Laserfiche WebLink
under Section 1394(f)(2)(A) of the Code with respect to a new empowerment zone may <br />not exceed $130,000,000 if such zone is in an urban area and the zone has a population <br />of less than 100,000, and such limit will not be exceeded by the issuance of the proposed <br />bonds; and <br /> <br /> VVHEREAS, the City Council of the City of Norfolk has approved the issuance <br />of the Bonds and designated the Bonds as "new empowermem zone facility bonds" for <br />purposes of Section 1394(f)(2)(A) of the Code, and by letter dated May 23, 2001, from <br />Regina V. K. Williams, City Manager of the City of Norfolk, the City of Norfolk has <br />requested the approval of the issuance of the Bonds and their designation as "new <br />empowermem zone facility bonds" by the Portsmouth City Council for purposes of <br />Section 1394(f)(2)(A) of the Code; and <br /> <br /> WHEREAS, a copy of the Norfolk City Manager's letter requesting such <br />approval, a copy of the Authority's resolution of intern and a copy of the Norfolk City <br />Council approval resolution have been filed with the Portsmouth City Council. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth: <br /> <br /> 1. That the recitals in the preambles hereto are found to be true and correct <br />in all respects and are adopted as findings of this Council as if fully rewritten herein. <br /> <br /> 2. That the Project proposed to be financed by the issuance of the Bonds is <br />deemed appropriate for such financing and, accordingly, the issuance of the Bonds is <br />hereby approved, and the Council designates the Bonds as "new empowerment zone <br />facility bonds" for purposes of Section 1394(f)(2)(A) o f the Code. <br /> <br /> 3. The approval of the issuance of the Bonds, as required by Section <br />1394(f)(2)(A) of the Code does not constitute an endorsement to a prospective purchaser <br />of the Bonds of the creditworthiness of the Project or the Applicant, and the Bonds shall <br />provide that the City of Portsmouth shall not be obligated to pay the Bonds or the <br />interest thereon or other costs incident thereto, and neither the faith or credit nor the <br />taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be <br />pledged thereto. <br /> <br />4. That this resolution shall take effect on the date of its adoption. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting on <br />June 12, 2001. <br /> Teste: <br /> <br />City Clerk <br /> <br /> <br />