Minutes 12/13/1988 - Laserfiche WebLink

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298 December 13, 1988 WHEREAS, the Council of the City of Portsmouth, Virginia, has further been requested to designate the equipment lease purchase agreement as a "qualified tax exempt obligation" for the purposes of ~he Internal~Revenue Code of~.t986; and WHEREAS, neither 'the City Of Portsmouth nor any of its subordinate entities'has issued or expects to issue in excess of Five Million ($5,~00,000.00) Dollars ~ggregate amount of qualified tax exempt obligations durfng 'calendar year 1988 as e~idenced~b,~the~¢hed,certifications of ~he Cfty of Portsmouth and its subordinate entities, made a part hereof; and WHEREAS, pursuant to Section 265 (b) (3) of the Inte~nat Revenue Code of 1986, it is determined that it is appropriate to s~ designate the'equipment lease purchase a~reement for the acquisition of said radio communication equipment as a qualified tax exempt obligation. NOW, THEREFORE, BE IT RESOLVED by the Council~of the City of Portsmouth, Virginia, that it hereby designates the equipment lease purchase agreement for the acquisition of a Motorola 800 MHZ Smartnet Communications System as a qualified tax exempt obligati6n for the purposes of Section 265 (b) (3) of the Internal Revenue Code of 1986, and further determines that' the equipment lease purchase agreement is not a private activity~bond a~ defined by the Internal Revenue Code. BE IT FURTHER'.RESOLVED tha~ the Council of the City of Portsmouth, Virginia further certifies that neither the City of Portsmouth nor any of its subordinate entities have issued or reasonably expect to issue in excess of Five Million ($5,000,000.00) Dollars aggregate amount of qualified tax exempt obligatI~n~ during ~he cat~ndar year 1988 and further agrees not to d~slgnate more than'Five Million [$5~000,000.00) Dollars aggregate amount of qualified tax exempt obligations duri~9 this calendar year.''~ Corprew, Gray, .Hawks, Lu*cas, Si~pson, Webb Nays: None~ 88-%9~8 - L~te~ from' th~ City ~Manager recommending adoption of a resolution appointing viewers for closing a p[ortion of Harding Avenue. "Th~ Virgihia Chemical, s Company hasmade a~pl'icat~on to vacate a portion of Harding Avenue. The Notice of ~pplication and Request for Appointment off Viewers has been advertised. ~'re~ommeh~ adoption of~ th% resolution appo~n%in~ Viewers for this application." ~M~t~on of M~S. Lucas and seconded by Mr. H~wks, the foll6W~ng resolu'tion was adopted, and by the ~o~lowing vote: "A RESOLUTION APPOINTING VIEWERS FOR CLOSING A PORTION OF I¢~%RDING~AVE~UE. WHEREAS, the Virginia Chemicals Company has made application to vacate, close and discontinue the hereinafter.-desCribed portion of Harding Avenue,. and it appearing that Notice of Application a~d Request for ~ Appointment of Viewers has been advertised as required by law.