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October 29, 2002 <br /> <br /> WHEREAS, the Series 2002 Bonds to be issued for the benefit of Maryview shall <br />not exceed $85,000,000; and <br /> <br /> WHEREAS, the Series 2002 Bonds will be issued pursuant to the Virginia <br />Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia <br />of 1950, as amended (the "Act"), and will be limited obligations of the Henrico Authority <br />payable solely from the revenues and receipts derived from payments provided by <br />BSHSI, Maryview, and certain related corporations; and <br /> <br /> WHEREAS, the facilities to be refinanced are located within the boundaries of <br />the City of Portsmouth, Virginia, which has created the Industrial Development Authority <br />of the City of Portsmouth, Virginia (the "Portsmouth Authority"), and Section 15.2-4905 <br />of the Act permits the issuance of the Series 2002 Bonds by the Henrico Authority for <br />the benefit of Maryview if the governing body of the City of Portsmouth, Virginia concurs <br />in the inducement resolution adopted by the Henrico Authority; and <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended <br />(the "Code"), provides that the highest elected governmental official of the governmental <br />unit having jurisdiction over the area in which any facility financed with the proceeds of <br />the Series 2002 Bonds is located must approve the issuance of the Series 2002 Bonds <br />in order for the interest on the Series 2002 Bonds to be entitled to certain exemptions <br />from taxation provided by the Code and the Council of the City of Portsmouth, Virginia <br />constitutes such highest elected governmental official within the meaning of the Code; <br />and <br /> <br /> WHEREAS, Section 15.2-4905 of the Act requires that the governing body of the <br />City of Portsmouth, Virginia, approve the issuance of the Series 2002 Bonds <br />recommended by the Portsmouth Authority; and <br /> <br /> WHEREAS, on October 15, 2002, the Portsmouth Authority adopted a resolution <br />approving the issuance of the Series 2002 Bonds by the Henrico Authority and <br />recommending that the Council of the City of Portsmouth, Virginia concur in the <br />Inducement Resolution of the Henrico Authority and approve the issuance of the Series <br />2002 Bonds by the Henrico Authority; and <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />PORTSMOUTH, VIRGINIA: <br /> <br /> 1. The recitals made in the preamble to this Resolution are hereby adopted <br />as a part of this resolution. <br /> <br /> 2. The Council of the City of Portsmouth, Virginia, approves the issuance of <br />the Series 2002 Bonds by the Economic Development Authority of Henrico County, <br />Virginia for the benefit, among others, of Maryview, and concurs in the Inducement <br />Resolution adopted by the Henrico Authority for all purposes for which such approval is <br />required, including without limitation, Section 147(f) of the Code and Section 15.2-4905 <br />of the Act. <br /> <br /> 3. The approval of the issuance of the Series 2002 Bonds does not <br />constitute an endorsement to a prospective purchaser of the Series 2002 Bonds or the <br />creditworthiness of BSHSI or Maryview; nor does it constitute a pledge of contributions <br />from the City. <br /> <br /> 4. The City Clerk is hereby directed to forward a copy of this resolution to the <br />Portsmouth Authority, the Henrico Authority and Maryview. <br /> <br />5. This Resolution shall take effect on the date of its adoption." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Randall <br />Nays: None <br /> <br /> <br />