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47 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR LEBAtANOLD, INC. IN AN AMOUNT NOT TO EXCEED $600t000. FOR A TRUCK TE~4INAL FACILITY AT 2655 EL~HURST LANE IN PORTS~OUTH, VIRGINIA. WFLER~AS, 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 WHEREAS, the IDA has considered the application of Lebarnold, Inc~ for the issuance of IDA Industrial Development Revenue Bonds in ~n a~ount not to exceed Six Hundred Thousand ($600,000.) Dollars to assist in the financing of the acquisition and im- provement of a truck terminal facility located at 2655 Elmhurst Lane in Portsmouth, Virginia, and has held a public hearing thereon on June 27, 1983; and WHEREAS~ the IDA has requested City Council to approve the issuance of the bonds to comply with 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 Ports- mouth Industrial Development Authority for the benefit of Lebarnold, Inc. for the acquisition and improvement of a truck terminal facility at 2655 Elmhurst Lane in Portsmouth, Virginia. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as requ±red 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 S15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Corm~onwealth of Virginia, 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 5he Co~onwealth, the City nor the IDA shall be pledged thereto.