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35 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE iOF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH, VIRGINIA FOR SENTARA LIFE CARE CORPORATION <br />IN AN AMOUNT NOT TO EXCEED $4,335,000 FOR THE CONSTRUCTION, <br />REHABILITATION AND EQUIPPING OF A 132 BED NURSING FACILITY <br />LOCATED ON GREENWOOD DRIVE IN THE CITY OF PORTSMOUTH, <br />VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the City <br />of Portsmouth, Virginia (the "Authority"), has been authorized <br />to advertise and hold public hearings relative to the issuance <br />of Industrial Development Revenue Bonds;. and <br /> <br /> WHEREAS, the Authority has considered the application of <br />Sentara Life Care Corporation (the "Company") for the issuance <br />of the Authority's Revenue Bonds in an amount not to exceed <br />Four Million Three Hundred Thirty-Five Thousand Dollars <br />($4,335,000) (the "Bonds") to assist in the financing of the <br />Company's acquisition, construction, and equipping of a 132 <br />bed nursing facility consisting of 122 intermediate and 10 <br />skilled care beds (the "Facility") to be located on Greenwood <br />Drive approximately 150 feet west of the intersection of <br />Cavalier Boulevard and Greenwood Drive in Portsmouth, <br />Virginia, and owned and operated by the Company, 'and has held <br />a public hearing thereon on May 11, 1988; and <br /> <br /> WHEREAS, the Internal Revenue Code of 1986, as amended, <br />provides that the highest elected governmental officials of <br />the governmental units having jurisdiction over the issuer of <br />Private Activity Bonds and over the area in which any facility <br />financed with the proceeds of Private Activity Bonds is <br />located shall approve the issuance of such bonds; and <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of <br />Portsmouth, Virginia (the "Cit ") <br /> y , the facility is located <br />within the City and the members of the City Council of the <br />City of Portsmouth (the "Council") constitute the highest <br />elected governmental officials of the City; and <br /> <br /> WHEREAS, ~15.1-1378.1 of the Code of Virginia, 1950, as <br />amended, provides that the Council shall within sixty (60) <br />calendar days from the public hearing with respect to <br />Industrial DeveloDment Revenue Bonds either approve or <br />disapprove the issuance of such bonds; and <br /> <br /> <br />