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March 24~ ~i998 32:9 <br /> <br />Ma~ch 2, 1998,~and (iii) a fiscal <br /> ~p'act statement in the form prescribed by <br />Section 15.2-4907 of the Code of Virginia of 1950, as amended have been filed <br />with the City Council, together with the Authority's recommendation that the <br />City Council approve the issuance of the Bonds and authorize.the City <br />Manager, if and to. the extent necessary in the opinion of the Authority's bond <br />counsel, to submit an application to the Virginia Small Business Financing <br />Authority requesting an allocation of $6,050,000 pursuant to Title ~15.2, Chapter <br />49 of the Code of Virginia of 1950, as amended, with respect to the issuance;of <br />the Bonds; and <br /> <br /> WHEREAS the City of Portsmouth desires that the rehabilitation of ~he <br />subjeCt Property be accomplished in such a way as to ensure continued <br />protection of the public interest, and the Developer is willing to make .certain <br />commitments to that end: <br /> <br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br />1. That the recitals made in the preambles to_ this Resolution are <br /> hereby adopted as a part of this Resolution. <br /> <br />= <br /> <br />That the City Council of Portsmouth, Virginia, hereby approves the <br />issuance of the Bonds by the Authority in an amount not to exceed <br />$6,050,000.00 to assist in the financing of the acquisition and <br />rehabilitation of the Project, for the benefit of the Company, to the <br />extent required by the Internal Revenue Code of 1986, as amended <br />(the "Code"), and sections 36-19.2 and 15.2-4906 of the Code of <br />Virginia of 1950, as amended, <br /> <br />That the approval of the issuance of the Bonds as required by <br />Section 147(f) of the Code and Sections 15.2-4906 and 36-19.2 of <br />the Code of Virginia of 1950, as amended, does not constitute an <br />endorsement to a prospective purchaser of the Bonds of the <br />creditworthiness of the Project or the Company, but as required by <br />Section 36-29 of the Code of Virginia of 1950, as am~ended, the <br />Bonds shall provide th at neither the City nor the Authority shall be <br />obligated to pay the Bonds or the interest thereon or other costs <br />incident thereto except from-the revenues and moneys pledged <br />therefor, and neither the faith or credit nor the taxing power of the <br />Commonwealth of Virginia, the City or the Authority shall ~be <br />pledged thereto. <br /> <br />= <br /> <br />That the City Manager is hereby authorized and directed, if and'to <br />the extent necessary in the opinion of bond counsel to the <br />Authority, to submit an application to the Virginia Small Business <br />Financing Authority requesting an allocation of $6,050,000J00 <br />pursuant to Title 15.2, Chapter 49 of the Code of Virginia of 1950, ias <br />amended, with respect to the issuance of the Bonds. <br /> <br />That the Developer shall submit a landscaping plan to the Cityl of <br />Portsmouth Department of Community Quality and Planning <br />Services for review and approval and shall complete and maintain <br />landscaping in accordance with that plato <br /> <br />6. That the Developer shall maintain ali improvements to a standard <br /> which is satisfactory to the Auth6rity and, to that end, the Authority <br /> shall have the right to monitor progress on the renovations and <br /> subsequent maintenance. <br /> <br />7. That this Resolution shall take effect on the date of its adoption." <br /> <br />Ayes: Benn, Clemons, Griffin, Pitts, Robinett <br />Nays: Martin <br /> <br /> <br />