Laserfiche WebLink
122 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BO~DS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH, VIRGINIA, FOR P. H. BOYETTE, JR. AND COMPANY, <br />INCORPORATED IN AN ANOU~T NOT TO EXCEED $925,000 FOR A FACILITY <br />AT THE CORNER OF GEORGE WASHINGTON HIGHWAY AND FREDERICK BOULE- <br />VARD IN PORTS~OUTH, VIRGINIA. ~. <br /> <br /> WHER~AS~ the Industrial Development Authority of the City <br />of Portsmouth, Virginia (!DA) has been authorized by the Council <br />of the City of Portsmouth, Virginia, to advertise and hold <br />public hearings relative to the !ssuance of Industrial Develop- <br />ment Revenue Bonds; and <br /> <br /> WHEREAS~ the iDA has considered the application of P. H. <br />Boyette, Jr. and Co~pany, Incorporated for the issuance of IDA <br />Industrial Development Revenue Bonds in an amount not to exceed <br />$925,000 to assist in financing the construction and equipping <br />of a facility to be located at the intersection of George Wash- <br />ington Higk~ay and Frederick Boulevard in the City of Portsmouth, <br />Virginia~ and has held a pu~o_!c hearing thereon on December 12, <br />1983. <br /> <br /> WHEREAS~ the !DA has requested City Council to approve the <br />issuance of the bonds to comply with the applicable federal <br />and state law; and <br /> <br /> W~H~_S, a copy of the IDA's resolution approving the <br />issuance of the bonds, subject to the terms and conditions <br />contained therein, and the appropriate certifications and <br />documentation have been provided to the City Council for their <br />consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that the Council approves the <br />issuance of Industrial Development Revenue Bonds by the Ports- <br />mouth Industrial Development Authority for the benefit of <br />P. H. Boyette, Jr. and Company, Incorporated for the constructing <br />and equipping of a facility to be located at the intersection <br />of George Washington Highway and Frederick Boulevard in the City <br />of Portsmouth, Virginia. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds as required by the applieable federal and state <br />laws does not constitute an endorsemen~ of the bonds~ financial <br />via~i!ity of the facility, or the credit worthiness of the coIapany, <br />but, as required by ~15.1-1380 of the Code of Virginia, 1950, <br />as amended, the bonds shall provide that neither the Commonwealth <br />of Virginia, City of Portsmouth, nor IDA shall be obligated to <br />pay the bonds or the interest thereon or other costs incident <br /> <br /> <br />