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24 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, ALLOCATING TWO MILLION DOLLARS OF ITS SEVEN MILLION, <br />NINE HUNDRED THIRTY-FIVE THOUSAND, FIVE HUNDRED TWENTY-FIVE <br />DOLLAR PORTION OF THE STATE CEILING ON PP~VATE ACTIVITY <br />BONDS TO THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION OF <br />PORTSMOUTH, VIRGINIA, FOR THE BENEFIT OF DOUGHTIE'S FOODS, <br />INC.. <br /> <br /> WHEREAS, on July 18, 1984, the President of the United <br />States signed into law the Deficit Reduction Act of 1984 (the <br />"Act") which placed certain limitations on the volume of <br />private activity bonds to be issued by any state; and <br /> <br /> WHEREAS, pursuant to the authority vested in him pursuant <br />to the Act, the Governor of Virginia on January 23, 1985 issued <br />Executive Order 54 (85) (the "Order") providing a formula for <br />the allocation of the State Ceiling as defined in the Order; and <br /> <br /> WHEREAS, SC.t. of the Order authorized the City Council of <br />Portsmouth, Virginia (the "Council") to allocate its portion of <br />the State Ceiling to the issuing authorities within the City <br />of Portsmouth, Virginia; and <br /> <br /> WHEREAS, the Council now desires to allocate Two Million <br />Dollars ($2,000,000) of its Seven Million, Nine Hundred Thirty- <br />Five Thousand, Five Hundred Twenty-Five Dollar ($7,935,525) <br />portion of the State Ceiling to the Portsmouth Port and Industrial <br />Commission of Portsmouth, Virginia (the "Commission") to cover <br />the issuance by the Commission of Endustrial Development Revenue <br />Bonds (the "Bonds") for Doughtie's Foods, Inc.. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia: <br /> <br /> 1. That the Council hereby allocates Two Million Dollars <br />($2,000,000) of its Seven Million, Nine Hundred Thirty-Five <br />Thousand, Five Hundred Twenty-Five Dollar ($7,935,525) portion <br />of the State Ceiling on private activity bonds to the Commission <br />in order to cover the issuance by the Commission of a ~o ~llion <br />Dollar ($2,000,000) Industrial Development Revenue Bond f~ the <br />benefit of Doughtie's Foods, Inc.; provided, however, if the <br />Bonds are not issued on or before the sixtieth (60th) day after <br />the date on which this resolution is adopted by the Council; such <br />allocation for the benefit of Doughtie's Foods, Inc. shall expire, <br />unless such sixty 60) day period is extended by resolution of <br />the Council. <br /> <br /> <br />