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116 A RESOLUTION AUTHORIZING THE APPORTIONING OF SHARES OF THE CITY OF ~PORTSMOUTH 19-84 PER CAPITA INDUSTRIAL REVENUE BOND ALLOCATION TO THOSE PROJECTS PREVIOUSLY APPROVED. WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of 1954, as amended (the Code), there is im- posed upon each state a ceiling (the State Ceiling) on the amount of the private activity bonds that may be issued in that state for any calendar year; and WHEREAS, pursuant to his authority granted by paragraph 6 of Section 103(n) of the Code, the Governor of the Common- wealth of Virginia issued Executive Order No. 50(84) (the Executive Order) providing for a formula for allocating the State Ceiling for the Commonwealth of Virginia (the Common- wealth) among the governmental units in the Commonwealth having authority to issue private activity bonds; and WHEREAS, pursuant to the E~ecut~ive Order, Portsmouth, Virginia has been allocated $7,935,000 (theCity Limit) of the State Ceiling for the remainder of the calendar year of 1984; and WHEREAS, on August 14, 1984, the Council of Portsmouth, Virginia, by motion, endorsed the policy recommendations developed by the Industrial Development Authority of the City of Portsmouth and the Portsmouth Port and Industrial Commis- sion, but did not assign its authority to allocate the City Limit to competing projects; and WHEREAS, there haue been presented to the Council of Portsmouth, Virginia requests that the hereinafter described projects (the'Projects) be granted allocations of the City Limit; and WHEREAS, the Council of Portsmouth, Virginia has previous- ly approved the Projects and has determined that the Projects should be granted an allocation of the City Limit. N~, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That there is hereby granted to each of the follow- ing companies an allocation of a portion of the City Limit with respect to the following described facilities: