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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. WHEREAS, with the allocation of One Million, Two Hundred Fifty-Two Thousand, Eight Hundred Dollars ($1,252,800) to the "Company" the City of Portsmouth, Virginia, would have allocated its entire local allocation. NOW, THEREFORE, BE IT RESOLVED 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 Eighty Million Dollars ($80,000,000) to assist in financing the acquisition, construction, and equippin~ of the "Facility" and the allocation of One Million, Two Hundred Fifty-Two Thousand, Eiqht Hundred Dollars ($1,252,800) 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 PPIC in order to cover the issuance by PPIC of the One Million, Two Hundred Fifty-Two Thousand, Eight Hundred Dollars (1,252,800) Industrial Development Revenue Bonds for the benefit of the "Company"; provided, however, if the Bonds are not issued on or before December 12, 1985, such allocation for the benefit of the "Company" shall expire unless such period is extended by resolution of the Council. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia, ~equests an allocation from the State Reserve as provided for in the "Executive Order" in an amount not to exceed Seventy Eight Million, Seven Hundred Forty-Seven Thousand, Two Hundred Dollars ($78,747,200)) for the benefit of the !'Company!' and that the City Manager be, and he hereby is, authorized to submit an application with the Allocation Administrator to request an allocation from ~.he State Reserve and to execute any documents as may be required thereby.