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134 A RESOLUTION AUTHORIZTNG~HE REALLOCATION OF SHARES OF THE CITY OF PORTSMOUTH 19'84 PERCAPITA INDUSTRIAL REVENUE BOND ALLOCATION TO THOSE PROJECTS ~PREVIOUSLY APPROVED. WHEREAS, pursuant ~'Section 103(n) of the Internal Revenue Code of 1954, as?~s~ded, (the Code), t~ere is im- posed upon each state a 6e~i~ng ~the Stht'e Ceiling] on the amount of'the private activity bonds that may be issued in the state for any calendar year; and ~ETEREAS, pursuant to ~s authority granted by paragraph 6 of Section 103(n) of the id0de,.the Governor of the Common- wealth of Virginia issued E~utive Order No..50(84) (the . Executive Order) providing f~ a formula for allocating the State Ceiling for th~CommOnwealth of.Virginia (the. Common- wealth) among the go~%rnmental units in the Commonwealth having authority to issue private activity bonds; and WHEREAS, oursuant to the Executive Order, Portsmouth, Virginia has been allocated $7,935,000 (the City Limit) of the State Ceiling for the remainder of the calendar year of 1984; and WHEREAS, on August 14, 1984, the Council of Pbrtsmouth, ' Virginia, by motion, endorsed the policy recommendations developed by the Industrial Development Authority of the City of Portsmouth and-the Portsmouth Port and Industrial Commission, but did not assign its authority to allocate the City Limit to competing project~; and WHEREAS, there have been presented to the C6uncil 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 o'f the City Limit; and ~EREAS, by resolution adopted by the Council of Portsmouth on November 13, 1984, shares of the City of Portsmouth 1984 Per Caoita Industrial Revenue Bond allocation were appointed to those projects previously approved; and I~EREAS, a project previously approved will not utiiize the funds authorized during the year 1984, and the Council of Portsmouth desires to reallocate a portion of.said funds to another project previously approved.