Minutes 10/13/1987 - Laserfiche WebLink

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477 October 13, 1987 Although bond financing is no longer available for commercial projects, refundings are permitted under certain criteria which project satisfies. The refunding will have no impact on our ability to issue bonds in Portsmouth for eligible uses. The attached resolution has be~n prepared by the City Attorney and I recommend its approval." "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR F.T. ASSOCIATES IN AN ~OUNT NOT TO EXCEED $1,150,000.00 FOR THE PURPOSE OF REFUNDING INDUSTRIAL DEVELOPMEN~ REVENUE BONDS (F.T, ASSOCIATES PROJECT) ISSUED ON MARCH 22, 1983 IN THE ORIGINAL PRINCIPAL AMOUNT OF $1,250,000.0( FOR THE PURPOSE OF ACQUIRING AND RENOVATING AN EXISTING NEIGHBORHOOD SHOPPING CENTER LOCATED AT THE INTERSECTION OF HIGH STREET AND TYRE NECK ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portmsouth, Virginia (PIDA) has been authorized by the Coundil of the City of Portsmouth, Virginia, to advertise and hold public bearings relative to the issuance of revenue bonds in accordance with the applicable Federal and State law; and WHEREAS, the PIDA has considered the application of F. T. Asso¢%ates, a Virginia general partnership, ~the "Company") for the issuance by PIDA of Industrial Development Revenue Refunding Bonds ~F.T. Associates Facility), Series 1987, in an amount not to exceed One Million One Hundred Fifty Thousand Dollars-($1,150,000 ~the "original bonds") issued to Finance the acquisition and renova tion of an existing neighborhood shopping center consisting of approximately 42,000 square feet of stores on appriximately 3.65 acres of land located at the intersection of High Street and Tyre Neck Road and to acquire, construct and equip additions to such shopping center ~the "Facility"); and WHEREAS, F.T. Associates has described to PIDA the benefits which the Facility will bring to the Commonwealth of Virginia and the City of Portsmouth, Virginia, and that PIDA has held a public hearing thereon in accordance with ali applicable Federal and State laws on September 30th, 1987, and has requested City Council to approve the issuance of the refunding bonds; and WHEREAS, a copy of PIDA's resolution approving the issuance of said bonds, subject to the terms and conditions contained therein and the appropriate certifications required by the applica~ Federal and State laws have been provided to City Coucnil for its consideration. NOW, ~H~R~ORB, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance by PIDA of its bonds in an amount not to exceed One Million One Hundred Fifty Thousand Dollars [$1,150,000.00] to assist the "Company" in refunding the "original bonds" issued to finance the "Facility". BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable Federal and State law does not constitute endorsement of the bonds, the financial viability of the "Facility" or the credit worthiness of the "Company", but, as required by the applicable provisions of the Code of Virginia, the bonds shall provide that neither the Commonwealth of Virginia, the City of Portsmouth nor the PIDA shall be obligated to pay the bonds or the interest hereon or the costs incident thereto except from the revenues of monies pledged therefor, and neither the faith nor credit of the taxing power of the Commonwealtb, the City nor PIDA shall be pledged thereto. This resolution shall take effect immediately upon its