Minutes 01/26/1988 - Laserfiche WebLink

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January 26, 1988 WHEREAS, the "Applicant" has described to IDA the benefits which the "Facility" will bring to the Commonwealth of Virginia, the City of Portsmouth, Virginia, and the entire Tidewater area of Virginia, and the IDA has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law, and a copy of IDA's Resolution approving the issuance of the Bonds subject to the terms and conditions contained therein and the appropriate certifications and documentations, including, without limitation, a reasonably detailed summary of the comments expressed at the public hearing and a Fiscal Impact Statement have been provided to: the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance by IDA of its Bonds in an amount not to exceed two million eight hundred thousand ($2,800,,000) dollars for the benefit of the "Applicant" to assist in financing the ,!Facility,'. BE IT FURTHER RESOLVED that the adoption of this Resolution does not constitute an endorsement of the Bonds, financial viability of the "Facility" Or the credit worthiness of the "Applicant", but, as required by the applicable provisions of the Code of Virginia, the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor the IDA 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 the credit or the taxing power~ of the Commonwealth, the City or IDA shall be pledged thereto. This Resolution shall take effect immediately upon its adoption." Ayes: Barnes, Gray, Lucas, Simpson, Williams, Webb Nays:. Corprew -88-37 - Letter from the City Manager recommending adoption of a resolution establishing a schedule for consideration by the City Council of the 1988-89 Operating Budget, the imposition and levying of taxes and fees for the purpose of raising revenue for the support of Governmental Operations ~and the Public Schools, and General Revenue Sharing. "I am recommending that the City Council adopt a resolution changing the date of the first regularly scheduled meeting in May 1988 from Tuesday the 10th to Wednesday the li~h. In addition, the resolution confirms and establishes the dates for the review and adoption of the Annual OPerating Budget for the fiscal year 1988-89. Historically, the Councilmanic elections are held on the first Tuesday of May; however, the date of this year's elections was altered by the General Assembly to correspond with the "Super Tuesday" presidential primary. In order to ~avoid a potential conflict in scheduling, I am recommending this change." On motion of Mr. Gray and seconded by Mr. Simpson, the following resolution was adopted, ~and by the following vote: