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62 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION FOR MOON ENGINEERING COMPANY, INC. IN AN AMOUNT NOT TO EXCEED $3,5~0,000 TO ACQUIRE, CONSTRUCT, AND EQUIP A SHIP REPAIR FACILITY AT 1 HARPER ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF MOON ENGINEERING COMPANY, INC. WHEREAS, the Portsmouth Port and Commission (PPIC) ha~s been authorized hold public hearings relative to the Industrial Development Revenue Bonds; Industrial to advertise and issuance of and WHEREAS, PPIC has considered the application of Moon Engineering Company, Inc. (the "Company") for the issuance by PPIC of Industrial Development Revenue Bonds in an amount not to exceed Three Million, Five Hundred Thousand Dollars ($3,500,000) to assist the "Company" in the acquisition, construction, and equipping of a ship- yard together will all back-up facilities at 1 Harper Road in the City of Portsmouth, Virginia (the "Facility"), to be owned by the Company and has held a public hearing thereon June 20, 1985; and WHEREAS, PPIC has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law; and WHEREAS, a copy of PPIC'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 recitals made in the second preamble to this resolution are hereby adopted as a part of this resolution and that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by PPIC for the Company in an amount not to exceed Three Million, Five Hundred Thousand Dollars ($3,500,000) to assist in the acquisition, construction and equipping the Facility and the allocation of Three Million, Five Hundred Thousand Dollars (3,500,000) of the City's limit imposed pursuant to Executive Order No. 54(85) issued the Governor of Virginia on January 23, 1985 pursuant the authority vested in him in the Deficit Reduction A~t of 1984 to PPIC in order to cover the issuance by PPIC of the Three Million, Five Hundred Thousand Dollars ($3,500,000) Industrial Development Revenue Bonds for the benefit of the Company; provided, however, if the Bonds are not issued on or before the sixtieth (60th)