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64 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF T_~rE CITY OF PORTSMOUTH, ViRGZNIA, FOR BEVERLEY ENTERPRISES- VIR- GINIA, INC. IN AN AMOUNT NOT TO EXCEED $2,200,000. FOR_RE- FUNDING OF AN EXISTING BOND ISSUE WHICH WAS USED TO FINANCE THE COST OF ACQUISITION, CONSTRUCTION, AND EQUIPPING OF A NURSING HOME FACILITY ON LONDON BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized by the Council of the City of Portsmouth, Virginia, to adver- tise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, on Novezmber 24, 1981, the IDA issued, sold and delivered Two Million, Two Hundred Thousand Dollars ($2,200,000.) in an aggregate principal amount of its floating rate Ind3~strial Development Revenue Notes (Beverley Enterprises - Affiliated Medical Center Project) Series 1981 (the "1981 Bonds") to enable Affiliated Medical Center, Inc. to finance the cost of acquisitionr construction and equipping of a 120 bed skilled and intermediate care nursing home facility (the "Facility") located on London Boulevard in the City of Portsmouth, Virginia; and WHEREAS, the IDA has considered the application of Beverley Enterprises-Virginia, Inc. for the issuance by the Industrial Development Authority of Industrial Development Revenue Bonds for Beverley Enterprises-Virginia, Inc. in the amount of Two Million, Two Hundred Thousand ($2,200,000) for refunding of the 1981 Bonds, and has held a public hearing thereon on June 19, 1984; and WHEREAS, the IDA has requested that the City Council approve the issuance of the bonds for refunding to comply with the applicable federal and state law; and WP~REAS, 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 documentation have been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED.by the Council of the City of Portsmouth, Virginia, that the Council approves the issuance of Industrial Development Revenue Bonds by the IDA for the benefit of Beverley Enterprises-Virginia, Inc. to refund the 1981 Bonds which were used to finance the cost of the acquisition, construction and equipping of a 120 bed skilled and intermediate care nursing home facility located on London Boulevard in the City of Portsmouth, Virginia.