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90 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT & <br />HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR <br />H & H ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,200,000 FOR <br />THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN OFFICE <br />BUILDING TO BE LOCATED IN THE 300 BLOCK OF COUNTY STREET IN <br />THE CITY OF PORTSMOUTH, VIRGINIA, AND REQUESTING AN <br />ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT OF H & H <br />ASSOCIATES. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) has <br />been authorized to advertise and hold public hearings <br />relative to the issuance of Industrial Development Revenue <br />Bonds; and <br /> WHEREAS, PRHA has considered the application of H & H <br />Associates, a Virginia General Partnership (the "Company"), <br />for the issuance by PRHA of Industrial Development Revenue <br />Bonds in an amount not to exceed One Million, Two Hundred <br />Thousand Dollars ($1,200,000) to assist the "Company" in <br />acquiring, constructing and equipping an office building <br />to be owned by the '"Company" containing approximately <br />16,~700 square feet to be located in the 30~0 block of County <br />Street, Portsmouth, Virginia, adjacent to and east of an <br />office building located at 309 County Street (the <br />"Facility") and has held a public hearing thereon on June <br />11, 1985; and <br /> WHEREAS, PRHA has reg~uested City Council-to approve <br /> the issuance of the~onds~f°r'~trrp°ses-~°~ ~ompliance with <br /> .~103(k) of the Internal Revenue Code of 1954, as amended; <br /> and <br /> WHEREAS, a copy of 2DA's resolution approving the <br /> issuance of the Bonds, subject to the terms and conditions <br /> contained therein, and the appropriate certifications and <br /> documentations have been provided to the City Council for <br /> their consideration, and <br /> WHEREAS, the Council of the City of Portsmouth, <br /> Virginia, acknowledges that ~t5.1-1378.1 of the Code of <br /> Virginia 1950, as amended, will require subsequent <br /> consideration by this Council of this Bend issue within <br /> sixty (60) calendar days from an additional public hearing, <br /> which is expected to be held by the PRHA on September 10, <br /> 1985; and <br /> WHEREAS, the City of Portsmouth, Virginia, has <br /> allocated its entire local allocation imposed pursuant to <br /> 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 1985 (the <br /> <br /> <br />