1986 Resolutions - Laserfiche WebLink

Home Browse Search

A RESOLUTION'APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR HERBERT A. HANEMAN, MARY H. DIXON AND HELEN H. GOULD IN AN AMOUNT NOT TO EXCEED $367,000 FOR THE CONSTRUCTION AND EQUIPPING OF A MACHINE SHOP, ELECTRIC SHOP, WAREHOUSE AND TRAINING FACILITY AT 3501 SHIPWRIGHT STREET IN THE CITY OF PORTSMOUTH, VIRGINIA. 57 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 Herbert A. Haneman, Mary H. Dixon and Helen H. Gould (collectively the "Company") with the principal place of business at 3504 Shipwright Street, Portsmouth, Virginia, for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Three Hundred Sixty Seven Thousand Dollars ($367,000) to assist in financing the construction and equipping of a 1,500 square foot machine shop, electric shop, warehouse and training facility to be located at 3501 Shipwright Street in the City of Portsmouth, Virginia (the "Facility"), 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" to authorize the City Council of the City 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 WHEREAS, the City Council acknowledges that the adoption of this resolution does not constitute an allocation of the City's 1986 Local Allocation as defined in, and imposed pursuant to the "Order" or any portion thereof.