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147 <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 P. H. <br />BOYETTE, JR. & COMPANY, INC. IN AN AMOUNT NOT TO EXCEED <br />$450,000 FOR THE CONSTRUCTION AND EQUIPPING OF A <br />SHOPPING CENTER LOCATED AT THE SOUTHWEST CORNER OF TYRE <br />NECK ROAD AND CHURCHLAND BOULEVARD IN THE CITY OF <br />PORTSMOUTh, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development ~uthority of <br />the City of Portsmouth, Virginia (IDA) has been <br />authorized to advertise and hold public hearing relative <br />to the issuance of Industrial Development Revenue Bonds$ <br />and <br /> <br /> WHEREAS, the IDA has considered the application of <br />P. H. Boyette, Jr. & Company, Incorporated (the <br />"Company") for the issuance by IDA of Industrial <br />Development Revenue Bonds in an amount not to exceed <br />Four Hundred Fifty Thousand Dollars ($450,000) to assist <br />the "Company" in financing the acquisition and <br />renovation of, and the construction and equipping of an <br />addition to a shopping center consisting of five (5) <br />shops located at the southwest corner of Tyre Neck Road <br />and Churchland Boulevard in the City of Portsmouth, <br /> irginla (the "Facility"), and has held a public hearing <br />thereon on November 14, 1985; and <br /> <br /> WHEREAS, the IDA has requested City Council to <br />approve the issuance of the Bonds to comply with the <br />applicable federal and state law; and <br /> <br /> WHEREAS, a copy of the IDA's!resolution approving <br />the issuance of the Bonds, subject to the terms and <br />conditions contained therein, and the appropriate <br />certifications and documentations have been provided to <br />the City Council for their consideration; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth, <br />Virginia acknowledges that the City of Portsmouth has <br />exhausted its 1985 local Industrial Development Revenue <br />Bond allocation pursuant to Executive Order No. 54[85) <br />issued by the Governor of Virginia on January 23, 1985 <br />pursuant to the authority vested in him in the Deficit <br />Reduction Act of 1985 (the "Executive Order") and that <br />the deadline has passed for the 1985 submission of <br />application to the State Industrial Revenue Bond Reserve <br />Fund and that, therefore, the adoption of this <br />resolution does not constitute a present or future <br />allocation of the City's local bond allocation or any <br />portion of the State Reserve at this time. <br /> <br /> <br />