|
September 16, 1986
<br />
<br /> WHEREAS by concurring resolutions adopted by the Councils of
<br />the Cities o~ Hampton, Newport News, Portsmouth, Norfolk, ~irginia
<br />Beach, Chesapeake and Suffolk, Virginia, and the Board of Superviso~
<br />of Isle of Wight County, Virginia (collectively, the Participating
<br />Political Subdivisions~, The Sports Authority of Hampton ROad~,
<br />Virginia ~the Authority) was created pursuant to the Public Recrea-
<br />tional Faailities Authorities Act, Chapter 29, Title 15.1-1i27~,
<br />~t seq.); and
<br />
<br /> WHEREAS, the Authority has proposed to acquire, constriuct and
<br />equip a public recreational and sports facility containing !a 1-3/4
<br />mile super speedway with grantstands, campground and all reist~urant,
<br />parking, transportation and utility (including sewage treatment)
<br />facilities and concessions in connection therewith ~collectiive~v
<br />the Project) to be located in Isle of Wight County,~Virginiia a~'
<br />leased to PWB Promotions, Inc. (the Lessee); and
<br />
<br /> WHEREAS, the Authority intends to finance th~ Project ~y
<br />~$suing up to $20,000,000 of its Industrial Development Bon~s,
<br />$15,000,000 by the Participating Political Subdivisions in ~he
<br />following amounts, including both principal and interest:
<br />
<br />City of Hampton $ 3,212,724
<br />City of Newport News $ 3,583,843
<br />City of Portsmouth $ 3,045,837
<br />City of Norfolk $ 5,051,984
<br />City of Virginia Beach $ 5,477,954
<br />City of Chesapeake $ 3,271,076
<br />City of Suffolk $ 2,339,776
<br />County of ~sle of Wight $ 2,023,~07
<br />
<br />and
<br />
<br /> WHEREAS, by Chapter 426 of the Acts of the 1986 Virginia General
<br />ssembly, the Participating Political Subdivisions may cont~ac~ to ~1
<br />Ilguarantee the F~yment of all or any part of the euara~teed ~on~s an~
<br />Ilsuch contract obligation shall be an excluded in[ebtedness ~it~
<br /> the meaning and for the purposes of Article VII, Section 10[(~[-~4)
<br /> of the Constitution of Virginia and shall not be considered!a ~ebt
<br /> for the purpose of any present or future charter limitation on the
<br /> amount of debt or bonds of, or the method of incurring debt or
<br /> issuing bonds by, such participating Political Subdivisions; amd
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia has determined that
<br />it is necessary and prcper and in its best interest to guarantee up
<br />to $3,045,837 of Guaranteed Bonds, including both principal and
<br />interest, subject to the conditions hereinafter set fort~ in t~is
<br />Resolution.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Counail of the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. ~hat it does hereby agree to guarantee $~,631,308 ~rincipalll
<br />amount of the Guaranteed Bonds and to guarantee interest payments II
<br />thereon not to exceed $1,414,529 and does hereby specifically a~tho-I/'
<br />rize the execution of any appropriate guaranty agreement (the
<br />Guaranty) by the Mayor and the City Clerk upon and subject ~o ~he
<br />following specific conditions:
<br />
<br /> (b) The Council shall have received and approved ithq
<br />~ritten le~se agreement ~the Lease) between the Authority a~d ~he
<br />~essee.
<br />
<br />determined to
<br />
<br /> bie e]xc ludl~pd
<br /> ffdebtedness within the meaning and for the purposes of Artiicld VII,[
<br />Section 10 (a) (4) of the Constitution of Virginia and shalli not be ~
<br />
<br />(c) The Guaranteed Bonds shall be
<br />
<br />approved by the City Attorney.
<br />
<br />
<br />
|