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46 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR EFFINGHAM <br />OFFICE PARTNERS IN AN AMOUNT NOT TO EXCEED $615,000 FOR THE <br />ACQUISITION, RENOVATION AND EQUIPPING OF AN OFFICE AND <br />COMMERCIAL FACILITY AT 601-603 EFFINGHAM STREET IN THE.CITY <br />OF PORTSMOUTH, VIRGINIA. <br /> <br /> W~EREAS, the Industrial Development Authority of the <br />City of Portsmouth, Virginia (IDA) has been authorized to <br />advertise and hold public hearings relative to the issuance <br />of Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of <br />Effingham Office Partners, a Virginia General Partnership, <br />(the "Company") with a principal place of business at 54 <br />Sandie Point Drive, Portsmouth, Virginia, for the issuance <br />by IDA of Industrial Development Revenue Bonds in an amount <br />not to exceed Six Hundred Fifteen Thousand Dollars <br />($615,000) to assist in financing the acquisition, <br />renovation and equipping of an office and commercial <br />facility to be located at 601-603 Effingham Street in the <br />City of Portsmouth, Virginia (the "Facility"), and has held <br />a public hearing thereon on March 12, 1986; and <br /> <br /> WHEREAS, IDA has requested City Council to approve the <br />issuance of the Bonds to comply with the applicable federal <br />and state law, and a copy of IDA's resolution approving the <br />issuance of the Bonds subject to the terms and conditions <br />contained therein and the appropriate certifications and <br />documentations, including, without limitation, a reasonably <br />detailed summary of the comments expressed at the public <br />hearing and a fiscal impact statement have been'provided to <br />the City Council for their consideration; and <br /> <br /> WHEREAS, the City Council acknowledges that the <br />adoption of this resolution does not constitute an <br />allocation of the City's 1986 local Industrial Development <br />Revenue Bond allocation or any portion thereof. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia approves the issuance of <br />Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed Six Hundred Fifteen <br />Thousand Dollars (8615,000) to assist in financing the <br />acquisition, ~ehabilitation and equipping of the "Facility". <br /> <br /> BE IT FURTHER RESOLVED that the adoption of this <br />resolution does not constitute an endorsement of the Bonds, <br />financial viability of the "Facility" or the credit <br />worthiness of the "Company", but the Bonds shall provide <br />that neither the Commonwealth of Virginia, City of <br />Portsmouth, nor IDA shall be obligated to pay the Bonds or <br /> <br /> <br />