1998 Resolutions - Laserfiche WebLink

Home Browse Search

., /""~'" Parkway, Chesapellke, Virginia 23320 and (1) cardiovascular and weight equipment for, and renovations to the fitness areas at, the Downtown Norfolk, Mt. Trashmore, Indian River and Greenbrier North YMCA facilities, all of the foregoing being referred to herein collectively as the "Projects," as well as'fmancing certain costs of the issuance of the Bonds; and WHEREAS, the Projects have been. described to the Authority and a public hearing has been held on February 26,1998, as required by Section 147(t) of the Internal Revenue Code of 1986, as amended (the "Code''), and Section 15.2-4906 of the Industrial Development and Revenue Bond Act, Title 15.2, Chapter 49 of the Code of Virginia of 1950, as amended (the "Virginia Code"); BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF NORFOLK: 1. The Authority hereby recommends and requests that the City Councils of the Cities of Chesapeake, Norfolk, Portsmouth, Suffolk and Virginia Beach, Virginia (the "Approving Jurisdictions'') each approve, within sixty days of the date of the public hearing, the issuance of the Bonds by the Alexandria IDA to the extent that the Code and the Virginia Code require. The Authority hereby directs the Secretary-Treasurer of the Authority to submit to the Approving Jurisdictions this Resolution, the YMCA's Fiscal Impact Statement, and a summary of the public hearing held by the Authority prior to the adoption of this Resolution. . ... 2. All other acts of the Authority that are in conformity with the purposes and intent of this Resolution are hereby ratified, approved and confirmed. 3. The YMCA agrees to pay any costs incurred by the Authority, including the fees and expenses of the Authority's counsel. 4. This Resolution shall take effect immediately upon its adoption. ADOPTED: February 26, 1998 -2-