Laserfiche WebLink
84 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR <br />~EDICAL FACILITIES OF AMERICA XXXVII IN AN AMOUNT NOT TO <br />EXCEED $4,480,000 FOR THE ACQUISITION, CONSTRUCTING, AND <br />EQUIPPING OF A 100 BED NURSING HOME FACILITY ON TEJO LANE, <br />EXTENDED, AT CHURCHLAND BOULEVARD IN THE CITY OF <br />PORTSMOUTH, VIRGINIA, AND REQUESTING AN ALLOCATION FROM <br />THE STATE RESERVE FOR THE BENEFIT OF MEDICAL FACILITIES <br />OF AMERICA XXXVII. <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the City of Portsmouth, Virginia, (IDA) has been <br />authorized to advertise and hold public hearings <br />relative to the issuance of Industrial Development <br /> <br />Revenue Bonds; and <br /> <br />the application of <br />a Virginia Limited <br />issuance by IDA of <br /> <br /> WHEREAS, the IDA has considered <br />Medical Facilities of America XXXVII, <br />Partnership (the "Company"), for the <br />Industrial Development Revenue Bonds in an amount not to <br />exceed Four Million, Four Hundred Eighty Thousand <br />Dollars ($4,480,000) to assist the "Company" in <br />acquiring, constructing and equipping a one hundred-bed <br />(100) nursing home facility on Tejo Lane, Extended, at <br />Churchland Boulevard in the City of Portsmouth, Virginia <br />(the "Facility") and has held a public hearing thereon <br />on August 8, 1985; and <br /> <br /> WHEREAS, IDA has requested City Council to approve <br />the issuance of the Bonds to comply with the applicable <br />federal and state law~ and <br /> <br /> WHEREAS, a copy of IDA'S resolution approving the <br />issuance of the Bonds, subject to the terms and <br />conditions contained therein, and the appropriate <br />certifications and documentations, including, without <br />limitation, a reasonably detailed summary of the <br />comments expressed at the public hearing and a fiscal <br />impact statement in accordance with Section 15.1-1378.2 <br />of the Code of Virginia, 1950, as amended, have been <br />provided to the City Council for their consideration; <br />and <br /> <br /> WHEREAS, the City of Portsmouth, Virginia, has <br />allocated its entire local allocation imposed pursuant <br />to Executive Order No. 54(85) issued by the Governor of <br />Virginia on January 23, 1985 pursuant to the authority <br />vested in him in the Deficit Reduction Act of 1984 (the <br />"Executive Order"). <br /> <br /> <br />