1988 Resolutions - Laserfiche WebLink

Home Browse Search

WHEREAS, a copy of the Authority~s resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a reasonably detailed sumalary of the comments expressed at the public hearing with respect to the Bonds and a statement in the form prescribed by §15.1-1378.2 of the Code of Virginia, 1950, as amended, have been filed with the Council, together with the Authority's recommendation that the Council approve the issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Portsmouth, Virginia: 1. The recitals made in the second preamble to this Resolution are hereby adopted as a part of this Resolution. 2. The City Council of the City of Portsmouth, Virginia, approves the issuance of the Bonds by the Authority or, to the extent permitted by Section 15.1-1378 of the Code of Virginia, 1950, as amended, and the Internal Revenue Code of 1986, by ~he Industrial Development Authority of the City of Chesapeake or the Peninsula Ports Authority of Virginia, to assist in the financing of the facility for the benefit of the Company, to the extent required by the Internal Revenue Code of 1986, as amended (the "Code"), and ~15.1-1378.1 of the Code of Virginia, 1950, as amended (the "Virginia Code"). 3. The approval of the issuance of the Bonds, as required by the Code and ~15.1-1378.1 of the Virginia Code, does not constitute an endorsement to prospective purchasers of the Bonds of the credit wcrthiness of the facility or the Company, and, as required by ~15.1-1380 of the Virginia Code, the Bonds shall provide that neither the City nor the issuer of the Bonds shall be obligated to pay the Bonds or the interest thereon or the costs incident thereto except from the revenues and monies pledged thbrefor and neither the faith nor credit nor the taxing power of the Commonwealth of Virginia, the City nor the issuer of the Bonds shall be pledged thereto. 4. This Resolution shall take effect immediately upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held May 24, 1988. Teste: City Clerk