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25 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOP~ENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR JACK S. MOSCOVITZ AND RONNIE H. MOSCOVITZ IN AN A~4OUNT ESTIMATED AT $330,000. FOR PROPERTY LOCATED AT 1010 AIRLINE BOULEVARD. 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 ~'~{EREAS, the IDA has considered the application of Jack S. Moscovitz and Ronnie H. Moscovltz for the issuance of IDA's Industrial Development Revenue Bonds in an amount estimated at Three Hundred and Thirty Thousand ($330,000.) Dollars to assist in the financing of the acquisition, construction and equipping of an electronics sales and service facility to be located at 1010 Airline Boulevard in the City of Portsmo'ath, Virginia; and has held a public hearing thereon on March 15, 1983; and ~EREAS, the IDA has requested City Council to approve the issuance of the bonds to comply ~ w~n the applicable federal and state law; 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 certification by their legal counsel have'been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth Industrial Development Authority for Jack S. and Ronnie ~. Moscovitz for the acquisition, construction and equipping of an electronic sales and services facility in the City of 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 Section t5.1-t380.of the Cod~ of Virginia, 1950, as amended, the bonds shall provide that nelther the Commonwealth of 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 or credit of the taxing power of the.Commonwealth, the City nor IDA shall be pledged thereto.