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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR <br />AGUSTUS C. MILLER IN AN AMOUNT NOT TO EXCEED $300,000 <br />FOR THE CONSTRUCTION AND EQUIPPING OF A CONVENIENCE <br />STORE/GASOLINE PUMP ISLAND FACILITY TO BE LOCATED AT <br />2722 AIRLINE BOULEVARD IN THE CITY OF PORTSMOUTH, <br />VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority <br />the City of Rortsmouth, Virginia (IDA) has been <br />authorized to advertise and hold public hearings <br />relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br />of <br /> <br /> WHEREAS, pursuant to the authority vested in him <br />pursuant to the Deficit Reduction Act of 1984 (the <br />"Act"),. the Governor of Virg'inia issued Executive Order <br />No. 54(85) (the "Order") providing a formula for the <br />allocation of the State Ceiling as defined in that <br />"Order" and to authorize the City Council of the City of <br />Portsmouth, Virginia to allocate its portion of the <br />State Ceiling to the issuing authorities within the City <br />of Portsmouth, Virginia; and <br /> <br /> WHEREAS, the IDA'ha§ requested City Council to <br />.approve the issuance of the Bonds to comply with the <br />applicable Federal and State law, and a copy of IDA's <br />resolution approving the issuance of the Bonds subject <br />to the terms and conditions contained therein and the <br />appropriate certifications and documentations, <br />including, without limitation, a reasonably detailed <br />summary of the comments expressed at the public hear.ing <br />and fiscal impact statement, have been provided to the <br />City Council for their consideration; and <br /> <br /> WHEREAS, this City Council acknowledges that the <br />adoption of this resolution does not constitute an <br />allocation of the City's 1986 Local Ali~cation ~s <br />defined in, and imposed pursuant to the "Order" or any <br />portion thereof. <br /> <br /> WHEREAS, the IDA has considered the application of <br />Agustus C. Miller' (the "Company") for the issuance by <br />IDA of Industrial Development Revenue Bonds in an amount <br />not to exceed three hundred thousand dollars ($300,000) <br />to assist in financing the construction and equipping of <br />a convenience store/gasoline pump island facility <br />consisting of approximately 2,500 square feet to be <br />located at 2722 Airline Boulevard in the City of <br />Portsmouth, Virginia, (the "Facility"), and has held a <br />public hearing thereon on July 9, t986; and <br /> <br /> <br />