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5t A RESOLUTION EXPRESSING THE APPROVAL OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, OF ~ EXERCISE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, OF POWERS CONFERRED ON IT BY THE INDUSTRIAL DEVELOPMENT AND REVENUE BOND ACT, CHAPTER 33, TITLE 15.1, CODE OF VIRGINIA OF 1950, AS AMENDED, IN CONNECTION WIrH THE ISSUANCE OF THE AUTHORITYIS 5;600,000 INDUSTRIAL DEVELOPMENT REVENUE BOND (YMCA PROJECT) SERIES 1994 TO FINANCE CERTAIN CAPITAL IMPROVEMENTS FOR THE BENEFIT OF THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF PORTSMOUTH, VIRGINIA, A VIRGINIA NONSTOCK CORPORATION, AT THE YMCA FACILITY LOCATED AT 4900 HIGH STREET WEST, PORTSMOUTH, VIRGINIA WHEREAS, the Industrial Development and Revenue Bond Act, Chapter 33, Title 15.1 of.the Code of Virginia of 1950, as amended (the "Act"), authorizes the creation of the Industrial Development Authority of the City of Portsmouth, Virginia (the "Authority"), and the Act empowers the Authority to assist the Young Men's Christian Association of Portsmouth, Virginia, a Virginia nonstock corporation (the "Applicant") in financing (a) the construction and equipping of a 3,700 square foot addition (the "Project") to the Applicant's facility located at 4900 High Street West, Portsmouth, Virginia (the "Facility"); (b) the construction of a new floor for aerobic activities at the Facility(the "Improvements"); and (c) the provision of worldng capital in an amount not in excess:of $40,000 (the "Work'mg Capital") with respect to the Facility; and WHEREAS, the Applicant which owns the Facility has its present principal place of business at the Facility; and WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (the "Code"), requires approval by this Council of the issuance of any private activity bonds by the Authority atter the Authority has held a public hearing to consider the issuance of such bonds as one of the acts required in order for the interest on such bonds to qualify for exemption from the imposition of federal income tax; and '~WHEREAS, the Authority held a public hearing on December 20, 1994, in compliance with the requirements of the Code and Section 15.1-1378.1 of the Act, and after such public hearing did adopt a resolution to issue not to exceed $600,000 of its tax- exempt Industrial Development Revenue Bond (YMCA Project) Series 1994 (the "Bond"), subject to the adoption of this resolution; and WHEREAS, the Authority has recommended that this Council approve the issuance of the Bond; and WHEREAS, the Bond is not subject to the limitation on the volume of notes or bonds the interest on which is exempt from the imposition of federal income tax pursuant to Section 146(g) of the Code; and