|
July 25, 2000
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving the issuance of the
<br />Bonds and recommending that the Council approve the issuance of the Bonds, subject
<br />to the terms to be agreed upon, a record of the public hearing with respect to the Bonds,
<br />and a Fiscal Impact Statement in the form prescribed by Section 15.2-4907 of the Act,
<br />have been filed with the Council;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
<br />Portsmouth, Virginia, that:
<br />
<br /> 1. The recitals made in the first preamble to this Resolution are hereby
<br />adopted as a part of this Resolution.
<br />
<br /> 2. The City Council of the City of Portsmouth, Virginia, approves the
<br />issuance of the Bonds by the Authority to assist in the plan of finance described herein
<br />for the benefit of the Company to the extent required by the Code and Section
<br />15.2-4906 of the Act.
<br />
<br /> 3. The Council endorses the Authority's request to the Virginia Small
<br />Business Financing Authority for an allocation of a portion of the "State Allocation" of
<br />the Volume Cap in an amount of $3,000,000 with respect to the Bonds; provided,
<br />however, that the adoption of this Resolution neither carries nor implies any assurance
<br />of or commitment for the allocation of any portion of the Commonwealth's Volume Cap
<br />to the Bonds, nor any obligation of the City, this Council or its members, or the Authority
<br />or its directors, with respect thereto. By accepting and proceeding under authority of
<br />the Authority's and this Council's resolutions, the Company agrees (i) to hold the City,
<br />the Authority and their officers, directors, employees, agents and attorneys, harmless
<br />for any damages, direct or consequential, suffered by the Company as a result of any
<br />action or inaction by any of them with respect to the request for an allocation, (ii) to
<br />forbear against bringing any such action to recover any such damages, and (iii) to
<br />assume the risk that the entire volume of the Commonwealth's Volume Cap may be
<br />allocated by the Virginia Small Business Financing Authority to other tax-exempt
<br />obligations.
<br />
<br /> 4. The approval of the issuance of the Bonds, as required by the Code and
<br />Section 15.2-4906 of the Act, does not constitute an endorsement to a prospective
<br />purchaser of the Bonds of the creditworthiness of the Project or the Company, and, as
<br />required by Section 15.2-4909 of the Act, the Bonds shall provide that neither the City
<br />nor the Authority shall be obligated to pay the Bonds or the interest thereon or other
<br />costs incident thereto except from the revenues and moneys pledged therefor and
<br />neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City
<br />or the Authority shall be pledged thereto."
<br />
<br />Ayes: Benn, Griffin, Moody, Robinett, Whitehurst, Holley
<br />Nays: None
<br />
<br />00 - 178 - Adoption of a resolution to approve the issuance of revenue bonds by the
<br />Economic Development Authority of Henrico County, Virginia, not to exceed $6 million,
<br />to pay costs of the acquisition, construction, equipping and installation of certain capital
<br />improvements and additions for Maryview Medical Center located at 3636 High Street,
<br />Portsmouth, Virginia 23707.
<br />
<br />This action will be beneficial to the citizens by providing modern and efficient
<br />medical services and will reduce the cost of the provision of such services. The
<br />bonds do not affect the City's debt capacity.
<br />
<br />Recommendation:
<br />
<br />· Adoption of a resolution to approve the issuance of revenue bonds by the Economic
<br />Development Authority of Henrico County, Virginia, to pay costs of the acquisition,
<br />construction, equipping and installation of certain capital improvements and additions
<br />for, among others, Maryview Medical Center located at 3636 High Street, Portsmouth,
<br />Virginia 23707.
<br />
<br />
<br />
|