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R-00-17 RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH APPROVING THE ISSUANCE BY THE SOUTHEASTERN PUBLIC SERVICE AUTHORITY OF VIRGINIA OF ITS SENIOR SUBORDINATED REVENUE BOND, SERIES 4 TAX- EXEMPT, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,100,000. WHEREAS, the Southeastern Public Service Authority (the "Authority") has determined to issue its Senior Subordinated Revenue Bond, Series 4 Tax-Exempt (the "Tax-Exempt Bond") in an amount not to exceed $3,100,000 for the purpose of providing funds, together with other available funds to; acquire rolling stock for the daily operations of the Authority consisting of solid waste hauling trailers, service vehicles and materials handling vehicles; retrofit recycling vehicles for commingled pickup; purchase an automatic curbside collection tracking system; construct an electrical connection between the refuse derived fuel processing plant and the power plant; expand the Regional Office Building; undertake improvements at the Chesapeake Transfer Station; and install various information technology improvements at various Authority owned facilities (the "Tax-Exempt Improvements"); and WHEREAS, certain of the Tax-Exempt Improvements are to be located within the boundaries of the City of Portsmouth (the "City"); and WHEREAS, under the Internal Revenue Code of 1986, as amended (the "Code"), prior to the issuance Of the Tax-Exempt Bond the Authority must hold a public hearing and receive governmental approval of the issuance of the Tax-Exempt Bond; and WHEREAS, such governmental approval can, by virtue of the location of certain of the Tax-Exempt Improvements within the City, be given by the City; WHEREAS, Section 15.2-4906 of the Code of Virginia, 1950, as amended, (the "Local Approval Provision") requires that, if certain authorities created pursuant to law in Virginia hold a public hearing in accordance with federal law as a prerequisite to undertaking a tax-exempt financing, such authorities must receive approval for the financing fi:om the governing bodies of the localities in which the improvements to be financed are to be located; and WHEREAS, the Authority is an authority subject to the Local Approval Provision; and WHEREAS, on March 22, 2000, the Authority held a public hearing (the "Hearing") regarding the issuance of the Tax-Exempt Bond pursuant to a notice of public hearing published on March 7, 2000; and WHEREAS, the Authority has delivered or caused to be delivered to the City Council the following: (i) a reasonably detailed summary, of the comments expressed at the Hearing; (ii) a fiscal impact statement concerning the Tax-Exempt Bond in the form specified in Section 15.2-4907 of the Code of Virginia; and (iii) the Authority's recommendation that the City Council approve the financing of the Tax-Exempt Improvements and the issuance of the Tax- Exempt Bond; and WHEREAS, the City Council has determined to approve the issuance of not exceeding $3,100,000 aggregate principal amount of the Tax-Exempt Bond to promote the continued operation of the Authority in a fiscally sound and environmentally safe manner.