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A RESOLUTION EXPRESSING ~HE CONCURRENCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, WITH THE INDUCEMENT RESOLUTION ADOPTED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF HENRICO, VIRGINIA, FOR THE BENEFIT OF VIRGINIA HOSPITAL ASSOCIATION FOR THE ISSUANCE OF MEDICAL FACILITY REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $35,000,000. WHEREAS, the Industrial Development Authority of the County of Henrico, Virginia (the "Authority"), on April 19, 1984, adopted an Inducement Resolution for the benefit of Virginia Hospital Association, a non-profit association (the "Association") wherein the Authority has agreed to assist the Association in financing the acquisition of certain real and personal property, including the purchase of certain equip- ment for the acquisition and construction of certain improve- ments for lease or sale to various non-profit hospitals throughout Virginia, and for the financing of indebtedness previously incurred by non-profit hospitals to acquire such real or personal property (collectively, the "Project"), through the issuance of its Medical Facilities Revenue Bonds; and WHEREAS, the Authority proposes to issue its Medical Facility Revenue Bonds (the "Bonds") in an amount up to Thirty Five Million Dollars ($35,000,000) to finance the project; and WHEREAS, Portsmouth General Hospital has projects which may qualify for financing under this program; and WHEREAS, ~15.1-1378 of the Code of Virginia~ 1950, as amended, states that an Industrial Development Authority may not finance facilities in another jurisdiction that has an Industrial Development Authority "unless the governing body of such county, city or town in ~.~hich the facilities are located or are proposed to be located, concurs with the Inducement Resolution adopted by the Authority, and shows such concurrence in a duly adopted resolution"; and WHEREAS, the Council of the City of Portsmouth has been asked to express its concurrence with the Resolution so that a portion of the project financed with proceeds of the bonds may be leased or sold to hospitals located in Portsmouth, Vir- ginia. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the Council hereby expresses its concurrence with the Resolution adopted by the Authority for the benefit of Virginia Hospital Association to the extent re- quired by ~15.1-1378 to allow the Authority to finance with the proceeds of the bonds a portion of the project described in the resolution that is to be located in the City of Portsmouth, Vir- ginia.