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101
<br />
<br />August 27: 1985
<br />
<br /> Council of this Bond issue within sixty (60) calendar days from an additional public hearing,
<br /> which is expected to be held by the PRHA on September 10, 1985; and
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia, has allocated its entire local allocation
<br />imposed pursuant to Executive Order No. 54(85) issued by the Governor of Virginia on January 21
<br />1985 pursuant to the authority vested in him in the Deficit Reduction Act of 1985 (the "Execu-
<br />tive Order") and the City Manager has submitted an application with the Allocation Adminstrato-
<br />requesting an allocation from the State Reserve as defined in the "Executive Order".
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that for the purpose of complian~ee with ~103(k) of the
<br />Internal Revenue Code, 1954, as amended, the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by PRHA for the "Company" ~n
<br />an amount not to exceed One Million, Two Hundred Thousand Dollars ($1,200,000) to assist the
<br />"Company" in acquiring, constructing and equippin~ the "F~cility", request an allocation from
<br />the State Reserve as provided for in "Executive Order" in an amount not to exceed One Million
<br />Two Hundred Thousand Dollars ($1,200,000) for the benefit of the 'Company", adopts the recital
<br />made in the first preamble to this resolution as part of this resolution, and approves the sub
<br />mission by the City Manager of an application with the Allocation Administrator any request an
<br />allocation from the State Reserve and execute any documents as may be required thereby.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by the
<br />applicable federal and state laws does not constitute an endorsement of the Bonds, financial
<br />viability of the "Facility" or the credit worthiness of the "Company" but, as required by
<br />~15.1-1380 of the Code of Virginia, 1950, as amended, the Bonds shall provide that neither the
<br />Commonwealth of Virginia, City of Portsmouth, nor PRHA shall be obligated to pay the Bonds or
<br />the interest thereon or the costs incident thereto except from the revenues and mon:es pledged
<br />therefor, and neither the faith nor credit or the taxing power of the Commonwealth, the City
<br />nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Boomer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-248 Letter from the City Manager recommending adcption of a resolution to resohedule
<br />the September 24, 1985, City Council meeting to October 1, 1985.
<br />
<br /> 'As you are aware, the Virginia Municipal League's annual meeting is cheduled for
<br />September 22 25, 1985. The VM1 has put together an impressive program which will address
<br />many critical problems facing Virginia municipalities (see attached).
<br />
<br /> Because the date of the annual conference conflicts with City Council's Tuesday, Septembe~
<br />24 Council meeting, I recommend that the date of this meeting be rescheJuled £or Tuesday, Octo[
<br />1, 1985. This is customary to action taken by previous Councils when a conflict existed.
<br />
<br />The attached resolution has bee prepared by the City Attorney and I recommend its approval
<br />
<br /> On motion of Mr. Beamer and seconded by Mrs. Lucas, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION CHANGING THE REGULARLY SCHEDULED CITY COUNCIl MEETING OF
<br />SEPTEMBER 24, 1985 TO OCTOBER 1, 1988.
<br />
<br /> BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that its regularly
<br />scheduled meeting of September 24, 1985 is changed to October 1, 1988.-
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br />85-249 Letter from
<br />(.without interest) for 1985
<br />Military Academy Canteen.
<br />
<br />the City Manager recommending adoption of a motion
<br /> Business License to Foundation Boys Academy, Inc.,
<br />
<br />to refund $176.74
<br />t/a Frederick
<br />
<br /> "The Commissioner of the Revenue is requesting a refund of 1985 Business License to Foundation Boys Academy,
<br />Inc., t/a Frederick Military Academy Canteen, 3720 Brighton Street, Portsmouth, Virginia 23?07
<br />
<br /> The corporation purchased a Retail Sales license on May 1985.
<br />June 6, 1988, therefore, we are requesting a refund of $176.74'(without
<br />portion of the license.
<br />
<br />They closed the canteen
<br />interest) on the unuse
<br />
<br />I recommend that Council adopt this motion, and a refund be granted."
<br />
<br /> Mormon of Mr. Gray and seconded by Mr. Beamer, that authorization be granted to refund
<br />for 1985 Business License to Foundation Boys Academy, Inc., t/a FreJeriak ~ilitary Academy
<br />Canteen, 3720 Brighton Street, Portsmouth, VA 23707, in the amount of $176.74 (without interes
<br />as requested, and was adopted by unanimous vote.
<br />
<br /> 85-250 Letter from the City Manager recommending adoption of a motion ro refund S121.36
<br />(without interest~ for 1985 and 1984 Personal Property Taxes to Timothy P. Riordan.
<br />
<br /> "The Co~mmissioner of the Revenue is requesting a refund of 1983 and 1984 Personal Propert
<br />taxes to Timothy P. Riordon, 4013 Timberland Drive, Portsmouth, Virginia 23?03.
<br />
<br />
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