Minutes 11/27/2007 - Laserfiche WebLink

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November 27,2007 WHEREAS, the Series 2008 Bonds to be issued for the benefit of Maryview shall not exceed $30,000,000; and WHEREAS, the Series 2008 Bonds will be issued pursuant to the Virginia Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended (the "Act"), and will be limited obligations of the Henrico Authority payable solely from the revenues and receipts derived from payments provided by BSHSI, Maryview, and certain other related corporations; and WHEREAS, the facilities of Maryview to be financed are located within the boundaries of the City of Portsmouth, Virginia, which has created the Economic Development Authority of the City of Portsmouth, Virginia (the "Portsmouth Authority"), and Section 15.2-4905 of the Act permits the issuance of the Series 2008 Bonds by the Henrico Authority for the benefit of Maryview if the governing body of the City of Portsmouth, Virginia concurs in the Inducement Resolution adopted by the Henrico Authority; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the highest elected governmental official of the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of the Series 2008 Bonds is located must approve the issuance of the Series 2008 Bonds in order for the interest on the Series 2008 Bonds to be entitled to certain exemptions from taxation provided by the Code and the City Council of the City of Portsmouth, Virginia constitutes such highest elected governmental official within the meaning of the Code; and WHEREAS, Section 15.2-4905 of the Act requires that the governing body of the City of Portsmouth, Virginia approve the issuance of the Series 2008 Bonds recommended by the Portsmouth Authority; and WHEREAS, on November 20, 2007, the Portsmouth Authority adopted a resolution approving the issuance of the Series 2008 Bonds by the Henrico Authority and recommending that the City Council of the City of Portsmouth, Virginia concur in the Inducement Resolution of the Henrico Authority and approve the issuance of the Series 2008 Bonds by the Henrico Authority; and NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: 1. The recitals made in the preamble to this Resolution are hereby adopted as a part of this Resolution. 2. The City Council of the City of Portsmouth, Virginia, approves the issuance of the Series 2008 Bonds by the Henrico Authority for the benefit, among others, of Maryview, and concurs in the Inducement Resolution adopted by the Henrico Authority for all purposes for which such approval is required, including without limitation, Section 147(f) of the Code and Section 15.2-4905 of the Act. 3. The approval of the issuance of the Series 2008 Bonds, as required by Section 147(f) of the Code and Section 15.2-4905 of the Act, does not constitute an endorsement to a prospective purchaser of the Series 2008 Bonds or the creditworthiness of BSHSI or Maryview, nor does it constitute a pledge of contributions from the City of Portsmouth, Virginia. 4. The City Clerk is hereby instructed to forward a copy of this resolution to the Portsmouth Authority, the Henrico Authority and Maryview. 5. This Resolution shall take effect immediately upon its adoption."