2006 Resolutions (2) - Laserfiche WebLink

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. . . WHEREAS, Section 1394(t)(1) of the Code provides that "new empowerment zone facility bonds" are exempt from the state volume cap restrictions of Section 146 of the Code if bonds are designated under Section 1394(t)(2)(A) of the Code for such purpose by the local government or governments which nominated the area to which the bonds relate for designation as an empowerment zone under Section 1391(g) of the Code (a "new empowerment zone"); WHEREAS, Norfolk and Portsmouth jointly nominated the above-described area for designation as a new empowerment zone; WHEREAS, the aggregate face amount of bonds which may be designated under Section 1394(t)(2)(A) of the Code with respect to a new empowerment zone may not exceed $130,000,000 if such zone is in an urban area and the zone has a population of less than 100,000, and such limit will not be exceeded by the issuance of the proposed Bonds; WHEREAS, the Authority held a public hearing on January 25, 2006, in compliance with the requirements of the Code and Section 15.2-4906 of the Act and after such public hearing did adopt a resolution to issue an amount not to exceed $12,000,000 of its tax-exempt new empowerment zone facility revenue bonds for the Project, and recommended the public approval of the Bonds and plan of financing by the Council of the City of Norfolk and the designation of the Bonds by the Councils of the Cities of Norfolk and Portsmouth as "new empowerment zone facility bonds" for purposes of Section 1394(t)(2)(A) of the Code (the "Authority's Resolution"); and WHEREAS, a copy of the Authority's Resolution, 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 and certain other documents pertaining to the Project and its financing have been filed with the Council;