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111 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE EONDS BY THE PORTSMOUTH REDEVELOP-~iENT AND HOUSING AUTHORITY OF THE CITY OF PORTS~iOUTH, VIRGINIA, FOR CARWELL AND SCIALDONE PROPERTIES, IN AN AMOUNT ESTI~WiATED AT $600,000 FOR PROPERTIES LOCATE~ ON COURT AND COUNTY STREETS (pYTHIAN CASTLE). ~ WHEREAS, the Portsmouth Redevelopment and Housing Authority of the C±ty of Portsmouth, Virginia ~Pt~qA) 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, the PRHA has considered the application for Carwell and Scialdone Properties ~ a Virginia limited part- nership, for the issuance 'of PRHA's I%ndustriai D~evelopment Revenue Bonds in an s~aoun% estimated at Six Hundred Thousand Dollars ~$600,000) to assist in the financing of the recon- struction and rehabilitation of certain land and improve- ments thereon located on Court and County Streets in the City of Portsmouth Ccurrently kno%~n as the pythian Castle) and the rehabilitation, construction and equipping thereof for use as office and co~nercial facilities and has held a public hearing thereon on November 1, 1983; and WHEREAS, the PRHAhas 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 PRHA's resolution approving the issuance of the bonds, subject to the terms and conditions contained therein, and the appropriate certification have been provided to the City Council for its consideration. NOW, THEREFORE, HE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approve the issuance of Industrial Revenue Bonds by the Portsmouth Redevelopment and Housing Authority for Carwelt and Scialdone Properties in an amount estimated at Six Hundred Thousand Dollars ($600,000) for the rehabilitation and construction of property located on Court and County Streets (Pythian Castle). BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the ~pplicable federal and state laws does not constitute an endorsement of the'bonds~ financial viability of the facility or the credit worthiness of Carwell and Sctaldone Properties, but, as required b~ ~15.t-1380 of the Code of Virginia, 1950, as amended, the bond shall provide that neither the Commonwealth of Virginia, City of Portsmouth nor PRHA shall be obligated to pay the