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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOP~LENT <br />REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH, VIRGINIA, FOR PORTSMOUTH MEDICAL PROPERTIES <br />IN AN AMOUNT NOT TO EXCEED $1,500,000 FOR A MEDICAL OFFICE <br />BUILDING AND A~BULATORY SURGICAL CENTER AT LONDON BOULEVARD <br />AND GOODE WAY IN PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />C~ty of Portsmouth, Virginia, (IDA) has been authorized by <br />the Council of the City of Portsmouth, Virginia, to advertise <br />and hold public hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of <br />Portsmouth Medical Properties, a Virginia General Partnership, <br />for the issuance of Industrial Development Revenue Bonds in <br />an amount not to exceed One Million, Fi~e Hundred Thousand <br />Dollars ($1,500,000) to finance the proposed acquisition, <br />construction and equipping of a Medical Office Building and <br />Ambulatory Surgical Center {the "facility"), at London <br />Boulevard and Goode Way in the City of Portsmouth, Virginia, <br />and has held public hearings thereon on June 19, 1984, July <br />17, 1984 and August 9~ 1984; and <br /> <br /> W~EREAS, 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 /> %/HEREAS, a copy. of ~D~'~ ~es~ution approving the <br />issuance of the bonds, subject %o the terms and conditions <br />contained therein, and the appropriate certifications and <br />documentations have been provided to the City Council for <br />their consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City-of Portsmouth, Virginia, that the Council approves the <br />issuance of Industrial Development Revenue Bonds by the <br />Portsmouth Industrial Development Authority in an amount not <br />to exceed One Million, Five Hundred Thousand Dollars ($1,500,000) <br />for the benefit of Portsmouth Medical Properties, a Virginia <br />General Partnersh.ip, to finance the acquisition, construction, <br />and equipping of a ~edical Office Building and Ambulatory <br />Surgical Center at London Boulevard and Goode Way in the <br />City of Portsmouth, ~lrginia. <br /> <br /> BE ~T FURTHER RESQDVED that the approval of the issuance <br />of the bonds as required b~ the applicable federal and state <br />laws does not constitute an endorsement of the bonds, financial <br />viability of the facility, or the credit worthiness of <br />Portsmouth ~4edicaI Properties, but, as required by ~15.1-1380 <br /> <br /> <br />