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75 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH FOR LTD ASSOCIATES IN THE A~_OUNT OF <br />$1,370,000 FOR ACQUISITION, CONSTRUCTION AND EQUIPPING OF <br />A 62-ROOM MOTEL TO BE LOCATED AT 1031 LONDON BOULEVARD TO <br />BE OWNED BY LTD ASSOCIATES. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Portsmouth, Virginia (IDA) has been authorized by <br />the Council of the City of Portsmouth, Virginia, to ad- <br />vertise 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 LTD <br />Associates (the "Company") for the issuance of IDA's Industrial <br />Development Revenue Bonds in an amount not to exceed One Million, <br />Three Hundred Seventy Thousand ($1,370,000) Dollars to assist <br />in the financing of the acquisition, construction and equipping <br />of a 62-room motel, office and manager's apartment, along <br />with furnishings, laundry facilities and amenities to be <br />located at 1031 London Boulevard in the City of Portsmouth, <br />Virginia, to be owned by the Company and has held public <br />hearings thereon on August 16, 1983 and July 17, 1984; and <br /> <br /> WHEREAS, the IDA has requested City Council to approve <br />the issuance of the bonds to comply with the applicable <br />federal and state laws; and <br /> <br /> ~EREAS, a copy of the IDA's resolutions approving the <br />issuance of the bonds, subject to the terms and conditions <br />contained therein and the appropriate certifications by their <br />legal counsel have been provided to the City Council for their <br />consideration; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth, Virginia, <br />adopted a resolution approving the issuance of IDA's Industrial <br />Development Revenue Bonds for LTD Associates on September 13, <br />1983. <br /> <br /> NOW, THEP~FORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia reapproves the issuance of In- <br />dustrial Development Revenue Bonds by the IDA for the Company <br />in an amount not to exceed One Million, Three Hundred Seventy <br />Thousand ($1,370,000} Dollars for the acquisition, construction <br />and equipping of a 62-room motel, office and manager's apartment, <br />along with furnishings, laundry facilities and amenities to <br />be located at 1031 London Boulevard in the City of Portsmouth, <br />Virginia, to be owned by the Company and has held a public <br />hearings thereon on August 16, 1984 and July 17, 1983; and <br /> <br /> <br />