Minutes 06/26/2007 - Laserfiche WebLink

Home Browse Search

June 26. 2007 WHEREAS, Section 1394(f)(1) of the Code provides that "new empowerment zone facility bonds" are exempt from the state volume cap restrictions of Section 146 of the Code if bonds are designated under Section 1394(f)(2)(A) of the Code for such purpose by the local government or governments which nominated the area to which the bonds relate for designation as an empowerment zone under Section 1391 (g) of the Code (a "new empowerment zone"); and WHEREAS, the Authority has recommended that the City Councils of the Cities of Portsmouth and Norfolk approve the issuance of the Bonds and designate $71,000,000 of principal amount of the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code, and on June 12, 2007, the City Council of the City of Norfolk approved of the issuance of the Bonds and designation of $71,000,000 of principal amount of the Bonds as "new empowerment zone facility bonds", $51,635,000 of which shall be allocated from the City of Norfolk's portion of new empowerment zone bond allocation received under Section 1394(f)(2)(A), as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code (the "Norfolk Resolution"; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds and recommending that the City Council of the City of Portsmouth, Virginia (the "Council") approve the Authority's issuance of the Bonds, subject to the terms to be agreed upon, 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 Virginia Code, has been filed with the Council; and WHEREAS, on May 23, 2007, the Authority held a public hearing 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 an amount not to exceed $85,000,000 of its New Empowerment Zone Facility Revenue Bonds (Fort Norfolk Plaza, LLC Project), Series 2007, subject to the adoption of the Norfolk Resolution and this Resolution; and WHEREAS, the aggregate face amount of bonds which may be designated under Section 1394(f)(2)(A) of the Code with respect to a new empowerment zone may not exceed $130,000,000 if such zone is in an urban area and the zone has a population of less than 100,000, and the Council has been advised that such limit will not be exceeded by the issuance of the Bonds; now, therefore, NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the recitals made in the preambles hereto are hereby adopted as part of this Resolution. 2. The Council of the City of Portsmouth, Virginia concurs with the adoption of the Norfolk Resolution by the City Council of Norfolk and approves of the issuance of the Bonds by the Authority. 3. That this Resolution shall take effect on the date of its adoption." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None - New Business - 07 - 288 - Boards and Commissions There were no appointments.