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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPIWIENT REVENUE BONDS BY THE ~NDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR FARM FRESH, iNC., tN AN AMOUNT ESTImaTED AT $4,000,000 FOR PROPERTY LOCATED ON HIGH, KING A~ COUNTY STREETS. WHEREAS~ the Industrial Development Authority Of the City of Portsmouth, Virginia (~DA) has been authorized by the Council of the 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 Farm Fresh, Inc., a Virginia corporation, for the issuance of IDA's Industrial Development Revenue Bo~ds in an ~uount estimated at Four'Million ~$4,000,O00) Dollars to assist in the financing of the acquisition of certa±n land and improve- ments thereon located on ~±gh, King and County Streets in the City of Portsmouth fformerly property of Sears Roebuck and Company) and the renovation and equipping thereof for use as a combination supermarket/retail store facility~ and has held a public hearing thereon on March 15, 1983; and WHEREAS, the IDA has requested City Council to approve the issuance of ~he bonds to comply with the applicable federal and state !aw; and WHEREAS, a copy of the IDA's Resoluffion approving the issuance of the bonds, s~bject to the terms and conditions contained therein, and the appropriate certification by their legal counsel h~ve been provided to the'City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the ' City of Portsmouth,- Virginia approve the issuance of Industrial Development Revenue Bonds by the Portsmouth Industrial Develop- ment Authority for Farm Fresh, Inc. in an amount estimated at Pour Million '($4,000,000) Dollars for improvements to property located on ~igh,' ~ing and County Streets. !. % 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 ofthe bonds, financial viability of the facility or the credit worthiness of ~he company~ but, as required by Si5.1-1380 of the Code of Virginia, 1950, as amended, th~ bond shall provide that neither the Commonwealth of Virginia, City of Portsmouth nor IDA shall be obligated to p~y the bonds or the 'interest thereon or other costs incident thereto except from the re%enues and monies pledged therefor, and neither the faith or credit of the taxing power of the Commonwealth, the City nor the IDA shall be pledged thereto.