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23 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH, VIRGINIA FOR IMPERIAL "400" NATIONAL, INC., <br />IN AN A~4OUNT ESTIFLATED AT $1,OOO,OOOo FOR A MOTEL FACILITY <br />LOCATED IN PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Indus%rial Development Authority of the City <br />of Portsmouth, Virginia ('IDA) has been authorized by the Council <br />of the City of Portsmouth, Virginia, to advertise and hold public <br />hearings relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of Imperial <br />~400" National, Inc. for the issuance of IDA Industrial Development <br />Revenue Bonds in an ~ount estimated at One Million ($1,OOO,OOO) <br />Dollars to assist in the financing of the acquisition, construction <br />and equipping of a motel facility in the City of Portsmouth, <br />Virginia, and has held a public hearing thereon on April 19, 19835 <br />and <br /> <br /> !~EREAS, the IDA has requested City Council to approve the <br />issuance of the bonds to comply with the applicable federal and <br />state law; and <br /> <br /> WHEREAS, a copy of the IDA's resolution approving the <br />issuance of the bonds, subject ~o the terms and conditions <br />conta±ne~ therein, and ~he appropriate certification by their <br />legal counsel have been provided to the City Council for their <br />consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, V~rg~nma %h~t the Councml approves the -.ssuance <br />of Industrla! Development Revenue Bonds by the Pores~outh <br />dustrial Development Authority for the Imperial "4OO'~ National, <br />!nc. for the acquisition, construction and equippinq of a motel <br />facility in the City of POrtsmouth, Virginia. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds as required by the applicable federal and state <br />laws does not constit~ate an endorsement of the bonds, financial <br />viability of the facility or the credit worthiness of the company~ <br />but, as required by ~15.1-1380 of the Code of Virqinia, !950~ <br />as ~mended, the bonds shall provide that neither the Commonwealth <br />of Virginia, City of Portsmouth nor IDA shall be obliqated to <br />pay the bonds or the interest thereon or other costs incident <br />thereto except from the revenues and monies pledged therefor, <br />and neither the faith or credit of the taxing power of the Co~_mon- <br />wealth, the City nor the IDA shall be pledqed thereto. <br /> <br /> <br />