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<br />R-05-73
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<br />
<br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />APPROVING THE REISSUANCE BY THE SOUTHEASTERN PUBLIC SERVICE
<br />AUTHORITY OF VIRGINIA OF CERTAIN SENIOR REVENUE BONDS ISSUED IN
<br />1993, 1998 AND 2004, WHICH BONDS REFUNDED BONDS WHICH WERE USED TO
<br />FINANCE OR REFINANCE FACILITIES LOCATED IN THE CITY OF
<br />PORTSMOUTH.
<br />
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<br />WHEREAS, the Southeastern Public Service Authority of Virginia (the "Authority")
<br />will be deemed as a matter of Federal income tax law to "reissue" certain Senior Revenue Bonds
<br />issued in 1993, 1998 and 2004, namely its Senior Revenue Refunding Bonds, Series 1993A
<br />(Regional Solid Waste System) issued on November 18, 1993 in the principal amount of
<br />$147,250,000 and currently outstanding in the principal amount of $58,050,000, its Senior
<br />Revenue Refunding Bonds, Series 1998 (Regional Solid Waste System) issued on April 23, 1998
<br />in the principal amount of $33,535,000 and currently outstanding in the principal amount of
<br />$33,535,000 and its Senior Revenue Refunding Bonds, Series 2004A Tax-Exempt (Regional
<br />Solid Waste System) issued on June 30, 2004 in the principal amount of $39,390,000 and
<br />currently outstanding in the principal amount of $39,390,000 (collectively, the "Tax-Exempt
<br />Bonds"), which bonds refunded bonds that financed or refinanced the following facilities, all or a
<br />portion of which are or were located within the City of Portsmouth (the "City"): a 2,000 ton per
<br />day capacity Refuse Derived Fuel Plant located at 4 Victory Boulevard, Portsmouth, Va,
<br />adjacent to the Norfolk Naval Shipyard of the United States Navy (the "RDF Plant"), and
<br />modifications and improvements thereto, including but not limited to a bulky waste shredder;
<br />costs associated with the design, construction of and improvements to the power plant at the
<br />Norfolk Naval Shipyard located at 3809 Elm Avenue in Portsmouth, Virginia formerly owned by
<br />the United States Navy (the "Power Plant") to bum the Refuse Derived Fuel produced by the
<br />Authority at the RDF Plant across Victory Boulevard; the Portsmouth Transfer Station (which
<br />has since been demolished), formerly located on Frederick Boulevard at the intersection with
<br />Interstate Route 264; and the funding of certain capital improvements to any or all of the
<br />facilities at the locations described herein which comprises the System, together with vehicles,
<br />rolling stock, equipment and other functionally related and subordinate items; (the "Tax-Exempt
<br />Improvements"); and
<br />
<br />WHEREAS, under the Internal Revenue Code of 1986, as amended (the "Code"), prior
<br />to the reissuance of the Tax-Exempt Bonds, the Authority must hold a public hearing and receive
<br />governmental approval of the issuance of the Tax-Exempt Bonds; and
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<br />WHEREAS, such governmental approval can, by virtue of the location of certain of the
<br />Tax-Exempt Improvements within the City, be given as to such improvements by the City; and
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<br />WHEREAS, Section 15.2-4906 of the Code of Virginia, 1950, as amended (the "Local
<br />Approval Provision"), requires that, if certain authorities created pursuant to law in Virginia hold
<br />a public hearing in accordance with federal law as a prerequisite to undertaking a tax-exempt
<br />financing, such authorities must receive approval for the financing from the governing bodies of
<br />the localities in which the improvements to be financed are to be located; and
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<br />.
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<br />WHEREAS, the Authority is an authority subject to the Local Approval Provision;
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