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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA. 40 (d) WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia, (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act of 1984 (the "Act"), the Governor of Virginia on January 23, 1985 issued Executive Order No. 54(85) (the "Order") providing a formula for the allocation of the State ceiling as defined in the Order; and ~EREAS, the "Order" authorized the City Council of Portsmouth, Virginia (the "Council") to allocate its portion of the State ceiling to the issuing authorities within the City of Portsmouth, Virginia; and ~EREAS, the PRHA has considered the application of Robert S. Dolsey and Michael D. Dolsey (the "Company") whose address is 327 High Street, Portsmouth, Virginia 23704, for the issuance by PRHA of Industrial Development Revenue Bonds (Bonds) in an amount not to exceed Twenty Thousand Dollars ($20,000) to finance the cost of acquiring, rehabilitation, construction and equipping of 1900 square feet of office and commercial space in a commercial building located at 506-508 Effingham Street in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on April 30, 1985; and ¥~EREAS, the PRHA has requested City Council to approve the issuance of the Bonds and to allocate the applicable portion of the State ceiling on private activity bonds to PRHA for the benefit of the "Company"; and WHEREAS, a copy of PRHA's resolution approving the issuance and modification of the Bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations have been provided to the City Council for their consideration.