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August 26, 1986
<br />
<br /> WHEREAS, pursuant to the authority ves~ed in him in t~e Deficit
<br /> ton Act of 1984 (the "Act"), the Governor of Virgini~ issued
<br /> Order No. 54(85) on January 23, 1985, and amendedl on July
<br />14, 1986 (the "Order". providing a formula for the allocatilon of the
<br /> Ceiling as defined in that "Order" and authorized thei City
<br /> 1 of Portsmouth, Virginia to allocate its portion of ithe State
<br />Ceiling to the issuing authorities within the City of Portsmouth,
<br /> and
<br />
<br /> WHEREAS, the IDA has requested City Council to approvei the
<br />issuance of ~ndustrial Development Revenue Bonds in an amount not to
<br />~xceed Three Hundred Twenty-Five Thousand Dollars ($325,000b f~r th~
<br />~enefit of the "Company" 'in order to comply with the aa~lic~b~a
<br />~ederal and State law, and a copy of IDA's-Resolution ~nro~i~
<br /> :e of the Bonds subject to the terms and conditio~
<br /> and the appropriate certifiaations and documentations, in-
<br /> g, without ]imitation, a reasonably detailed summary 9f the
<br /> ts expressed at the public hearing and a Fiscal Impact State-
<br /> have been provided to the City Council for their cons~deratio=
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of [[
<br /> ~outh, Virginia approves the issuance of Industrial DeVelopmentll
<br /> Bonds by IDA for the Company" in an amount not to exceed
<br /> Hundred Twenty-Five Thousand Dollars ($325,000) to assist in Il
<br /> the acquisition, constru:tion and equipping of the "FacilitF", and
<br /> ~llocates Three Hundred Twenty-Five Thousand Dollars ($325,~00) of
<br /> the City's limit zmposed pursuant to the "Order" to ~DA in ~rder to
<br /> :over the issuance by IDA of the Three Hundred Twenty-Fir,
<br /> ($325,000) Industrial Development Revenue Bonds for the ben6fit of
<br /> the "Company"; provided, however, that if the Bonds are not issued
<br /> ~n or before August 29, 1986, such allocation for the benefit of th
<br /> 'Company" shall expire unless such period is extended by a Resoluti,~
<br /> this Council.
<br />
<br /> BE IT FURTHER RESOLVED that the adoption of nhis Resolution
<br /> no~ constit,u, te an endorsement of the Bonds, financial Viabilit
<br /> "Fac~llt~ or the credit worthiness of the "Com an" Y
<br /> p y ,~ but the
<br /> shall provide that neither the Commonwealth ef Virginia, City
<br /> Portsmouth, nor IDA shall be obligated to pay ~he Bonds or the
<br />interest thereon or the costs incident thereto except from ~he reve-
<br />nues and monies pledged therefor, and-neither the faith nor ithe
<br />:redit of the taxing power of the Commonwealth, th~ City no~ IDA
<br />shall be pledged thereto.
<br />
<br />This Resolution shall take effect
<br />
<br />Ayes: Barnes, Corprew, Gray,
<br />Nays: None
<br />
<br />immediately upon its ladcfption"
<br />Lucas, Simpson, Webb,, Holley
<br />
<br /> 86-320 - Letter from the City Manager recommendin~ adonition ~F II
<br /> m~io~ $? a~thorize refunds of real estate taxes, wi~hout=iinter~tll
<br /> ~ the roi±~w~ng taxpayers who have made duplicate tax paymehts for
<br />:ne year ended June 30, 1986: '
<br />
<br /> a,) Dominion Bankshares ~146 06
<br /> b.) Douglas R. Jewel] 27.08
<br /> c.) Cameron Brown Mortgage Co. 157.95
<br /> d.) Richard Brisson 146.31
<br />
<br /> "The Treasurer of the City of Portsmouth is requesting refunds
<br /> four (4) taxpayers (listed above) that, according to the records
<br /> the City treasurer have paid real estate taxes twice for the year
<br />snded June 30, 1986.
<br />
<br />
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