Minutes 05/26/1987 - Laserfiche WebLink

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~Jay 26, 1987 WHEREAS, the IDA has requested City Council to approve the ~ssuance of Industrial Development Revenue Bonds in an amount not to exceed Seven Hundred Thousand C$700,000) for the benefit of the ~'Applicant' in order to comply with the applicable federal and stat~ law, and a copy of IDA's reselution 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 pro- ided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of Industrial Developmenl Revenue Bonds by IDA for the "Applicant" in an amount not to exceed Seven Hundred Thousand Dollars (~700,000) to assist in the refundin of a bond issued by the IDA in February,._-~K for the acquisition, construction and equipping of the "Facility". BE IT FURTHER RESOLVED that the adoption of this Resolution do constitute an endorsement of the bonds, financial viability of the "Facility" or the credit worthiness of the "A~licant", but the bonds shall provide that neither the Commonwealth of Virginia, City ~f Portsmouth, nor IDA shall be obligated to pay the bonds or the interest thereon or the cost incident thereto e×cent fr~m the,re~ennes ~onies p~dged therefore and neither the faith-nor the credit ~f the taxing power of the Commonwealth, the City nor IDA shall be ~ledged ~hereto." This ~e~olu~ion s~i1 tak~ effect i'mmediate~y upon~i~ ~ adopZion." Corprew, Gray, Lucas, Simp~on; Webb, Holle Ayes: Barnes, Nays: None 87-242 Letter from the City Manager recommending adoption of a resolution supporting the application of Cogentrix, Inc., to the State Water Control Board for a permit to drill two deep wells. "Cognetrix, Inc. has applied to the State Water Control Board for a permit to drill two deep wells and withdraw 2.0 2.8 million gallons per day (mgd) for cooling water use. This use of non-drink- ing quality well water would reduce their ~ithdrawal from Portsmout] s "Churchland" ~ransmission system and ~reserve drinking water for more critical, future domestic and industrial uses. Jim S~acek, Portsmouth's Utility Director recommends Portsmout] support Co~entri~ appl~catzon for these wells. He cautions that the supply of drinking water 2.0 2.8 mgd from the Churchland syst~ ! may not sllow sufficient reserve delivery ca~ability for future gro~ ~h in that area of the City. I concur with Mr. SFacek's recommendation of support for the Cogentrix application and offer the attached resolution for your passage and subsequent delivery to the State Water Control Board." 'b On motion of Mr. Simpson and seconded by Mrs. We~ , the follow lng resolution was adopted, and by the following vote: "A RESOLUTION REQUESTING APPROVAL BY THE STATE WATER CONTROL BOARD OF AN APPLICATION OF COGENTRIX, INC., FOR A PE~IT TO DRILL TWO DEEP WELLS FOR USE IN CONNECTION WITH ITS COGENERATION PLANT. WHEREAS, Cogentrix, Inc., has made application to the State Water Control Board for a permit to drill two deep wells and with- draw 2.0-2.8 million gallons per day for cooling water use in con- nection with its cogeneration plant under construction in Portsmoui and