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5O <br /> <br />A RESOLUTION RATIFYING THE CREATION OF THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />PURSUANT TO THE Ik~USTRIAL DEVELOPMENT AND REVENUE BOND ACT, <br />CHAPTER 33f TITLE 15.1, CODE OF VIRGINIA, 1950, AS AMENDED, <br />AND CONFIRMING THE DATE OF EXPIRATION OF THE TE~ OF THE <br />DIRECTORS OF SAID AUTHORITY. <br /> <br /> WHEREAS, by Ordinance No. 1968-93, the Council of the <br />City of Portsmouth created the Industrial Development <br />Authority of the City of Portsmouth~ Virginia; and <br /> <br /> WHEREAS, there has been some confusion as to the expiration <br />of the terms of Directors of said Authority, and the Council <br />desires to fix the term of all Directors pursuant to law. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginiat that this Council ratifies <br />Ordinance No. 1968-93 creating the Industrial Development <br />Authority of %he City of Portsmouth pursuant to the authority <br />set out in the Capital Industrial Development and Revenue <br />Bond Act~ Chapter 33, Title 15.i, Code of Virginia~ 1950, as <br />amended. <br /> <br /> BE IT FURTHER RESOLVED that the seven (7) Directors of said <br />Industrial Development Authority and the date of the expirations <br />of the terms are those set forth below: <br /> <br />Director <br /> <br />Expirat'iOn of Term <br /> <br />Peter Eustis t/1/80 <br />Raymond L. Tweed; Secretary 1/1/80 <br />George D. Hastes 1/1/81 <br />Raymond S. Joseph 1/1/81 <br />Bradford L. Cherry 1/1/82 <br />Richard F. Wood, Sr. 1/1/82 <br />P. Stockton Fleming, Chairman 1/1/83 <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held June 5, 1979. <br /> <br />Testa: <br /> <br />City Clerk <br /> <br /> <br />