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64 A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE BENEFIT OF EFFINGHAM OFFICE PARTNERS tN AN AMOUNT NOT TO EXCEED $615,000 FOR THE ACQUISITION, RENOVATION AND EQUIPPING OF AN OFFICE AND COMMERCIAL FACILITY AT 601-603 EFFINGHAM STREET IN THE CITY OF PORTSMOUTH, VIRGINIA. 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, IDA has considered the application of Effingham Office Partners, a Virginia General Partnership, (the "Company") with a principal place of business at 54 Sandie Poinn Drive, Portsmouth, Virginia, for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Six Hundred Fifteen Thousand Dollars ($615,000) to assist in financing the acauisition, renovation and equipping of an office and commercial facility to be located at 601-603 Effingham Street in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on March 12, 1986; and WHEREAS, the Council of the City of Portsmout~ adopted a resolution approving the issuance of Industrial Development Revenue Bonds by IDA for the benefit of the "Company" to assist in financinc the acquisition, renovation and equipping of the "Facility" in an amount not to exceed Six Hundred Fifteen Thousand Dollars (S615,000) on April 22, 1986, but did not allocate the City's Local Bond Allocation on any portion thereof; and WHEREAS, pursuant to the authority vested in him under the Deficit Reduction Act of 1984 (the "Act"), the Governor of Virginia on January 23, 1985 issued Executive Order No. 54(85) (the "Order") providing a formula for the allocation of the State Ceiling as defined in that Order; and WHEREAS, the "Order" authorized the City Council of the City of Portsmouth, Virginia to allocate its portion the State Ceiling to the issuing authorities within the City of Portsmouth, Virginia; and of WHEREAS, the IDA adopted a resolution on June 11, 1986 recommending that the Council of the City of Portsmouth, Virginia allocate Six Hundred Fifteen Thousand Dollars ($615,000) of the City's portion of the State Ceiling on Private Activity Bonds to IDA in order to cover nhe issuance by IDA of Industrial Development Revenue Bonds in said amount for the benefit of the "Company".