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---N°vember 23, 1993_
<br />
<br /> WB~F~EAS, the Applicant, which owns the Facility, has its
<br />present principal place of business at 11832 Rock Landing Drive,
<br />suite 304, Newport News, Virginia; and
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of
<br />1986, as amended (the "Code"), requires approval by this Councilor
<br />the issuance of any private activity bonds by the Authority after
<br />it has held a public hearing to consider the issuance of such bonds
<br />as one of the acts required in order for the interest on such bonds
<br />to qualify, for exemption from the imposition of federal income tax;
<br />and
<br />
<br /> WHEREAS, the Authority held a public hearing on November
<br />9, 1993, in compliance with the requirements of the Code and
<br />virginia Code Section 15.1-1378.1, and after such public hearing
<br />did adopt a resolution to issue not to exceed $4,3~4,000 of its
<br />tax~exempt First Mortgage Refunding Revenue Bonds (Portsmouth
<br />Holiday Inn Facility) Series 1993 (the "Bonds"), subject to the
<br />adoption of this resolution; and
<br /> Wku~%EAS, the Authority has recommended that the Council
<br />approve the issuance of the Bonds; and ~
<br />
<br /> WHEREAS, the proposed amount of theBonds will not exceed
<br />the amount of the Series 1981 bonds to be refunded, making the
<br />Bonds exempt, under Section 146(i)(1) of the Code, from the
<br />limitation on the volume of notes or bonds the interest on which is
<br />exempt from the imposition of federal income tax; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving
<br /> the issuance of the Bonds, subject to the terms to be agreed upon,
<br /> a record of the public hearing with respect to the Bonds and a
<br /> Fiscal Impact Statement in the form prescribed by Virginia Code
<br /> Section 15.1-1378.2.. have been filed with the Council as required
<br /> by Virginia Code Sections 15.1-1378.1 and 15.1-1378.2 and the Code;
<br /> NOW, THEREFORE, BE IT RESOLVED bythe Council of the city
<br /> of Portsmouth:
<br /> Section 1: That, relying upon the representatzon .of the
<br /> Authority contained in its resolution, the recitals in the
<br /> preambles hereto are found to be true and correct in all respects
<br /> and are adopted as findings of this Council as if fully rewritten
<br /> herein.
<br /> Section 2: That the Facility proposed to be refinanced
<br /> by the issuance of the Bonds be, and hereby is, deemed appropriate
<br /> for such financing and, accordingly, the issuance of the Bonds be,
<br /> and hereby is, approved for all purposes for which such approval is
<br /> required, including without limitation Virginia Code Section 15.1-
<br /> 1378.1 and Section 147(f) of the Code.
<br />
<br /> Section 3: That the City Clerk be,
<br /> instructed to forward a copy of this resolution
<br /> and to the Applicant.
<br /> Section 4: That this resolution shall take effect
<br /> immediately upon the date of its adoption.
<br />
<br />and hereby is,
<br />to the Authority
<br />
<br />Na~s:
<br />
<br />93~460
<br />a motion to award a contract to the lowest responsible bidder,
<br />Virtexco Corporation, for right-of-way improvements along
<br />Effingh~m Street.
<br />
<br /> Bids were received on November 10, 1993 for the
<br />installation of brick sidewalks, tree planters, and colonial
<br />light fixtures for the remodeled YMCA along its Effingham
<br />Street frontage. An alternate bid was also received to
<br />complete the colonial lighting to the 1-264 underpass which
<br />will be funded through the Traffic Engineering Department's
<br />budget.
<br />
<br />Ciemo~s, ~pperson, Griffin,' Hawks, King, Pitts, Webb
<br />None
<br />
<br />- Letter from the City Manager recommending adoption of
<br />
<br />
<br />
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