Minutes 05/14/1985 - Laserfiche WebLink

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(14) May 14, 198~ WHEREAS, the PRHA has considered the applicRtion of Portsmouth Building Associates (the "Cc~pany") whose address is P.O. ~rawer 2491, Norfolk, Virginia 23501, for the issuance by PP~qAof Industrial Develo~x~ent Revenue Bonds (Bonds) in an a~ount n~t to exceed Two Hundred Sixty'Five.~housand Dollars ($265,000) to finance the cost of acquisition, rehabilitation, construction and equipping of 6,000 square feet of office and oaL,~ercial space in a cc~merc~al building located at 444 Crawford ParkWay in the City of Portsmouth, Virginia (the "Facility"), and haB held a public hearing thereon on April 30, 1985; and WHEREAS, the PRHA has requested City Counci~ to approve the issuance of the Bonds and to allocate the applicable portion of the State ceiling on private activity bonds to PRHA for the benefit of the "Cc~upany"; and ~ WHERPAS, a copy of PRHA's resolution approving the issuance and modification of the Bonds subject to the terms and conditions contained therein, and the appropriate certifications and docuuentations have been provided to the City Council for its consideration. NOW, T~PJ~EFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by the PRHA for the "C~upany" in an amount not to exceed Two Hundred Sixty-Five Thousand Dollars ($265,000) to assist in financing the acquisition, rehabilitation, construction and equipping of (the "Facility") and the allocation of $265,000 of the City's limit imposed pursuant to Executive Order No. 54(85) to PRHA for such purpose; said allocation being within said l~-mit. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable Federal and State laws does not constitute and endors~uent of the Bonds, financial viability of the "Project", 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, City of Portsmouth, nor the PRHA shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except frc~a the revenues .and monies pledged therefor, and neither the faith or the credit of the taxing power of the C~,~onwealth, the City nor PHRA shall be pledged thereto. This resolution shall take effect immediately upon its adoption." Ayes: Be~mer, Corprew, Gray, Lucas, Webb, X~hitlow, Holley Nays: None "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP- MENT AUTHORITY OF THE CITY OF PORTS~4OUTH, VIRGINL~, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTMTY BONDS TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF T~E CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Port~uouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of InduStrial Development Revenue Bonds; and WHEREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act of 1984 (the "Act"), the Governor of Virginia on January 23, 1985 issued Executive Order No. 54(85) (the "Order") providing a formula for the allocation of the State ceiling as defined in the Order; and WHEREAS, the "Order" authorized the City Council of Port~uouth, Virginia (the "Council") to allocate its portion of the State ceiling to the issuing authorities within the City of Portsmouth, Virginia; and WHEREAS, the PR~A has considered the application of Robert S. Dolsey and Michael D. DolseY(the "Ccmpany") whose address is 327 High Street, Portsmouth, Virginxa 23704, for the issuance by PRHAof Industrial Development Revenue Bonds (Bonds) in an amount not to exceed Seventy Thousand Dollars ($70,000) to finance the cost of acquisition, rehabilitation, construction and equipping of 3,800 square feet of retail cc~muercial space in a c~m~rcial building located at 701 High Street in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearingthereon on A~ril 30, 1985; and WHEREAS, the PRHA has requested City Council to approve the issuance of the Bonds and to allocate the applicable portion of the State ceiling on private activity bonds to PRHA for the benefit of the "Company"; and WHEREAS, a copy of PR~A's resolution approving the issuance and modification of the Bonds subject to the ten~s and conditions contained therein, and the appropriate certifications and docuuentations have been provided to the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by the PR~A for the "Cc~pany" in an smount not to exceed Seventy Thousand Dollars ($70,000) to assist in financing the acquisition, rehabilitation, construction and equipping of (the "Facility") and the allocation of $70,000 of the City's limit imposed pursuant to Executive Order No. 54(85) to PRHA for such purpose; said allocation being within said limit. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable Federal and State laws does not constitute and endorsement of the Bonds, financial viability of the "Project", or the credit worthiness of the "Company", but, as required by the applicable provisions of the Code of Vir~3inia, the Bonds shall provide that neither the Cc~nonwealthofVirginia, City of Portsmouth, nor the PRHA shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except frc~ the revenues and monies pledged therefor, and neither the faith or the credit of the taxing power of the C~,~onwealth, the City nor PHP~shall be pled¢3ed thereto. This resolution shall take effect immediately upon its adoption." Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley Nays: None