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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BQNDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR PEXACO ASSOCIATES IN AN AMOUNT NOT TO EXCEED $2,000,000 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF OFFICE AND COMMERCIAL FACILITIES TO BE LOCATED AT THE NORTHEAST INTERSECTION OF BROAD STREET AND MEANDER ROAD IN THE CITY PORTSMOUTH, VIRGINIA. OF 65 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 Pexaco Associates, a Virginia General Partnership, comprised of Charles R. Chambers, Francis H. Muldoon, Craig N. Johnson, William J. Neumann, Herman V. Ruter and Dennis Weaver (principals in Nacirema Operating Company and Lavino Shipping Company) and J. Michael Sasser, (the "Company") for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Two Million Dollars ($2,000,000) to finance a portion of the cost of acquiring, constructing and equipping office and commercial facilities to be located at the northeast intersection of Broad Street and Meander Road in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on June 11, 1986; and WHEREAS, pursuant to the authority vested in him in the Deficit Reduction Act of 1984 (the "Act") the Gove~no~ 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 ~equested 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 te~ms 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.