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84 <br /> <br />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, VIRGINIA <br />FOR THE BENEFIT OF CONSOLIDATED MANUFACTURED PRODUCTS, INC. <br />IN AN AMOUNT NOT TO EXCEED $300,000 FOR THE ACQUHSITION OF <br />LAND AND CONSTRUCTION OF A WAREHOUSE FACILITY"~ND THE <br />ACQUISITION AND INSTALLATION OF AN ELECTRIC MANUFACTURING <br />FURNACE TO BE LOCATED AT 2401 WESLEY STREET IN THE CITY OF <br />PORTSMOUTH., VIRGINIA, AND ALLOCATING A PORTION OF THE STATE <br />CEILING ON PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF <br />CONSOLIDATED MANUFACTURED PRODUCTS, INC.. <br /> <br /> ~' WHEREAS, the Industrial Development Authority of the <br />City of Portsmouth, Virginia (IDA) has been authorized to <br />adyertise and hold public hearings relative to the issuance <br />of Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, IDA has considered the applicati~on of <br />Consolidated Manufactured Products, Inc., a Virginia <br />Corporation, (the "Company") for the issuance by IDA of <br />Industrial Development Revenue Bonds in an amount not 5o <br />exceed Three Hundred Forty-Six Thousand, Five Hundred <br />Dollars ($346,500~ to assist the "Company" in financing a <br />portion of the cost of ~cquiring, constructing and <br />equipping a five thousand (5000) square foot storage <br />building to be located at 2401 Wesley Street in the City of <br />Portsmouth, Virginia (the "Facility"), and has held a <br />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 <br />Deve~Qpment Revenue Bonds by IDA for the benefit of the <br />"Company" to assist in ~inancing the acquisition, <br />construction and equipping of the "Facility" in an amount <br />not to exceed Three Hundred Forty-Six Thousand, Five <br />Hundred Dollars ($346,500) on May 27, 1986, but did not <br />allocate the City's Local Bond Allocation or any portion <br />thereof; and <br /> <br /> WHEREAS, pursuant to the authority vested in him by <br />the Deficit Reduction Act of 1984 (the "Act") the Governor <br />of Virginia issued Executive Order No. 54(85) on January <br />23, 1985, and amended on July 14, 1986 (the "Order") <br />providing a formula for the allocation of the State Ceiling <br />as defined in that Order; and <br /> <br /> WHEREAS, the "Order" authorized the City Council of <br />the City of Portsmouth, Virginia to allocate its portion of <br />the State Ceiling to the issuing authorities within the <br />City of Portsmouth, Virginia; and <br /> <br /> <br />