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24 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BO~S BY THE PORTSMOUTH PORT A~ND INDUSTRIAL COMMISSION FOR MOON ENGINEERING COMPANY, INCORPQRATED IN AN A~OUNT ESTI~WiATED AT $3,000,000. FOR A SHIPYARD AND BACKUP FACILITIES TO BE LOCATED IN PORTSMOUTH, VIRGINIA. WHEREAS, th~ Portsmouth Port and Industrial Commission (PPIC) has been authorized by the Council of the 'City of Ports- mouth, Virginia, to sdvertise and hold public hearings relative to the issuance of Industrial D~ve±opment Revenue Bonds; and WHEREAS, PPiC ha lng Company, incorDoz Development Revenue ~ ($3,000,000.) Dollars sition of a lease of located in the City c ion and euuipplng~ of thereon; and has held and s von~_~_a the application of Moon Engineer- ated for the issuance of PPIC's Industrial Duds in an amount estimated at Three Million to assist in the financing of the acqul- certain land and improvements owned by PPIC Portsmouth, Virginia, and for the construct- shipyard together with all backup facilities a public hearing thereon on April 19, 1983; WHEREAS, PPIC has requested City Council to approve the issuance of h to t~_e bonds comply with applicable federal and state laws; and WHEREAS, a ccpy of PPIC's resolution approving the issuance of the bonds, subject to the terms and conditions contained therein, and the appropriate ce~tlficatlon by their legal counsel have been provided to the City Council for their consideration. NOW, TEEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth,' Virginia approve the issuances-of Industrial Development Revenue Bonds by the Portsmouth Port and Industrial CommisSion for Moon Engineering Company, Incorporated in an amount estimated at Three Million [$3,OOO,000.) Dollars upon terms and conditions to be mutually agreed upon between PPIC and Moon Engineering Company, Incorporated for the acquisition or lease, construction and equippmng of a shipyard and all backup facilities to be located on property owned by PPIC in Portsmouth, Virginia. 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 ~ode of Virginia, 195o, as amended, the bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth ~or PPIC shall b~ 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 power of the Commonwealth, the City nor PPIC shall be pledged thereto.