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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 JOHN I. KITCHEN IN AN AMOUNT NOT TO EXCEED $650,000 FOR AN .. OFFICE AND WAREHOUSE FACILITY AT 2655 ELMHURST LANE IN THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF JOHN I. KITCHEN. 50 WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia, (IDA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application of John I. Kitchen (the "Company") for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Six Hundred, Fifty Thousand DollarB ($650,000) to assist the ~Company" in the acquisition of a certain parcel of land located at 2655 Elmhurst Lane in Portsmouth~ Virginia,~ and to renovate the existing building thereon for office and warehouse space (the "Facility"), and has held a public hearing thereon on May 17, 1985; and WHEREAS, the IDA has requested City Council approve the issuance of the Bonds to comply with the applicable federal and state law; and to 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 documentations have been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an amount not to exceed Six Hundred, Fifty Thousand Dollars ($650,000) to assist in the acquisition and renovation of the "Facility" and the allocation of Six Hundred, Fifty Thousand Dollars ($650,000) of the City's limit imposed pursuant to ExecutiVe Order No. 54(85) issued by the Governor of Virginia on January 23, 1985 pursuant to the authority vested in him in the Deficit Reduction Act of 1984 to IDA in order to cover the issuance by IDA of the Six Hundred, Fifty Thousand Dollars ($650,000) Industrial Development Revenue Bonds for the benefit of John I. Kitchen; provided, however, if the Bonds are not issued on or before the sixtieth (60th) day after the date on which this resolution is adopted by Council, such