Minutes 05/24/1988 - Laserfiche WebLink

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111 May 24, 1988 WHEREAS, the Authority issues its bonds on behalf of Portsmouth, Virginia (the "City"~ the-facility-is located within the City and the members of the City Council of the City of Portsmouth (the "Council"") constitute the highest elected governmental-officials of the City; and WHEREAS, §15.1-1378.1 of the Code of Virginia, 1950, as amended, provides that the Council shall within sixty (60) calendar days from the public hearing with respect to Industrial ~evelopment Revenue Bonds either approve or disapprove the issuance of such bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a reasonably detailed summary of the comments expressed at the public hearing with respect to the Bonds and a statement in the form prescribed by ~15.1-1378.2 of the Code of Virginia, 1950, as amended, have been filed with the Council, together with the Authority's recommendation that the Council approve the issuance of the Bonds~. NOW, T~EREFORE, BE IT RESOLVED by the City Council of the City of Portsmouth, Virginia: 1. The recitals made in the second 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 Bonds by the Authority or, to the extent permitted by Section 15.1-1378 of the Code of Virginia, 1950, as amended, and the Internal Revenue Code of 1986, by the Industrial Development Authority of the City of ~Chesapeake or the Peninsula Ports Authority of Virginia, to assist in the financing of the facility for the benefit of the Company, to the extent required by the Internal Revenue Code o~ 1986, as amended (the "Code"), and ~15.1-1378'.1 of the Code of Virginia, 1950, as amended (the "Virginia Code"). 3. The approval of the issuance of the Bonds, as ~equired by the Code and ~15.1-1378.1 of the Virginia Co~e, ~does not constitute an endorsement to prospective purchasers of the Bonds of the credit worthiness of the facility or the~Company, and, as required by ~15.1-1380 of the Virginia Code, the Bonds shall provide that neither the City nor the issuer of the Bonds shall be obligated to pay the Bonds or the interest thereon or the costs incident thereto except from the revenues and monies pledged therefor and neither the faith nor credit nor the taxing power of the Commonwealth of Virginia, the City nor the issuer of the Bonds shall be pledged thereto. 4. This Resolution shall take effect fmmediately upon its adoption." Ayes: Barnes, Corprew, Gray, Simpson, Williams, Webb Nays: None Abstaining: LUcas' · 88-210 - Letter from the City Manager recommending adoption of a resolution authorizing the filin~ of the applications with the Virginia State Library and Archives for federal aid grants under the Library Services and Construction Act and support of the programs.