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May 14, 1985
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<br />(21)
<br />
<br />(22)
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<br />"A RESOLOTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOI~MENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP-
<br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON
<br />PRIVATE ACTIVITY BONDS TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF %~HE CITY OF PORTSMOUTH,
<br />VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelol~nent and Housing Authority of the City of Portsmouth, Virginia
<br />(PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Develol~nent Revenue Bonds; and
<br />
<br /> WHEREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act of 1984 (the
<br />"Act"), the Governor of Virginia on January 23, 1985 issued Executive Order No. 54(85) (the "Order")
<br />providing a formula for the allocation of the State ceiling as defined in the Order; and
<br />
<br /> WHERF2kS, the "Order" authorized the City Council of Portsmouth, Virginia (the "Council") to allocate
<br />its portion of the State ceiling to the issuing authorities within the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Robert S. Delsey and Michael D. Dolsey (the
<br />"C~npany") whose address is 327 High Street, Portsmouth, Virginia 23704, for the issuance by PRHA of
<br />Industrial Develol~nent Revenue Bonds (Bonds) in an amount not to exceed Twenty-five Thousand Dollars
<br />($25,000) to finance the cost of acquisition, rehabilitation, construction and equipping of 660 square
<br />feet of office and c~LLercial space in a cc~mlercial building located at 504 Effinghsm Street in the City
<br />of Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on April 30, 1985; and
<br />
<br /> WHEREAS, the PPJiA has requested City Council to approve the issuance of the Bonds and to allocate the
<br />applicable portion of the State ceiling on private activity bonds to PRHA for the benefit of the
<br />"Cc~pany"; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance and modification of the Bonds subject to
<br />the te~s and conditions contained therein, and the appropriate certifications and documentations have
<br />been provided to the City Council for its consideration.
<br />
<br /> NON, THEREFORE, BE IT RESOLVED that the Council of the City of Ports~aouth, Virginia, approves the
<br />issuance of Industrial Develol~nent Revenue Bonds by the PR~A for the "Company" in an ~ount not to exceed
<br />Twenty-Five Thousand Dollars ($25,000) to assist in financing the acquisition, rehabilitation, construc-
<br />tion and equipping of (the "Facility") and the allocation of $25,000 of the City's limit imposed pursuant
<br />to Executive Order No. 54(85) to PRHA for such purpose; said allocation being within said limit.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable
<br />Federal and State laws does not constitute and endorsenent of the Bonds, financial viability of the
<br />"Project", or the credit worthiness of the "Cc~pany", but, as required by the applicable provisions of the
<br />Cede of Virginia, the Bonds shall provide that neither the Cc~nonwealth of Virginia, City of Portsmouth,
<br />nor the PRHA shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto
<br />except frcm the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the Cc~mnonwealth, the City nor PHRA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Besmer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMEN~f REVENUE BONDS BY THE PORTSMOUTH REDEVELOP-
<br />MENT AIrfHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, AND ~TING A t~DRTION OF THE STATE CEILING ON
<br />PRIVATE ACTMTY BONDS TO THE PORTSMOIri%q REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA.
<br />
<br /> WHERFAS, the Portsmouth Redevelol~nent and Housing Authority of the City of Portsmouth, Virginia
<br />(PRHA) has been authorized by the Council of the City of Porta~r~)uth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Developaent Rmvenue Bonds; and
<br />
<br /> Wt{EREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act of 1984 (the
<br />"B~t"), the Governor of Virginia on January 23, 1985 issued Executive Order No. 54(85) (the "order")
<br />providing a fonnula for the allocation of the State ceiling as defined in the Order; and
<br />
<br /> WHEREAS, the "Order" authorized the City Council of Portsmouth, Virginia (the "Council") to allocate
<br />its portion of the State ceiling to the issuing authorities within the City of Portsmouth, Virginia; and
<br />
<br /> WHERFAS, the PRHA has considered the application of RObert S. Dolsey and Michael D. Dolsey (the
<br />"Ccmpany") whose address is 327 High Street, Portsmouth, Virginia 23704, for the issuance by PPJ4A of
<br />Industrial Development Revenue Bonds (Bonds) in an smount not to exceed Twenty Thousand Dollars ($20,000)
<br />to finance the cost of acquisition, rehabilitation, construction and equipping of 19,000 square feet of
<br />office and c~L~ercial space in a cc~mercial building located at 506-508 Effingham Street in the City of
<br />Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on April 30, 1985; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the Bonds and to allocate the
<br />applicable portion of the State ceiling on private activity bonds to PRt{A for the benefit of the
<br />"Company"; and
<br />
<br /> WHERFAS, a copy of PRF[A's resolution approving the issuance and modification of the Bonds subject to
<br />the terms and conditions contained therein, and the appropriate certifications and doc~nentations have
<br />been provided to the City Council for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the
<br />issuance of Industrial Development Revenue Bonds by the PRHA for the "Cc~pany" in an amount not to exceed
<br />Twenty Thousand Dollars ($20,000) to assist in financing the acquisition, rehabilitation, construction and
<br />equipping of (the "Facility") and the allocation of.$20,00q of the City's limit imposed pursuant to
<br />Executive Order No. 54(85) to PRHA for such purpose, said ~llocation being within said limit.
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