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15 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPF~NT AUTHORITY OF THE CITY OF PORTSMOUTH FOR ~LL LAW OFFICE ASSOCIATES IN THE A-MOUNT OF $150,O00. FOR IMPROVEMENTS TO PROPERTY LOCATED AT 521-23 MIDDLE STREET MALL. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) 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 iDA has considered the application of Mall Law Office Associates for the zssuance of IDA's Industrial Development Revenue Bonds in an amount estimated at One Hundred Fifty Thousand ($150~0OO.) Dollars to assist in the financing of the acquisition, renovation and equipping of an office facility at 521-23 Middle Street Ma!l in Portsmouth, Virginia and has held a public hearing thereon on February 15, 1983; and WHmR~_S the IDA has request~ed City Council to approve ~he issuance of the bonds to comp!~ with the applicable federal and state ..... ±~v y 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~ T~EREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approve the issuance of Industrial Development Revenue Bonds by the Portsmouth Industrial Development Authority for Mall Law Office Associates in the amount of One Hundred Fifty Thousand ('$150,000.) Dollars for improvements to property located at 521-23 Middle Street Mall. '~ ~ 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 the company, but, as required by §15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Com_monwealth el Virginia~ the City of Portsmouth nor IDA 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 o~ credit of the taxing powe~ of the Commonwealth, the City nor the IDA shall be pledged thereto.