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0,1 0 <br /> <br />Decembbf 17. '1 <br /> <br /> "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth <br />("Authority"), has considered the application of Lindab, Inc. (the"Company"), <br />requesting the ssuance of Authority's revenue bonds in the amount not to exceed <br />$7,100,000 ("Bonds") to assist in the financing of the Company's (a) acquisition, <br />construction and equipping of an expansion to the Company's manufacturing facility <br />consisting of approximately '113,400 square feet to be located at2600 Airline <br />BouleVard in the City of Portsmouth, Virginia and (b) acquisition of indUstrial <br />equipment to produce duct~vork and fittings to be used with heating; ventilation and <br />air conditioning systems ("Project"), and has held a public hearing on December 4, <br />1996: <br /> <br /> WHEREAS, Section 147 (f) of the Internal Revenue Code of 1986, as <br />amended (the "Code"), provides that the governmental unit having jurisdiction over <br />the issuer of private activity bonds and over the area in which any facility financed <br />with the proceeds of private activity bonds is located must approve the issuance of <br />the bonds; <br /> <br /> WHEREAS. the Authority issues its bonds on behalf of the City of Portsmouth, <br />Virginia ("City"); the Project is located in the City and the City Council of the City of <br />Portsmouth, Virginia ("Council") constitutes the highest elected governmental unit of <br />the City; <br /> <br /> WHEREAS, the Authority has recommended that the Council approve the <br />issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving the issuance of the <br />Bonds, subject to the terms to be agreed upon, a certificate of the public hearing and <br />a Fiscal Impact Statement have been filed with the Council. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Portsmouth, Virginia: <br /> <br /> 1. The Council approves the issuance of the Bonds by the Authority for the <br />benefit of the Company, as required by Section 147(f) of the Code and Section 15.1- <br />1378.1 of the Code of Virginia of 1950, as amended ("Virginia Code") to permit the <br />Authority to assist in the financing of the Project. <br /> <br /> 2. The approval of the issuance of the Bonds does not constitute an <br />endorsement to a prospective purchaser of the Bonds of the creditworthiness of the <br />Project or the Company. <br /> <br /> 3. Pursuant to the limitations contained in Temporary Income Tax <br />Regulations Section 5f. 103-2(f)(1), this resolution shall remain in effect for a period of <br />one year from the date of its adoption. <br /> <br /> 4. The Council directs the City Manager to request an allocation of the State <br />Ceiling (as defined in Section 15.1-1399.10 of the Code of Virginia of 1950, as <br />amended) in accordance with the applicable provisions of the Code of Virginia of <br />1950, as amended, and any regulations or executive orders issued thereunder. <br /> <br /> 5. That this resolution shall take effect immediately upon the date of its <br />adoption." <br /> <br />Ayes: Berm, Clemons, Griffin, Martin, Pitts, Robinett, Holley <br />Nays: None <br /> <br /> <br />