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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 I.S.S. PROPERTIES IN AN AMOUNT NOT TO EXCEED $200,000 FOR A WAREHOUSE AND WHOLESALE FACILITY TO BE LOCATED AT 2400 CLEVELAND STREET IN PORTSMOUTH, VIRGINIA. 57 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 and plan of financing of I.S.S. Properties, a Virginia General Partnership, for the issuance of IDA Industrial Development Revenue Bonds in an a~ount not to exceed Two Hundred Thousand Dollars ($200,000) to assist in the financing of the acquisition, substantial re- novation and equipping of a warehouse and wholesale facility containing approximately nine thousand, three hundred (9,300) sauare feet to be leased to International Supply Services (U.S.A.) Ltd., a Virginia Corporation, for use in its wholesale export trading business (the "Facility"), such facility to be located at 2400 Cleveland Street in Portsmouth, Virginia, and has held a public hearing thereon on May 15, 1984; and WHEREAS, the IDA issuance of the bonds state law; and has requested City Council to approve the to comply with the applicable federal and WHEREAS, a copy of the IDA's resolution 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, THEREFORE, 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 for the benefit of I.S.S. Properties to assist in the financing of the acquisition, substantial renovation and equipping of the facility to be located at 2400 Cleveland 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 I.S.S. Properties, 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, the City of Portsmouth, nor IDA shall be obligated to pay the 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 Conumonwealth, the City, nor the IDA shall be pledged therteo.