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iQ6 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOP~ENT REVENUE BONDS BY THE ~ND~ST!%IAL DEVELOPMENT AUTHORITY OF TEE CITY OF P0~TSMOUT~I FOR'J~MES ~, PAULE¥, D.D.S., LTD. IN AN NOT TO EXCEED $500,000 FOR THE ACQUISITION, CQNSTRUCTION AND EQUIPPING OF A MEDICAL OFFICE BUILDING TO BE LOCATED AT THE CORNER OF AIRLINE BOULEVARD AND SCOTT STREET TO BE OWNED BY J~MES H. PAULEY, D.D.S., LTD. ~/tEREAS, the tnduSt~i~l Development Authority of the City of Portsmouth,' Virginia ~IDA~ has been au~h0~ized by the 'COUncil of the city of Portsmouth, Vi~gini~, to adve~tise and kold public hearings relative to the ~ssuance of Industrial Development Revenue Bonds; and WHEREAS, the~IDk has considered the application of James 5. Pauley, D.D.S., Ltd. ~the "Company"l for the issuance of IDA's Industrial Development Reven~e~onds in an amount not to excee~ Fi~e Hundred Thousand ~$500,000~ Dollars to assist in the f~nancing of the acquisition, construction and equipping of a medical office building to be located at the corner of Airline Boulevard and Scott Stree~ in the City of Portsmouth, Virginia, to be owned by the~Co~nvpany and has held a public he~ri~g thereon on October 18, 1983; and WHEREAS, the IDA has requested City Council to approve the issuance Of the bonds to comply with the applicable federal and state law; and WHEREAS, a copy of the IDA's 'resolution approving the issuance of the bonds, subject to the terms and conditions contained therein and the appropriate certifications by their legal counsel have been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approve the issuance of Industrial Development Revenue Bonds by the ~DA for the Company in an amount not to exceed Five Hundred Thousand ($500~000) Dollars for the acquisition, construction and equipping of a medical office building to be located at the corner of Airline Boulevard and Scott Street in the City of Portsmouth, Virginia, to be owned by the Company and has held a public hearing thereon on Qctober 18, 1983; and BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the ~pp!tcab!e federal and state law does not constitute an endorseane~t of the bonds, financial viability of the facility or the creditworthiness of the Company, but, as required by ~15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commonwealth