2003 Resolutions - Laserfiche WebLink

Home Browse Search

WItEREAS, the Authority held a pubiie h6atng on OctOber 28, 2003, in compliance with the Code and Section 15.2-4906 of the Act, and after such public heating did adopt a resolution approving the issuance of the Bond by it or the Other Authority, subject to the adoption of this resolution; and WItEREAS, the Authority has recommended that this COunCil approve the issuance of the Bonds; and WHEREAS, the Bonds, as "qualified 501(c)(3) bonds" will be exempt, under Section 146(g)(2) of the Code, from the annual limitation on the volume of notes or bonds, the interesl on which is exempt from the ~mposition of federal income tax; and WltEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, a record of the public hearing with respect to the Bonds, a Fiscal Impact Statement in the form prescribed by Section 15.2-4907 of the Act have been filed with this Council. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: 1. The recitals made in the first preamble to this Resolution are hereby adopted as a part of this Resolution. 2. The Council of the City of Portsmouth, Virginia, approves the issuance of the Bonds by the Authority or the Other Authority and concurs with the issuance of the Bonds by the Other Authority to assist in the plan of finance described herein for the benefit of the Company to the extent required by the Code and Section 15.2-4906 of the Act. 3. The approval of the issuance of the Bonds, as required by the Code and Section 15.2-4906 of the Act, does not constitute an endorsemenl to a prospective purchaser of the Bonds, of the creditworthiness of the Project, or the Company, and, as required by Section 15.2-4909 of the Act, the Bonds shall provide that neither the City nor the issuer af the Bonds shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City, the Authority or the issuer of the Bonds shall be pledged thereto. 4. This resolution shall take effect on the date of its adoption.