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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 FOR CONSOLIDATED MANUFACTURED PRODUCTS, INC. IN AN AMOUNT NOT TO EXCEED $346,500 FOR THE ACQUISITION OF LAND AND CONSTRUCTION OF A WAREHOUSE FACILITY AND THE ACQUISITION AND INSTALLATION OF AN ELECTRIC MANUFACTURING FURNACE TO BE LOCATED AT 2401 WESLEY STREET IN THE CITY OF PORTSMOUTH, VIRGINIA. 56 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 of Consolidated Manufactured Products, Inc., a Virginia Corporation, (the "Company"), for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Three Hundred Forty Six Thousand, Five Hundred Dollars ($346,500) to finance a portion of the cost of acquiring land and constructing a 5,000 square foot storage building across Wesley Street from 2401 Wesley Street and acquiring and installing an electric manufacturing furnace with associated equipment for use in the fabrication of marine hardware and equipment located at the "Company's" principal place of business at 2401 Wesley Street, all in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon on May 14, 1986; and WHEREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act of 1984 (the "Act"), the Governor of Virginia issued Executive Order No. 54(85) (the "Order") providing a formula for~the allocation of the State Ceiling as defined in that Order and authorized the City Council of Portsmouth, Virginia to allocate its portion of the State Ceiling to the issuing authorities within the City of Portsmouth, Virginia; and WHEREAS, the IDA has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law, and a copy of IDA's resolution 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; and