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July 27, 1999
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<br /> WHEREAS, the Industrial Development and Revenue Bond Act, Chapter 49,
<br />Title 15.2 of the Code of Virginia, as amended (the [~Act[~), authorizes the creation of
<br />the Industrial Development Authority of the City of Portsmouth (the []Authority[]), and
<br />the Act empowers the Authority to assist Kotarides Baking Co. of Va., a Virginia
<br />corporation (the [~Company[~), by the issuance of its Industrial Development Revenue
<br />Bonds (the [~Bonds[~) to pay a portion of the costs of (1) the acquisition, construction
<br />and equipping of a one-story, approximately 15,000 square foot expansion of a bakery
<br />building and the acquisition, renovation and installation of an automated roll baking line
<br />therein at 1021 High Street (the ~Project[]), in the City of Portsmouth, Virginia (the
<br />[~City[~), for the Company, and (2)issuing such Bonds; and
<br />
<br /> WHEREAS, the Company, which owns and will operate the Project, has its
<br />present principal place of business at 117 E. 16th Street, in the City of Norfolk, Virginia;
<br />and
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended
<br />(the [~Code[~), requires approval by this Council of the issuance of any private activity
<br />bonds by the Authority after the Authority has held a public hearing to consider the
<br />issuance of such bonds as one of the acts required in order for the interest on such
<br />bonds to qualify for exemption from the imposition of federal income tax; and
<br />
<br /> WHEREAS, the Authority held a public hearing on July 20, 1999, in compliance
<br />with the requirements of the Code and Section 15.2-4906 of the Act and after such
<br />public hearing did adopt a resolution to issue an amount not to exceed $2,000,000 of its
<br />tax-exempt Industrial Development Revenue Bonds (Kotarides Baking Co. of Va.
<br />Project), subject to the adoption of this resolution; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving the issuance of the
<br />Bonds and recommending that the Council approve the Authority[~s issuance of the
<br />Bonds, subject to the terms to be agreed upon, a reasonably detailed summary of the
<br />public hearing with respect to the Bonds and a Fiscal Impact Statement in the form
<br />prescribed by Section 15.2-4907 of the Act have been filed with the Council;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth:
<br />
<br /> Section 1: That, relying upon the representations of the Authority, the recitals in
<br />the preambles hereto are found to be true and correct in all respects and are adopted
<br />as findings of this Council as if fully rewritten herein.
<br />
<br /> Section 2: That the Project proposed to be financed by the issuance of the
<br />Bonds is deemed appropriate for such financing and, accordingly, the issuance of the
<br />Bonds is hereby approved to the extent required by Section 147(f) of the Code and
<br />Section 15.2-4906 of the Act.
<br />
<br /> Section 3: The approval of the issuance of the Bonds, as required by Section
<br />147(f) of the Code and Section 15.2-4906 of the Act, does not constitute an
<br />endorsement to a prospective purchaser of the Bonds of the creditworthiness of the
<br />Project or the Company, and the Bonds shall provide that neither the Authority nor the
<br />City of Portsmouth shall be obligated to pay the Bonds or the interest thereon or other
<br />costs incident thereto; and neither the faith or credit nor the taxing power of the
<br />Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto.
<br />
<br />Section 4: That this resolution shall be in effect from and after its adoption."
<br />
<br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst
<br />Nays: None
<br />
<br />99 - 174 - Adoption of a motion to transfer $83,494 from the Grants Contingency
<br />Account to purchase a new Type I ambulance and three Lifepak 500 Automatic
<br />Defibrillators.
<br />
<br />The ambulance purchase will enable the City to increase the dependability
<br />of the ambulance fleet and maintain emergency responses. The purchase
<br />of Lifepak AED equipment will enable the City to stock ladder companies
<br />with life-saving standard of care equipment.
<br />
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