1985 Resolutions - Laserfiche WebLink

Home Browse Search

30 A RESOLUTIO~ APPROVING THE REISSUANCE AND MODIFICATION OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR ELMHURST SQUARE PROPERTIES IN THE PRINCIPAL AMOUNT OF $935,000 FOR REF%~D!NG OF AN EXISTING BOND ISSUE WHICH WAS USED TO ASSIST IN THE FINANCING OF A COMMERCIAL SHOPPING CENTER LOCATED AT 5600-34 PORTSMOUTH BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized by the City Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, on May 20, 1982, the IDA issued, sold and delivered Nine ~undred Thirty-Five Thousand Dollars ($935,000) principal amount of 1982 Industrial Development Revenue Bonds (Elmhurst Square Properties Facility) hereinafter called (the "1982 Bonds") to pay the cost of financing a commercial shopping center together with property and fixtures attached to or used in connection therewith hereinafter collectively referred to as (the "facility") located at 5600-34 Portsmouth Boulevard, Portsmouth, Virginia, which facility was sold to Elmhurst Square Properties, a Virginia General Partnership, (the "Company"); and WHEREAS, the IDA has considered the application of the "Company" for the reissuance and modification of the "1982 Bonds" in the amount of Nine Hundred and Thirty-Five Thousand Dollars ($935,000) for the purpose of refunding said "1982 Bonds" for the financing of the "Facility", and has held a public hearing thereon on April 11, 1985; and WHEREAS, the IDA has requested that the City Council approve the relssuance and modification of the "1982 Bonds" for refunding and reissuance to comply with Section 103 (k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, a copy of IDA's resolution approving the re- issuance and modification of the Bonds, subject to the terms and conditions contained therein, and the appropriate certi- fications and documentations have been provided to the City Council for their consideration; and WHEREAS, the purpose of reissuing and modifying these Bonds will be to refund the "1982 Bonds" without increasing the amount thereof and, as such, does not require an allocation of any port~on of the City's limit imposed pursuant to Executive Order No. 54 ~85) providing for a formula for allocating the State Ceiling for the Commonwealth of Virginia imposed pursuant to Section 103 (n) of the Internal Revenue Code of 1954, as amended.