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December 13, 2005
<br />
<br />Motion by Mr. Moody, and seconded by Mr. Whitehurst, to close the nominations
<br />and the above nominations were adopted by the following vote
<br />
<br />Ayes: Heretick, Moody, Psimas, Randall, Smith, Whitehurst, Holley
<br />Nays: None
<br />
<br />05 - 584 - Items Submitted by Council Members
<br />
<br /> Motion by Mr. Moody, and seconded by Mr. Whitehurst to add the following
<br />resolution to the agenda, and was adopted by the following vote:
<br />
<br />Ayes: Heretick, Moody, Psimas, Randall, Smith, Whitehurst, Holley
<br />Nays: None
<br />
<br /> Motion by Mr. Whitehurst, and seconded by Mr. Smith, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />“RESOLUTION CONCURRING WITH THE ISSUANCE BY THE INDUSTRIAL
<br />DEVELOPMENT AUTHORITY OF THE TOWN OF MOUNT JACKSON, VIRGINIA, OF
<br />BANK QUALIFIED REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $4,000,000
<br />FOR YMCA OF PORTSMOUTH.
<br />
<br />WHEREAS
<br />, there has been described to the Economic Development Authority of
<br />the City of Portsmouth (the "Portsmouth Authority") the plans of YMCA of Portsmouth
<br />(the "Applicant"), the principal business address of which is 4900 Western Branch
<br />Boulevard, Portsmouth, Virginia 23703, for the issuance by the Industrial Development
<br />Authority of the Town of Mount Jackson, Virginia (the "Mount Jackson Authority"), of
<br />bank qualified revenue bonds in an original principal amount not to exceed $4,000,000
<br />(the "Bonds") (1) to pay a portion of the cost of (i) a 10,000 square foot children's and
<br />teens' activity center, (ii) aerobics and group exercise rooms, (iii) a swimming pool, and
<br />(iv) furniture, fixtures and equipment for the Applicant's new and existing facilities, all to
<br />be located at 4900 High Street W., Portsmouth, Virginia 23703, (2) to refinance existing
<br />mortgage debt of the Applicant, and (3) to pay a portion of the costs of issuing the
<br />Bonds described below (collectively, the "Project"); and
<br />
<br />WHEREAS
<br />, the Project will be owned by the Applicant; and
<br />
<br />WHEREAS
<br />, it has been represented to this Council that the Mount Jackson
<br />Authority has held a public hearing with respect to its bonds on December 13, 2005,
<br />and adopted an approving resolution (the "Mount Jackson Authority Resolution") with
<br />respect to such bonds on that date; and
<br />
<br />WHEREAS
<br />, Section 15.2-4905 of the Code of Virginia of 1950, as amended (the
<br />“Virginia Code”), provides that this Council must concur with the adoption of the Mount
<br />Jackson Authority Resolution prior to the issuance of the Bonds; and
<br />
<br />WHEREAS
<br />, it has been represented to this Council that a public hearing with
<br />respect to the Bonds as required by Virginia law and the Internal Revenue Code of
<br />1986, as amended (the "Code"), was held by the Portsmouth Authority on November
<br />15, 2005; and
<br />
<br />WHEREAS
<br />, on November 15, 2005, following the conclusion of its public
<br />hearing, the Portsmouth Authority adopted a resolution. (the "Portsmouth Authority
<br />Resolution") recommending that this Council concur with the Mount Jackson Authority
<br />Resolution; and
<br />
<br />WHEREAS
<br />, the Code and Section 15.2-4906 of the Virginia Code provide that
<br />the highest elected governmental officials of the governmental unit having jurisdiction
<br />over the area in which any facility financed with the proceeds of a private activity bond is
<br />located shall approve the issuance of such bond; and
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