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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR J. MICHAEL SASSER IN AN AMOUNT NOT TO EXCEED $500,000 TO -.~ASSIST IN THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A COMMERCIAL AND OFFICE COMPLEX FACILITY AT 703-717 LONDO~~ BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVAT~ ACTIVITY BONDS THEREFOR. 83 WH~REAS;~ the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized to advertise a~d hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application of J. Michael Sasser whose principal place is 5709 Churchland Boulevard, Portsmouth, Virginia 23703 (the "~ompany~-) for the issuance by-IDA of Industrial Development Revenue Bonds in an amount not to exceed Five Hundred Thousand Doll~rs ($500,000) to assist the "Company" in acquiring, constructing, and equipping a commercial and office complex facility at 703-717 London Boulevard in the City of Portsmouth, Virginia (the "Facility") and has held a public hearing thereon on August 13, 1986; and WHEREAS, pursuant to the authority vested in him in the Deficit Reduction Act of 1984~ (the "Act"), the Governor of Virginia issued Executive Order No. 54(85) on January 23, 1985, and amended on July 14, 1986 (the "Order") providing a formula for the all~cation 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, Virgl-nia; and WHEREAS, the IDA has requested City Council to approv~ the issuance of Industrial Development Revenue Bonds in an amount not to exceed Three Hundred Twenty-Five Thousand Dollars ($325,000) for the benefit of the "Company" in order 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. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Vf~ginia approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an amount not to exceed Three Hundred