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R-00-13 A RESOLUTION APPROVING A PLAN OF FINANCING WITH THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, FOR THE CONSTRUCTION OF AN OUTDOOR PERFORMING ARTS CENTER AND RELATED FACILITIES, INCLUDING AN AUTHORIZATION TO MAKE A GENERAL OBLIGATION GUARANTEE IN A PRINCIPAL AMOUNT NOT TO EXCEED $10,000,000 TO SUPPORT OBLIGATIONS TO BE ISSUED BY THE AUTHORITY FOR SUCH PROJECT WHEREAS, the Council (the "Council') of the City of Portsmouth. Virginia (the "City"), desires to undertake, in conjunction with the Industrial Development Authority of the City of Portsmouth (the "Authority"), the construction of an outdoor performing arts center and related facilities on the downtown Portsmouth waterfront (the "Project"); and WHEREAS, the Authority, pursuant to the Industrial Development and Revenue Bond Act (the "Acf') under which it is created, is authorized to exercise all the powers set forth in the Act, which include, among other things, the power to acquire and improve, maintain, equip, own, lease and dispose of properties, including "taxable authority facilities" within the meaning of the Act, to the end that the Authority may be able to protect and promote tourism and economic development in the Commonwealth, to issue revenue bonds, notes and other obligations for the purpose of carrying out any of its powers and to pledge the revenues and receipts from the leasing of such facilities, or from any other source, to the payment of such bonds, notes and other obligations; and WHEREAS, the Council desires to (a) convey to the Authority various real estate parcels that will comprise the site for the Project, and (b) provide in a timely manner such financial assistance as my be needed by the Authority to provide for the financing of the Project; and WHEREAS. the Authority has adopted on February 15, 2000, a resolution authorizing (a) the issuance of revenue bonds (the "Bonds") in a principal amount not to exceed $10,000,000, including the issuance of a note in anticipation of such bonds (the "Note" and together with the Bonds, the "IDA Obligations"), (b) the construction of the Project, and (c) after construction of the Project, the operation of the Project in the public interest through a long-term lease or operating agreement; and WHEREAS, there have been presented to this meeting a draft of a Cooperation Agreement to be dated the date of its delivery (the "Cooperation Agreement"), between the City and the Authority, pursuant to which the City will provide a general obligation guarantee for payments due thereunder to enable the Authority to pay when due the principal of and premium, if any, and interest on the IDA Obligations;