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98 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH, VIRGINIA, IN AN AMOUNT NOT TO EXCEED <br />$300,000. FOR THE PURCHASE OF AND IMPROVEMENTS TO PROPERTY <br />LOCATED AT 1224 CAVALIER BOULEVARD AT PORTSMOUTH, VIRGINIA. <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 adver- <br />tise and hold. public hearings relative to the issuance of <br />Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered an application for <br />the issuance of IDA Industrial Development Revenue Bonds in <br />an amount not to exceed Three Hundred Thousand ($300,000.) <br />Dollars to assist 1224 Cavalier Boulevard, Inc., a Virginia <br />Corporation, in financing the purchase~of and improvements <br />to property located at 1224 Cavalier Boulevard, Portsmouth, <br />Virginia, and has held a public hearing thereon on September <br />21, 1984; and <br /> <br /> WHEREAS, the IDA has requested the City Council to ap- <br />prove the issuance of the bonds to comply with the applicable <br />federal and state laws; and <br /> <br /> WHEREAS, a copy of the 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 have been provided to the City Council for their <br />consideration. <br /> <br /> NOW, THEREFORE r 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 for the benefit <br />of 1224 Cavalier Boulevard, Inc, a Virginia Corporation, for <br />the purchase of and improvements to property located at 1224 <br />Cavalier Boulevard in the City of Portsmouth, Virginia. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds as required by 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 the <br />company, but, as required by §15.1-1380 of the Code of Virginia, <br />1950, as amended, the bonds shall provide that neither the <br /> <br /> <br />