2015 Resolutions - Laserfiche WebLink

Home Browse Search

WHEREAS, the Applicant, which owns the Project, has its present principal place of business at 4900 High Street W., in the City; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires, among other things, the approval by this Council of the issuance of any private activity bonds by the Authority after the Authority has held a public hearing to consider the issuance of such bonds. as one of the acts required in order for the interest on such bonds to qualify for exemption from the imposition of federal income tax; and WHEREAS, the Commission, after due notice, held a public hearing on March 24, 2015, at 8:00 a.m., on the application of the Applicant for revenue bond financing of the Project in compliance with Section 147(f) of the Code, Section 2 of Chapter 514 of the Acts of Assembly of 1983 of the General Assembly of Virginia and Section 15.2-4906 of the Code of Virginia of 1950, as amended, and after such public hearing did adopt a resolution to issue an amount not to exceed $2,450,000 of its tax-exempt Bank Qualified Revenue Bonds (YMCA of Portsmouth Project), Series 2015 (the "Bonds"), subject to the adoption of this resolution by this Council; and WHEREAS, the Authority has recommended that the City Council approve the issuance of the Bonds; and WHEREAS, the Bonds, as "qualified 501(c)(3) bonds," will be exempt, under Section 146(8)(2) of the Code, from the limitation on the volume of notes or bonds the interest on which is exempt from the imposition of federal income tax; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a record of the Authority's public hearing with respect to the Bonds and a Fiscal Impact Statement in the form prescribed by Section 15.2-4907 of the Code of Virginia of 1950, as amended, have been filed with the Council. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That 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 Project proposed to be financed by the issuance of the Bonds is deemed appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved. Section 3: The approval of the issuance of the Bonds, as required by Sections 147(fj of the Code and Section 15.2-4906 of the Code of Virginia of 1950, as amended, 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 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 shall be pledged thereto.