Minutes 06/12/2007 - Laserfiche WebLink

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June 12. 2007 WHEREAS, the Authority held a public hearing on April 17, 2007, in compliance with the requirements of the Code and Section 15.2-4906 of the Act and after such public hearing did adopt a resolution to issue not to exceed $12,000,000 of its tax-exempt new empowerment zone facility revenue bonds for the Project, and recommended the public approval of the Bonds by the Council of the City of Portsmouth (the "Council") and the designation of the Bonds by the Councils of the Cities of Norfolk and Portsmouth as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code (the "Authority's Resolution"); and WHEREAS, a copy of the Authority's Resolution, a record of the public hearing with respect to the Bonds and a Fiscal Impact Statement in the form prescribed by Section 15.2-4907 of the Act, have been filed with the Council; and WHEREAS, the Governance Board of Empowerment 2010, at its meeting on May 29, 2007, adopted a resolution recommending that the Councils of the Cities of Norfolk and Portsmouth designate the Bonds as new empowerment zone facility bonds for purposes of Section 1394(f)(2)(A) of the Code; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That, relying upon the representations of the Authority, the recitals in the preambles hereto are found to be true and correct in all respects and are adopted as findings of this Council as if fully rewritten herein. Section 2: That the Project proposed to be financed by the issuance of the Bonds is deemed appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved to the extent required by Section 147(f) and Section 15.2- 4906 of the Act, and the Council designates the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code. Section 3: The approval of the issuance of the Bonds and their designation as new empowerment zone facility bonds, as required by Sections 147(f) and 1394(f)(2)(A) of the Code and Section 15.2-4906 of the Act, do not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant, and the Bonds shall provide that the City of Portsmouth shall not be obligated to pay the Bonds or the interest thereon or other costs incident thereto, and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. Section 4: That this resolution shall take effect on the date of its adoption, and shall expire one year from the date of its adoption." Ayes: Moody, Psimas, Randall, D. Smith, Holley Nays: R. Smith - New Business - 07 - 271 - Boards and Commissions Mr. Moody offered the following nominations: BEHAVIORAL HEAL THCARE SERVICES ADVISORY BOARD Lorraine Edwards to be appointed to fill a three year term ending June 30, 2010, replacing Bruce Childs. William Moore to be appointed to fill a three year term ending June 30,2010, replacing Helen Gary.