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14 ' A RESOLUTION CONCURRING WITH AND CONSENTING TO THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF - NORFOLK, VIRGINIA OF ITS 1981 INDUSTRIAL DEVELOPMENT REVENUE BONDS (P. H. ASSOCIATES EQUIPMENT) IN THE PRINCIPAL AMOUNT OF $200~O00.. WHEREAS, on October 29, 1981, the Industrial Development Authority of the Cimy of Norfolk, Virginia adopted an induce- ment resolution whereby it agreed to use its best efforts to issue its.bonds in the principal amount of $200,000. to finance equipment for P. H. Associates; and WHEREAS, P. H. Associates plans to use approximately $1OO,OOO. of the bond proceeds to purchase equipment for lease to Commercial Insurance Agency for use in its offices at 801 Loudoun Avenue in Portsmouth; and WHEREAS, §15.1-1378 of the Code of Virginia, 1950, as amended, requires the governing body of the city in which equipment is located that is being financed by an Industrial Development Authority of another city to concur in such financing. NOW, THEREFORE, BE tT RESOLVED by the Council of the City of Portsmouth, Virginia, that it concurs with and consents to the issuance by the Industrial Development Authority of the City of Norfolk, Virginia of its 1981 Industrial Development Revenue Bonds (P. H. Associates ~quipment)~ in the principal amount of $200,000., the proceeds of which will be used to finance equipment for P. H. Associates to he located in both the cities of Norfolk and Portsmouth. BE IT FURTHER RESOLVED that the City Clerk be, and she hereby is, directed to forward a copy of this resolution to the Industrial Development Authority of the Ciby of Norfolk, 'Virginia. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held February 23, 1982. Teste: City Clerk