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A RESOLUTION O~-THE COUNCIL~OF THE CITY OF.-~QRTSMOUTH, ---
<br />VIrGINIA-PERTAINING TQ %HE GUARANTEE QF 'BQ. NDS TO FINANCE~A ~-
<br />P~B~IC RECREATION_AND SPORTS FACILITY TO BE LOCATED IN-ISLE
<br />OF WIGHT COt~TY, VIRGINIA AND OPERATED UNDER THE AUSPICES OF .
<br />THE SPORTS AUTHORITY OF HAMPTON ROADS, VIRGINIA.
<br />
<br /> WHEREAS, by concurri'ng resolutions adopted by the
<br />Councils of the Cities of Hampton, Newport News, Portsmouth,
<br />Norfolk, Virginia Beach, Chesapeake and Suffolk, Virginia,
<br />and the Board of Supervisors of Isle of Wight Cg~uunty,
<br />Virginia (collectively, the Participating Political
<br />Subdivisions), The Sports Authority of Hampton Roads,
<br />Virginia (the Authority) was created pursuant to the Public
<br />Recreational Facilities. Authorities. Act, Chapter 29, Title
<br />15.1-1271, et seq.); and
<br />
<br /> WHEREAS, the Authority has proposed to acquire, ---
<br />construct and equip a public recreational and sports
<br />facility containing a 1-3/4 mile super speedway with --
<br />grandstands, campground and all mestaurant, parking,
<br />~tffansportation and utility (including sewage treatment)
<br />facilities and concessions in connection therewith
<br />(collectively, the Project) to be located in Isle of Wight
<br />County, Virginia and leased to PWB Promotions, Inc. (the
<br />Lessee);'and
<br />
<br /> WHEREAS, the Authority intends to finance the Project
<br />by issuing up to S20,000,000 o~ its Industrial Development
<br />Bonds, $15,000,000 of which bonds (the Guaranteed Bonds) are
<br />to be guaranteed by the Participating Political Subdivisions
<br />in the following amounts, including both principal and
<br />interest: --
<br />
<br /> City of Hampton S 3,212,724
<br /> City of Newport News $ 3,583,843
<br /> City of Portsmouth $ 3,045,837
<br /> City of Norfolk $ 5,051,984
<br /> City o~ Virginia Beach $ 5,477,954
<br /> City of Chesapeake S 3,271,076
<br /> City of Suffolk $ 2,339,776
<br /> County of Isle of Wight $ 2,023,50~
<br />and
<br />
<br /> WHEREAS, by Chapter 426 of the Acts of ~he 1986
<br />Virginia Gener.al Assembly, the Participating Political
<br />Subdivisions may contract to guarantee the payment of all or
<br />any part of the Guaranteed Bonds and such contract
<br />obligation shall be a~excluded indebtedness within the
<br />meaning and for the purposes of Article VII, Section 10 (a)
<br />(4) of the ConstitutiOn of Virginia an~ shall not be
<br />
<br />
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