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<br />R-07-29
<br />
<br />A RESOLUTION CONCURRING IN THE EXERCISE BY THE INDUSTRIAL
<br />DEVELOPMENT AUTHORITY OF MATHEWS COUNTY, VIRGINIA OF POWERS
<br />CONFERRED BY THE INDUSTRIAL DEVELOPMENT AND REVENUE BOND ACT
<br />IN CONJUNCTION WITH THE ISSUANCE OF NOT TO EXCEED $3,500,000 OF ITS
<br />REVENUE BOND FOR PLACES AND PROGRAMS FOR CHILDREN, INC., A
<br />VIRGINIA NONSTOCK CORPORATION, IN ORDER, AMONG OTHER PURPOSES,
<br />TO REFINANCE THE ACQUISITION AND IMPROVEMENT OF A TWO-STORY
<br />BUILDING LOCATED AT 1900 LLEWELLYN A VENUE, NORFOLK, VIRGINIA.
<br />
<br />WHEREAS, there has been described to the Economic Development Authority of the
<br />City of Portsmouth (the Portsmouth Authority) the plans of Places and Programs for Children,
<br />Inc. (the Borrower), whose principal place of business is located at 702 London Street,
<br />Portsmouth, Virginia 23704-2413, for the issuance by the Industrial Development Authority of
<br />Mathews County, Virginia (the Mathews Authority), of its revenue bond (the Bond) in an amount
<br />not to exceed $3,500,000 to assist the Borrower in (a) refinancing the expansion and
<br />improvement of a 22,000 square foot two-story building located at 1900 Llewellyn Avenue,
<br />Norfolk, Virginia, (b) financing (I) the acquisition of an 8,000 square foot, single-story building
<br />located at 1020 Champions Way, Suffolk, Virginia, and (2) renovations at the Borrower's 10,150
<br />square foot, single-story structure located at 620 London Street, Portsmouth, Virginia, (c)
<br />funding a debt service reserve and (d) paying the cost of issuing the Bond; and
<br />
<br />WHEREAS, the above facilities are or will be owned by the Borrower; and
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<br />WHEREAS, a public hearing with respect to the Bond as required by Section 15.2-4906
<br />of the Code of Virginia of 1950, as amended (the Virginia Code), and the Internal Revenue Code
<br />of 1986, as amended (the Code), was held by the Portsmouth Authority on May 15, 2007, and
<br />
<br />WHEREAS, the Mathews Authority also held a public hearing with respect to the Bond
<br />on May 24, 2007, and adopted an approving resolution (the Mathews Authority Resolution) with
<br />respect to the Bond on that date; and
<br />
<br />WHEREAS, the Portsmouth Authority has adopted a resolution (the Portsmouth
<br />Authority Resolution) recommending that the City Council of the City of Portsmouth (the
<br />Council) concur with the Mathews Authority Resolution; and
<br />
<br />WHEREAS, Section 15.2-4905 of the Virginia Code provides that the Council must
<br />concur with the adoption of the Mathews Authority Resolution prior to the issuance of the Bond;
<br />and
<br />
<br />WHEREAS, the Code provides that the highest elected governmental officials of the
<br />governmental unit having jurisdiction over the area in which any facility financed with the
<br />proceeds of a private activity bond is located shall approve the issuance of such bond; and
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