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102 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE ~ITY OF PORTSMOUTH, VIRGINIA, FOR P. H. <br />BOYETTE, JR. & COMPANY, INCORPORATED IN AN kMOUNT NOT TO <br />EXCEED $500,000 FOR FINANCING THE ACQUISITION, <br />CONSTRUCTION AND EQUIPPING OF AN APPROXIMATELY 8,000 <br />SQUARE FOOT OFFICE BUILDING LOCATED IN THE 3300 BLOCK OF <br />TYRE NECK ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA, <br />ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE <br />ACTIVITY BONDS FOR THE BENEFIT OF P. H. BOYETTE, JR. & <br />COMPANY, INCORPORATED AND REQUESTING AN ALLOCATION FROM <br />THE STATE RESERVE FOR THE BENEFIT OF P. H. BOYETTE, JR. <br />& COMPANY, INCORPORATED. <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the City of Portsmouth, Virginia, (IDAI has been <br />authorized to advertise and hold public hearings <br />relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of <br />P. H. Boyette, Jr. & Company, Incorporated, a Virginia <br />Corporation, (the "Company") for the issuance by IDA of <br />Industrial Development Revenue Bonds in an amount not to <br />exceed Five Hundred Thousand Dollars ($500,000) to <br />assist the "Company" in financing the acquisition, <br />construction and equipping of an approximately 8,000 <br />square foot office building located in the 3300 block of <br />Tyre Neck Road in the City of Portsmouth, Virginia (the <br />"Facility") and has held a public hearing thereon on <br />September 12, 1985; and <br /> <br /> WHEREAS, IDA has requested City. Council ~o 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 required by the <br />applicable federal and state laws have been provided to <br />the City Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed Five Hundred <br />Thousand ($500,000) to assist in financing the <br />acquisition, construction and equipping of the <br />"Facility" and the allocation of Five Hundred Thousand <br />Dollars ($500,000) of the City's limit 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 /> <br /> <br />