Minutes 11/25/2003 - Laserfiche WebLink

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November 25, 2003 4. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action as they deem necessary regarding the Amendment and the Refunding Bonds and all actions taken by such officers and agents in connection with the Amendment and the Refunding Bonds are ratified and confirmed. 5. Effective Date: Applicable Law. This Resolution shall take effect immediately. The City Council elected to issue the Note pursuant to the provisions of the Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended (the "Act"), in accordance with Section 15.2-2601 of such Act. The Act shall also govern the Amendment." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 03 - 425 - Adoption of a resolution authorizing the issuance by the Industrial Development Authority of the City of Portsmouth, Virginia, of a $8,500,000 revenue bond for the Virginia Sports Hall of Fame, incorporated. The bond will provide that neither the City nor the IDA is obligated to pay the revenue bond or the interest thereon or any other incidental cost except for the revenues and money pledged. Recommendation: · Adoption of a resolution authorizing the issuance of an Industrial Development Authority (IDA) Revenue Bond in an aggregate principal amount of $8,500,000 for Virginia Sports Hall of Fame Incorporated. Purpose and Need: · The Virginia Sports Hall of Fame Incorporated has requested, and the IDA has approved, the issuance of an IDA revenue bond in an amount not to exceed $8.5 million. · The funds raised by the issuance of the Bond will used for the construction and equipping of the new Virginia Sports Hall of Fame on High Street and related bond issuance expenses. · While the IDA will issue the Bond, the Internal Revenue Code requires that the City approve its issuance. Financial Impact: · The Bond will provide that neither the City nor the IDA is obligated to pay the Revenue Bond or the interest thereon or any other incidental costs except for the revenues and monies pledged therefor. 1. Bob Aston, P. O. Box 370, spoke in support of this item. 2. William H. Kline, 4524 Winston Road, spoke in support of this item. 3. Brad Cherry, 2742 Sterling Point Drive, spoke in support of this item. 4. Mark Geduldig-Yatrofsky, 363 Middle Street, spoke in opposition to this item. 5. Martha Ann Creecy, 317 Dinwiddie Street, spoke in opposition to this item.