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83 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR CRAWFORD OFFICE ASSOCIATES (FORMERLY MCGINNIS REALTY AND DEVELOPMENT CORPORATION) IN AN AMOUNT NOT TO EXCEED $1,900,000 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN OFFICE BUILDING LOCATED ON THE SOUTHWEST CORNER OF HIGH AND CRAWFORD STREETS IN THE CITY OF PORTSMOUTH, VIRGINIA, AND REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT OF CRAWFORD OFFICE ASSOCIATES. 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 McGinnis Realty & Development Company and/or its assigns, (the "Company") for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Three Million Dollars ($3,000,000) to assist the "Company~ in acquiring, constructing and equippin9 of an office building consisting of forty thousand (40,000) square feet located on the southwest corner of High and Crawford Streets in the City of Portsmouth, Virginia (the "Facility") and has held a public hearing thereon on May 9, 1985; and WHEREAS, IDA has requested City Council to approve the issuance of the Bonds for purposes of compliance with Section 103(K) of the Internal Revenue Code of 1954, as amended; and WHEREAS, a copy of 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: and WHEREAS, the Council of the City of Portsmouth, Virginia, acknowledges that Section 15.1-1378.1 of the Code of Virginia, 1950, as a~ended, will require subsequent consideration by this Council of this Bond issue within sixty (60) calendar days from an additional public hearing to be held by the Industrial Development Authority.