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R-96-59 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTh, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portsmouth ("Authority"), has considered the application of Lindab, Inc. (the "Company"), requesting the issuance of the Authority's revenue bonds in the amount not to exceed $7,100,000.00 {"Bonds"} to assist in the financing of the Company's (a) acquisition, construction and equipping of an expansion to the Company's manufacturing facility consisting of approximately 113,400 square feet to be located at 2600 Airline Boulevard in the City of Portsmouth, Virginia and (b) acquisition of industrial equipment to produce ductwork and fittings to be used with heating, ventilation and air conditioning systems ("Project"), and has held a public hearing on December 4, 1996; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended ithe "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds; WHEREAS, the Authority issues its bonds on behalf of the City of Portsmouth, Virginia {"City"}; the Project is located in the City and the City Council of the City of Portsmouth, Virginia ("Council") constitutes the highest elected governmental unit of the City; WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Portsmouth, Virginia: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Company, as required by Section 147(f) of the Code and Section 15.1-1378.1 of the Code of Virginia of 1950, as amended ("Virginia Code") to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Proiect or the Company.