2006 Resolutions (2) - Laserfiche WebLink

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. WHEREAS, the Governance Board of Empowerment 2010, at its meeting on February 2, 2006, adopted a resolution recommending that the Councils of the Cities of Norfolk and Portsmouth designate the Bonds as new empowerment zone facility bonds for purposes of Section 1394(t)(2)(A) of the Code; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia (the "Council"): Section 1: That, relying upon the representations of the Authority, the recitals in the preambles hereto are found to be true and correct in all respects and are adopted as findings of this Council as if fully rewritten herein. Section 2: That the Council designates the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(t)(2)(A) of the Code. . Section 3: That the designation of the Bonds, as required by Section 1394(t)(2)(A) of the Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant and the Bonds shall provide that the City of Portsmouth shall not be obligated to pay the Bonds or the interest thereon or other costs incident thereto and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. Section 4: That this resolution shall be in effect from and after its adoption, and shall expire one (1) year from the date of its adoption. .