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2018 -121 <br />AN ORDINANCE APPROPRIATING $5,150,000 FROM THE GENERAL FUND - <br />UNASSIGNED FUND BALANCE FOR THE PURPOSE OF PROVIDING A <br />SHORT -TERM LOAN TO THE ECONOMIC DEVELOPMENT AUTHORITY OF <br />THE CITY OF PORTSMOUTH, VIRGINIA. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That it appropriates the sum of $5,150,000 from the General Fund - <br />Unassigned Fund Balance for the purpose of providing a short-term loan to the Economic <br />Development Authority of the City of Portsmouth, Virginia (the "EDA "). <br />2. That it expects the EDA to use the amount referenced in (1) to acquire <br />certain property and the related development known at various times as Victory Village or <br />The Commons at Portsmouth Center (the 'Project "). <br />3. That it expects it and the EDA will finance the cost of acquiring the Project <br />through the issuance of tax - exempt debt (the 'Bonds "), in an amount not to exceed the <br />amount referenced in (1) plus an amount necessary to pay closing costs, and to use the <br />proceeds of the Bonds to reimburse the City for the amount referenced in (1). <br />4. That this ordinance represents a declaration of "official intent" under Treas. <br />Reg. § 1.150 -2. <br />5. That the adoption of this ordinance is consistent with the budgetary and <br />financial circumstances of the City. <br />6. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on December 11, 2018. <br />Teste: <br />City Clerk <br />