Laserfiche WebLink
WHEREAS, a copy of the Authority's resolution approving the issuance of the <br />Bond, subject to the terms to be agreed upon, a record of the public heating with respect <br />to the Bond and a Fiscal Impact Statement in the form prescribed by Section 15.1-1378.2 <br />of the Act have been filed with the Council as required by the Act and the Code; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth: <br /> <br /> Section 1: That, relying upon the recitals and findings of the Authority contained <br />in its resolution, the recitals in the preambles hereto are found to be true and correct in <br />all respects and are adopted as findings of this Council as if fully rewritten herein. <br /> <br /> Section 2: That the Project, the Improvements and the Working Capital proposed <br />to be financed by the issuance of the Bond be, and hereby are, deemed, appropriate for <br />such financing, and, accordingly, the issuance of the Bond be, and hereby is, approved <br />for all purposes for which such approval is required, including without limitation Section <br />t5.1-1378.1 of the Act and Section 147(f) of the Code. <br /> <br /> Section 3: That the designation of the Bond by the Authority as "a qualified tax- <br />exempt obligation" within the meaning of Section 265(b) of the Code is hereby authorized <br />and approved. <br /> <br /> Section 4: That the City Clerk be, and hereby is, instructed to forward a copy of <br />this resolution to the Authority and to the Applicant. <br /> <br /> Section 5: That this resolution shall take effect immediately upon the date of its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held <br />December 20, 1994. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />2 <br /> <br /> <br />