Minutes 06/12/2001 - Laserfiche WebLink

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June 12, 2001 WHEREAS, the Applicant, which owns the Project, has its present principal place of business at 200 Ligon Street, in the City of Norfolk, Virginia ("Norfolk"); and WHEREAS, the Project is located in the 10 square mile area of Norfolk and the City of Portsmouth, Virginia ("Portsmouth") which has been designated an empowerment zone under Section 1391(g) of the Code; and WHEREAS, Section 1394(f)(1) of the Code provides that "new empowerment zone facility bonds" are exempt from the state volume cap restrictions of Section 146 of the Code if bonds are designated under Section 1394(f)(2)(A) of the Code for such purpose by the local government or governments which nominated the area to which the bonds relate for designation as an empowerment zone under Section 1391(g) of the Code (a "new empowerment zone"); and WHEREAS, Norfolk and Portsmouth jointly nominated the above-described area for designation as a new empowerment zone; and WHEREAS, the aggregate face amount of bonds which may be designated under Section 1394(f)(2)(A) of the Code with respect to a new empowerment zone may not exceed $130,000,000 if such zone is in an urban area and the zone has a population of less than 100,000, and such limit will not be exceeded by the issuance of the proposed bonds; and WHEREAS, the City Council of the City of Norfolk has approved the issuance of the Bonds and designated the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code, and by letter dated May 23, 2001, from Regina V. K. Williams, City Manager of the City of Norfolk, the City of Norfolk has requested the approval of the issuance of the Bonds and their designation as "new empowerment zone facility bonds" by the Portsmouth City Council for purposes of Section 1394(f)(2)(A) of the Code; and WHEREAS, a copy of the Norfolk City Manager's letter requesting such approval, a copy of the Authority's resolution of intent and a copy of the Norfolk City Council approval resolution have been filed with the Portsmouth City Council. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth: 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. 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, and the Council designates the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code. 3. The approval of the issuance of the Bonds, as required by Section 1394(f)(2)(A) of the Code 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 of Portsmouth 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 of Portsmouth shall be pledged thereto. 4. That this resolution shall take effect on the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 01 - 184 - Adoption of an ordinance to appropriate $823,965 in the Capital Improvements Fund to be used for costs related to air conditioning schools. Recommendation: · Adoption of an ordinance to appropriate $823,965 in the Capital Improvements Fund to be used for costs related to air conditioning schools.