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December 20, 1994
<br />
<br /> Motion by Mr. Hawks, and'seconded by Mr. Pitts, to adopt
<br />the' following resolutio~d-w=s adopted by-the vote:
<br />
<br />A RESOLUTION EXPRESSING THE APPROVAL OF THE COUNCIL OF THE CITY
<br />OF PORTSMOUTH, VIRGINW~_, OF THE EXERCISE BY 'THE INDUSTRLAL--~
<br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, OF
<br />POWERS CONFERRED ON iT BY THE INDUSTRIAL DEVELOPM~ENT AND
<br />REVENUE BOND ACT, CHAPTER 33, TITLE 15.1, CODE OF VIRGINIA OF 1950,
<br />AS AMENDED, IN CONNECTION WITH THE ISSUANCE OF THE AUTHOR1TY'S
<br />$600,000 INDUSTRIAL DEVELOkMENT REVENUE BOND (YMCA PROJECT)
<br />SERIES 1994 TO FINANCE CERTAIN CAPiTAL IMPROVEMENTS FOR THE
<br />BENEFIT OF THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF PORTSMOUTH,
<br />VIRGINIA, A VIRGINIA NONSTOCK CORPORATION, AT THE YMCA FACILITY
<br />LOCATED AT 4900 HIGH STREET WEST, PORTSMOUTH, VIRGINIA
<br />
<br /> WHEREAS, lhe Industrial Development and Revenue Bond Act, Chapter 33, Title
<br />15.1 of the Code of Virginia of 1950, as amended (the "Act"), authorizes the creation of
<br />the Industrial Development Authority of the City of Portsmouth, Virginia (the
<br />"Authority"), and the Act empowers the Authority to assist the Young Men's Chr/suan
<br />Association of Portsmouth, Virginia, a Virginia nonstock corporation (the "Applicant")
<br />m financing (a) the construction and equipping of a 3,700 square foot addition (the
<br />"Project") to the Applicant's facility located at 4900 High Slreet West, Portsmouth,
<br />Virginia (the "Facility'}); (b) the construction of a new floor for aerobic activities at the
<br />Facility (the "Improvements"); and (c) the provision of working capital in an amount nor
<br />in excess of $40,000 (the "Working Capital") with respect to the Facility; and
<br />
<br /> WHEREAS, the Applicant which owns the Facility has its present principal place
<br />of business at the Facility; and
<br />
<br /> WHEREAS, Section 147(f) of the tntemal 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 heating to consider/he
<br />issuance of such bonds as one of the acts requ/red in order for the interest on such bonds
<br />to qualify for exemption from the ~mposition of federal income mx; and
<br />
<br /> WHEREAS, the Authority held a publ/c hearing on December 20, 1994. in
<br />compliance with the requirements of the Code and Section 15.1-1378.1 of the Act, and
<br />after such public hearing did adopt a resolution to issue not to exceed $600,000 of its tax-
<br />exe~mpt Industrial Development Revenue Bond (YMCA Project) Series 1994 (the "Bond"),
<br />subject to the adoption of this resolution; and
<br />
<br /> WHEREAS, the Authority has recommended that this Council approve the
<br />issuance of the Bond; and
<br />
<br /> WHEREAS, the Bond is not subject to the limitation on the volume of notes or
<br />bonds the interest on which is exempt from the imposition of ledge tax pursuant
<br />to Section 146(g) of the Code; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving flue issuance of the
<br />Bond? subject to the terms to be agreed upon, a record of the public heahng with respect
<br />to the Bond and a Fiscal Impact Statement in the form prescribed by Section 15.1-1378.2
<br />of the Act have been filed with the Council as required by the Act and the Code;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth:
<br />
<br /> Section h That, relying upon the recitals and findings of the Authority contained
<br />in its resolution, the recitals in the preambles hereto am lmm&to be mae and correct in
<br />all respects and are adopted as findings Of this Council as if fully rewritten herein.
<br />
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