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18 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR OCEANIC CONTAINER SERVICES, INCORPOP~TED, IN AN AMOUNT ESTIMATED AT $500,000 FOR IMPROVEMENTS TO PROPERTY LOCATED AT 2655 EL~IH~RST LANE. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (iDA) has been authorized by the Council of th~ City of Portsmouth, Virginia to adver- tise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the iDA has considered the application of Oceanic Container Services~ incorporated, a New Jersey corporation, for the issuance of IDA's Industrial Development Revenue Bonds in an ~ount estimated at Five Hundred Thousand ($500,000) Dollars to assist in the financing of the acquisition of certain land and improvements tb~ereon located at 2655 Elmhurst Lane and the renovation and equipping thereof for use as a storage and office 3facility and has held a public hearing thereon on March 15~ 1983; and WHERF~S, the !DA has re~uesfed City Council to approve the issuance of the bonds to complp with the applicable federal and state law; and W~!ER~AS, a copy of the IDA's Resolution approving the issuance of the bonds, s~bject to the terms and conditions contained there~n, and the appropriate cert~fication by their legal counsel have been provided to the City Council for their considerate.on. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth,' Virginia approve the issuance of Industrial Develo~nent Revenue Bonds by the Portsmouth Industrial Develop- merit Authority for Oceanic Container Services, ~ncorporated, a New Jersey corporation, in an amounk estimated at Five Hundred Thousand f$500,000) Dollars for improvements to property located at 2655 EL~hurst Lane. BE 1T 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 th~ credit worthiness of the company, but, as required by §15.1-1380 of the Code of Virginia, 1950, as amended, the bond shall provide that neither the Cormmonwealth of Virginia, City of Portsmouth nor ~DA 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%~er of the Commonwealth, the City nor the IDA shall be pledged thereto.