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125 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT P~EVENUE ~O~DS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR HOLLOWELL & ASSOCIATES, IN THE AMOUNT OF $1,125,000. FOR PROPERTIES LOCATED ON THE SOU~ SIDE OF COUNTY STREET. WH~J~EAS, Portsmouth~ Redevelopment and Housing Authority of the City of Portsmouth, V!_glnla (PRHA), has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold pu~t-_.c hearincs relative to the issuance of Industrial Development Revenue Bo~ds; an~ WHEREASr PRPIA has considered the application of Hollowetl & Associates, a Virginia limited partnership, for the issuance of PR~IA Industrial Development Revenue Bonds in an amount not to exceed One Million, One Hundred Twenty-Five Thousand ($ ,12~,000) Dollars to ass±st in the financing of the acquisition, construction and equlppl_~g of certain land and improvements located on the south side of County Street in the City of Portsmouth~ Virginia (adjacent to the~Greyhound Bus Terminal) for use as an office building facility, and has held a public hearing thereon on Nov~fOer 29, 1983; and WHER~S~ PRSIA has requested City Council to approve the issuance of the bonds to comply with the applicable Federal and State laws; and ?~F~S~ a copy of %he resolution of PRHA approving the ±ssu~nce of the bonds, subject to the terms and conditions con- tained therein, and the appropriate certification have been provided to the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth , ~rgln~a, approve the issuance of Industrial Development Revenue Bonds by Portsmouth Redevelopment and Housing Authority for HolIowei1 & Associates in an a/nount not to exceed One Million, One Hundred Twenty-Five Thousand ($1,125,000) Dollars for the acquisition, construction and equipping of an office building facility on property located on the south side of County Street, Portsmouth, Virginia and to be owned by Hollowei1 & Associates. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable Federal and State laws does not constitute an endorsement of the. bonds, financial viability of the facility, or the credit worthiness of Hollowell & Associates, but, as required by ~15.1-1380, Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor the Ports- mouth Redevelopment and Housing Authority shall be obligated to pay the bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor, and neither the faith or credit of the taxing po,ger of the Commonwealth, the City, nor PRHA shall be pledged thereto.