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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR CONSOLIDATED MANUFACTURED PRODUCTS, INC. IN AN k~OUNT NOT TO EXCEED $300,000 FOR A MANU- FACTURING FACILITY AT 2401 WESLEY STREET IN PORTSMOUTH, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA] has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application of Con- solidated Manufactured Products, Inc. for the issuance of Industrial Development Revenue Bonds in an amount not to exceed Three Hundred Thousand Dollars ($300,000) to finance a portion of the cost of acquiring a manufacturing facility along with the equipment contained therein to be located at 2401 Wesley Street in Portsmouth, Virginia, and has held a public hearing thereon on April 17, 1984; and WHEREAS, the IDA has requested City Council to issuance of the bonds to comply with the applicable state law; and approve the federal and W~EREAS, a copy of the IDA's resolut±on approving the issuance of the bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentation have been provided to the City Council for their consideration. NOW, TI~REFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth Industrial Development Authority in an amount not to exceed Three Hundred Thousand Dollars ($300,000) for the benefit of Consolidated Manufactured Products~ Inc. to finance a portion of the cost of acquiring a manufacturing facility along with the equipment contained therein, located at 2401 Wesley Street in the City of Portsmouth, Virginia. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable federal and state laws does not constitute an endorsement of the bonds, financial viability of the facility, or the credit worthiness of the company, but, as required by ~15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay ~he bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor, and neither the faith or credit of the taxing power of the Commonwealth, the City, not the IDA shall be pledged thereto.