1998 Resolutions - Laserfiche WebLink

Home Browse Search

2. The City Council of the City of Portsmouth, Virginia, hereby approves the issuance of the Bonds by the Authority in an amount not to exceed $3,500,000:00 to assist in the financing of the acquisition and rehabilitation of the Project, for the benefit of the Company, to the extent required by the Internal Revenue Code of 1986, as amended (the "Code"), and Sections 15.2-4906 and 36-19.2 of the Code of Virginia of 1950, as amended (the "Virginia Code"). 3. The approval of the issuance of the Bonds as required by Section 147(f) of the Code and Sections 15.2-4906 and 36-19.2 of the Virginia Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company, but as required by Sections 15.2-4906 and 36-29 of the Virginia Code, the Bonds, if issued, 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 therefor, and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority shall be pledge thereto. 4. The City Manager is hereby authorized and directed, if and to the extent necessary in the opinion of bond, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $3,500,000.00 pursuant to Title 15.2, Chapter 50 of the Code of Virginia of 1950, as amended, with respect to the issuance of the Bonds. 5. This Resolution shall take effect immediately upon the date of its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on November 24, 1998. Teste: City Clerk