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R-08-40 A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA APPROVING THE PROPOSED ISSUANCE OF CERTAIN REVENUE BONDS BY THE SOUTHEASTERN PUBLIC SERVICE AUTHORITY OF VIRGINIA, A PORTION OF THE PROCEEDS OF THE BONDS TO BE USED TO FINANCE OR REFINANCE FACILITIES LOCATED IN THE CITY. WHEREAS, the Southeastern Public Service Authority of Virginia (the "Authority") anticipates making certain capital improvements and intends to finance or refinance such capital improvements through the issuance of one or more issues of tax-exempt revenue bonds in an aggregate principal amount up to $13,500,000 (the "Tax-Exempt Bonds") which bonds will finance or refinance the facilities described in Exhibit A, all or a portion of which are or may be located within the City of Portsmouth (the "City") (the "Tax-Exempt Improvements"); and WHEREAS, under the Internal Revenue Code of 1986, as amended, prior to the issuance of the Tax-Exempt Bonds, the Authority must hold a public hearing and receive governmental approval of the issuance of the Tax-Exempt Bonds; and WHEREAS, such governmental approval can, by virtue of the location of certain of the Tax-Exempt Improvements within the City, be given as to such improvements by the City; and WHEREAS, Section 15.2-4906 of the Code of Virginia, 1950, as amended (the "Local Approval Provision"), requires that, if certain authorities created pursuant to law in Virginia hold a public hearing in accordance with federal law as a prerequisite to undertaking a tax-exempt financing, such authorities must receive approval for the financing from the governing bodies of the localities in which the improvements to be financed are to be located; and WHEREAS, the Authority is an authority subject to the Local Approval Provision; and WHEREAS, on September 15, 2008, the Authority held a public hearing (the "Hearing") regarding the issuance of the Tax-Exempt Bonds pursuant to a notice of public hearing published twice, on August 29, 2008 and September 5, 2008, the last such date being not less than six days after the second publication of such notice; and WHEREAS, the Authority has provided to the City Council the following: (i) a reasonably detailed summary of the comments, if any, expressed at the Hearing; (ii) a fiscal impact statement concerning the Tax-Exempt Bonds in the form specified in Section 15.2-4907 of the Code of Virginia; and (iii) the Authority's request and recommendation that the City Council approve the issuance ofthe Tax-Exempt Bonds; and WHEREAS, any tax-exempt debt issued by the Authority pursuant to the resolution will not be debt of the City, nor will it be backed by the full faith and credit, moral obligation, or any assets or revenues of the City; and WHEREAS, the City Council has determined to approve the issuance of the Tax-Exempt Bonds.