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R-05-75 . A RESOLUTION CONCURRING WITH THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF MOUNT JACKSON, VIRGINIA, OF BANK QUALIFIED REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $4,000,000 FOR YMCA OF PORTSMOUTH. WHEREAS, there has been described to the Economic Development Authority ofthe City of Portsmouth (the "Portsmouth Authority") the plans of YMCA of Portsmouth (the "Applicant"), the principal business address of which is 4900 Western Branch Boulevard, Portsmouth, Virginia 23703, for the issuance by the Industrial Development Authority of the Town of Mount Jackson, Virginia (the "Mount Jackson Authority"), of bank qualified revenue bonds in an original principal amount not to exceed $4,000,000 (the "Bonds") (1) to pay a portion of the cost of (i) a 10,000 square foot children's and teens' activity center, (ii) aerobics and group exercise rooms, (iii) a swimming pool, and (iv) furniture, fixtures and equipment for the Applicant's new and existing facilities, all to be located at 4900 High Street W" Portsmouth, Virginia 23703, (2) to refinance existing mortgage debt of the Applicant, and (3) to pay a portion of the costs of issuing the Bonds described below (collectively, the "Project"); and WHEREAS, the Project will be owned by the Applicant; and . WHEREAS, it has been represented to this Council that the Mount Jackson Authority has held a public hearing with respect to its bonds on December 13,2005, and adopted an approving resolution (the "Mount Jackson Authority Resolution") with respect to such bonds on that date; and WHEREAS, Section 15.2-4905 of the Code of Virginia of 1950, as amended (the "Virginia Code"), provides that this Council must concur with the adoption of the Mount Jackson Authority Resolution prior to the issuance of the Bonds; and WHEREAS, it has been represented to this Council that a public hearing with respect to the Bonds as required by Virginia law and the Internal Revenue Code of 1986, as amended (the "Code"), was held by the Portsmouth Authority on November 15,2005; and WHEREAS, on November 15,2005, following the conclusion of its public hearing, the Portsmouth Authority adopted a resolution. (the "Portsmouth Authority Resolution") recommending that this Council concur with the Mount Jackson Authority Resolution; and WHEREAS, the Code and Section 15.2-4906 of the Virginia Code provide that the highest elected governmental officials of the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of a private activity bond is located shall approve the issuance of such bond; and .