Minutes 12/13/1988 - Laserfiche WebLink

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,296 December 13, 1988 WHEREAS, the Authority, as the issuing governmental~unit, has no applicable'elected representative and the City of Portsmouth (the "City") is the next highest governmental, unit with such a representative;' and WHEREAS, the members of the City Council of the City (the "Council ) ccnstit~te~the applicabl~ elected representatives of the City.; and WHEREAS, Chapter 514 of the 1983 Acts of the General Assembly of Virginia ("Chapter 514") and Section 15.1-1378.1 of the Code of Virginia of 1950, as amended, (the "Virginia'Code") requires that the Council approve or disapprove the financing of any facility recommended by the Authori%y; and WI~EREAS, the Authority recommends that the Council approve the issuance of the Refunding Bonds; and WHEREAS, a cop~ of the Authority's Resolution approving the issuance of the Refunding Bonds,~ subject to the terms to be agreed upon, a reasonably detailed summary of the comments expressed at the public hearing, if3 any, and the Fiscal Impact Statement r~qdire~ by Section 15.1-1378.2 of the Virginia Code have been filed with the Council. of the City. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. The Council of which are incorporated Resolution as if fully the City approves the 'foregoing recitals in, and deemed a part of, this set forth herein. 2. ThE Co~ncil of the City'approves the issuance of~the Refunding Bonds ~by the Authority, fo~ the benefit of the Company, t.o~h~ extent of and as required by the Internal Revenue Code, Chapter 514, and the Virginia Code, to permit the Authority to assist in the refinancing of the Project. 3. The approval of the issuance of ~th~' Refundihg~-Bonds as required by the Internal Revenue Code, Chauter '514, and the Virginia Code, does not constitute an endorsement to the perspective purchasers o~ the Refunding ~onds or of the credit worthiness of the P~oject or-the Compa,ny .and the Refundin~ Bonds shall provide that neither the City, the City of Virginia Beach,' the City of Virginia Beach Development Authority nor' the Authority'~shalt be obligated to pay the'Refunding Bo~ds or the interest thereon or other costs incident' thereto except 'from the revenues and monies pledged therefor, and neither the faith nor the credit 0~ the taxing power of 'the Commonwealth, the City, the Authority, the City of Virginia Beach, nor the City of Virginia Beach Development Authority shall be pledged thereto.