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R-97-38 A RESOLUTION AUTHORIZING THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,000,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATIONS OF THE CITY OF PORTSMOUTH, VIRGINIA, IN THE FORM OF A GENERAL OBLIGATION GUARANTEE OF REVENUE BONDS TO BE ISSUED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF THE ACQUISITION OF LAND TO ELIMINATE BLIGHT AND STIMULATE ECONOMIC DEVELOPMENT IN THE CITY AND TO BE HELD BY SUCH AUTHORITY FOR DEVELOPMENT FOR COMMERCIAL AND LIGHT INDUSTRIAL PURPOSES BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA. Section 1. Findings and Determinations. The Council the "Council") of the City of Portsmouth, Virginia (the "City") hereby finds and determines as follows: (a) The City has entered into Agreements of Purchase and Sale (the "Purchase Agreements" under which the City has agreed no purchase uwo parcels of land (Parcels 1 and 2) within the area of the City known as the "Fairwood Homes property". (b) The Purchase Agreements recite that the City has entered into the same for the public purpose of eliminating blight and stimulating economic development and may convey all the property and rights to which it is entitled by the Purchase Agreements to the Industrial Development Authority of the City of Portsmouth (the "Authority"). (c) The City and the Authority contemplate that such Parcels 1 and 2 will be developed for commercial and light industrial uses and the City as requested the Authority, in accordance with the provisions of the Purchase Agreements, to acquire such Parcels 1 and 2 to be held for developmenn by the Authority for commercial and light industrial uses. (d) For the purpose of providing funds to pay the cost of acquisition of the such Parcels 1 and 2, the Authority has made a determination to issue an issue of the revenue bonds of the Authority in an aggregate principal amount of $7,000.000 the "Authority Bonds" (e) In the judgment of the Council, it is desirable to authorize the issuance of a general obligation guarantee of the City to guarantee no payment of the principal of and interest on the Authority Bonds.