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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED $700,000 TO ASSIST AIRLINE BOULEVARD ASSOCIATES IN THE REFUNDING OF A BOND ISSUED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA IN FEBRUARY, 1981 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A MINI-WAREHOUSE FACILITY AT 2604 AIRLINE BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA. 51 WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application and plan of financing of Airline Boulevard Associates (the "Applicant") for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Seven Hundred Thousand Dollars ($700,000) to assist the "Applicant" in the refunding of a bond issued by the IDA in February, 1981 for the acquisition, construction and equipping of a mini-warehouse facility at 2604 Airline Boulevard in the City of Portsmouth, Virginia (the "Facility") and has held a public hearing thereon on May 13, 1987; and WHEREAS, the applicable state and local law permits refundings for commercial projects if the refunded amount is the same or less than the original bond and if the term is no longer than the original term; and WHEREAS, the IDA has requested City Council to approve the issuance of Industrial Development Revenue Bonds in an amount not to exceed Seven Hundred Thousand ($700.000) for the benefit of the "Applicant" in order to comply with the applicable federal and state law, and a copy of IDA's uesolution approving the issuance of the bonds subject to the terms and conditions contained therein and the appropriate certifications and documentations, including, without limitation, a reasonably detailed summary of the comments expressed at the public hearing and a Fiscal Impact Statement have been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of Industrial Development Revenue Bonds by IDA for the "Applicant" in an amount not to exceed Seven Hundred Thousand Dollars ($700,000) to assist in the refunding of a bond issued by the IDA in February, 1981 for the acquisition, construction and equipping of the "Facility"