to be done all things necessary to preserve and keep in full force and effect the Authority’s existence.
(b) The issuance and sale of the Series 2017 Bonds, the loan of the proceeds of the Series 2017 Bonds to the Corporation to provide moneys for the refunding of the Series 2008 Bonds, the execution and delivery of this Loan Agreement, the Bond Indenture, the Tax Regulatory Agreement, the Escrow Agreement, and the Bond Purchase Agreement and the performance of all covenants and agreements of the Authority contained therein and the performance of all other acts and things required under the Constitution and laws of the Commonwealth to make this Loan Agreement, the Bond Indenture, the Tax Regulatory Agreement, the Escrow Agreement, and the Bond Purchase Agreement valid and binding obligations enforceable against the Authority, and to make the Series 2017 Bonds the valid and binding special and limited obligations of the Authority, enforceable in accordance with their terms are authorized by the Act and have been duly authorized by proceedings of the Authority adopted at a meeting thereof duly called and held; and
(c) To provide funds to loan to the Corporation for the purposes described above and in the Bond Indenture, the Authority has authorized its Series 2017 Bonds in the aggregate principal amount of $377,765,000, to be issued upon the terms set forth in the Bond Indenture, under the provisions of which the Authority’s interest in this Loan Agreement and the payments and other revenues hereunder (other than Unassigned Rights) are pledged and assigned to the Bond Trustee as partial security for the payment of the pr...
Representations by Authority. The Authority makes the following representations:
Representations by Authority. The Authority makes the following representations:
(a) The Authority is a political subdivision of the Commonwealth of Virginia duly created under the Act;
(b) Pursuant to the Act, the Authority has full power and authority to enter into the Authority Documents and to perform the transactions contemplated thereby and to carry out its obligations thereunder and by proper action has duly authorized, executed and delivered such Authority Documents;
(c) The execution, delivery and compliance by the Authority with the terms and conditions of the Authority Documents will not conflict with or constitute or result in a default under or violation of, (1) any existing law, rule or regulation applicable to the Authority, or (2) any trust agreement, mortgage, deed of trust, lien, lease, contract, note, order, judgment, decree or other agreement, instrument or other restriction of any kind to which the Authority or any of its assets is subject;
(d) No further approval, consent or withholding of objection on the part of any regulatory body or any official, Federal, state or local, is required in connection with the execution or delivery of or compliance by the Authority with the terms and conditions of the Authority Documents, except that no representation is made as to the applicability of any Federal or state securities laws; and
(e) There is no litigation at law or in equity or any proceeding before any governmental agency involving the Authority pending or, to the knowledge of the Authority, threatened with respect to (1) the creation and existence of the Authority, (2) its authority to execute and deliver the Authority Documents, (3) the validity or enforceability of the Authority Documents or the Authority’s performance of its obligations thereunder, (4) the title of any officer of the Authority executing the Authority Documents, or (5) the ability of the Authority to issue and sell its Refunding Bond and undertake the Project.
Representations by Authority. 5 Section 2.2. Representations by Corporation......................... 7
Representations by Authority. The Authority makes the following representations as the basis for its undertakings under this Financing Lease:
(a) The Authority is a political subdivision of the Commonwealth, duly created by the Act.
(b) The undertaking by the Authority to finance or refinance, as appropriate, the Financed Projects and to lease the Leased Premises from the City and to lease the Leased Premises back to the City has been authorized, as required by the Act, by the affirmative vote of a majority of the members of the Authority present at a meeting at which a quorum was present and acting throughout.
(c) The Authority (i) has the power to enter into and to carry out its obligations under the Basic Documents and to issue the Series 2021 Bonds to finance or refinance the cost of constructing, improving, furnishing, and equipping the Financed Projects, (ii) by proper action has duly authorized the execution and delivery of and performance of its obligations under the Basic Documents and the issuance of the Series 2021 Bonds, and (iii) simultaneously with its execution and delivery of this Financing Lease has duly executed and delivered the other Basic Documents and issued and delivered the Series 2021 Bonds.
(d) The Authority is not in default under or in violation of, and the execution, delivery and compliance by the Authority with the terms and conditions of, the Basic Documents and the Series 2021 Bonds, will not conflict with or constitute or result in a default under or violation of, the Act or any other existing law, rule or regulation applicable to the Authority.
(e) The execution, delivery and compliance by the Authority with the terms and conditions of the Basic Documents and the Series 2021 Bonds will not conflict with or constitute or result in a default under or violation of any indenture, mortgage, deed of trust, lien, lease, contract, note, order, judgment, decree or other agreement, instrument or restriction of any kind to which the Authority or any of its assets is subject.
(f) No further approval, consent or withholding of objection on the part of any regulatory body or any federal, state or local official is required in connection with (i) the issuance and delivery of the Series 2021 Bonds by the Authority, (ii) the execution or delivery of, or compliance by the Authority with the terms and conditions of, the Basic Documents or the Series 2021 Bonds, or (iii) the pledge and assignment made by the Authority to the Trustee under Article II of the Indenture, prov...
Representations by Authority. Authority makes the following representations and findings;
(a) Authority is a duly organized and validly existing community redevelopment authority under the Act.
(b) The Redevelopment Plan has been duly approved and adopted by the City pursuant to Section 18-2116 and 18-2117 of the Act.
(c) The Authority deems it to be in the public interest and in furtherance of the purposes of the Act to accept the proposal submitted by Redeveloper as specified herein.
(d) The Redevelopment Project will achieve the public purposes of the Act by, among other things, increasing employment, improving public infrastructure, increasing the tax base, and lessening conditions of blight and substandard in the Redevelopment Area.
Representations by Authority. Authority makes the following representations and findings:
a) Authority is a duly organized and validly existing community redevelopment authority under the Act
b) The Redevelopment Plan has been duly approved and adopted by the City pursuant to Section 18-2116 and 18-2117 of the Act.
c) The authority has requested proposals for redevelopment of the Redevelopment Area pursuant to section 18-2119 of the Act, and deems it to be in the public interest and in furtherance of the purposes of the Act to accept the proposal submitted by Redeveloper as specified herein
d) The Redevelopment Project will achieve the public purposes of the Act by, among other things, increasing employment, improving public infrastructure, increasing the tax base, and lessening of blight and substandard conditions in the Redevelopment Area
Representations by Authority. Authority makes the following representations and findings:
(a) Authority is a duly organized and validly existing Community Redevelopment Authority under the Act;
(b) The Authority has control over the Program Funds to be used for the grant provided herein. The average of the annual receipts from the one-half percent (0.5%) sale and use tax for economic development and economic redevelopment for the past five years exceeds $275,000.00.
