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A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE OF <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR HERBERT <br />A. HANEMAN, MARY H. DIXON AND HELEN H. GOULD IN AN AMOUNT <br />NOT TO EXCEED $300,000 FOR THE CONSTRUCTION AND EQUIPPING OF <br />A MACHINE SHOP, ELECTRIC SHOP, WAREHOUSE AND TRAINING <br />FACILITY AT 3501 SHIPWRIGHT STREET IN THE CITY OF <br />PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Portsmouth, Virginia (IDA) has been authorized by <br />the Council of the City of Portsmouth, Virginia to advertise <br />and hold public hearings relative to the issuance of <br />Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, IDA has considered the application of Herbert <br />A. Haneman, Mary H. Dixon and Helen H. Gould (collectively <br />the "Company") with the principal place of business at 3504 <br />Shipwright Street, Portsmouth, Virginia for the issuance by <br />IDA of Industrial Development Revenue Bonds in an amount not <br />to exceed Three Hundred Thousand Dollars ($300,000) to <br />assist in financing the construction and equipping of a <br />15,000 square foot machine shop, electric shop, warehouse an <br />training facility to be located at 3501 Shipwright Street in <br />the City of Portsmouth, Virginia (the "Facility"), and held <br />a public hearing thereon on May 14, 1986; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth adopted <br />a resolution approving the issuance of Industrial Revenue <br />Bonds by the IDA for the' benefit of the "Company" to assist <br />in financing the construction and equippIng of the <br />"Facility", but did not allocate the City's Local Bond <br />Allocation on any portion thereof; and <br /> <br /> WHEREAS, pursuant to the authority vested in him in <br />accordance with the Deficit Reduction Act of 1984 (the <br />"Act"), the Governor of Virginia on January 23, 1985 issued <br />Executive Order No. 54(85) (the "Order") providing a formula <br />for the allocation of the State Ceiling as defined in that <br />Order; and <br /> <br /> WHEREAS, the "Order" authorized the City Council of the <br />City of Portsmouth, Virginia to allocate its portion of the <br />State Ceiling to the issuing authorities within the City of <br />Portsmouth, Virginia; and <br /> <br /> WHEREAS, the Industrial Development Authority adopted a <br />resolution June 24, 1986 recommending that the Council of <br />the City of Portsmouth, Virginia allocate Three Hundred <br />Thousand Dollars ($300,000) of the City's portion of the <br /> <br /> <br />