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May 14, 1985
<br />
<br />(23)
<br />
<br />(24)
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<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 endorsement of the Bonds, financial viability of the
<br />"Project", or the credit worthiness of the "Company", but, as required by the applicable provisions of the
<br />Code of Virginia, the Bonds shall provide that neither the Cc~monwealth of Virginia, City of Portsmouth,
<br />nor the PRKA shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto
<br />except frc~a the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the C~Lu~Lonwealth, the City nor PHRA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Be~m~er, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP-
<br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE S~IATE CEILING ON
<br />PRIVATE ACTMTY BONDS TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUi~ORITY OF ~ CITY OF PORTSMOUTH,
<br />VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopaent 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 Development 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 fommula 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 /> WHEREAS, the PRHA has considered the application of Berman's Loan Cc~pany, T/A Olde Towne Sales (the
<br />"Ccmpany") whose address is 327 High Street, Ports~outh, Virginia 23704, for the issuance by PRHA of
<br />Industrial Development Revenue Bonds (Bonds) in an ~nount not to exceed Nine Thousand Seven Hundred
<br />Eighty-Five Dollars ($9,785) to finance the cost of renovation of the facade of a ccmmercial building
<br />located at 327 High Street in the City of Portsmouth, Virginia (the "Facility"), and has held a public
<br />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 PRHA for the benefit of the
<br />"Cc~pany"; and
<br />
<br /> WHEREAS, a copy of PRKA'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~aentations 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 Develol~nent Revenue Bonds by the PPJqA for the "Company" in an amount not to exceed
<br />Nine Thousand Seven Hundred Eighty-Five Dollars ($9,785) to assist in the renovation of the facade of a
<br />cc~mercial building the "Facility" and the allocation of $9,785 of the City's limit imposed pursuant to
<br />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 endorsement of the Bonds, financial viability of the
<br />"Project", or the credit worthiness of the "Company", but, as required by the applicable provisions of the
<br />Code of Virginia, the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsm~outh,
<br />nor the PRKA shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto
<br />except from the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the Cc~maonwealth, the City nor PHRA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, 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 AUTHORITY OF THE CITY OF PORTSMOUTM, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON
<br />PR1ArATE ACTMTY BONDS TO THE PORTSMOUi~ REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTh,
<br />VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment 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 /> WHF~REAS, the "Order" authorized the City Council of Portsmouth, Virginia (the "Council") to allocate
<br />its portion of the State ceiling to the issuing authoritiesl within the City of Portsmouth, Virginia; and
<br />
<br /> WHERKAS, the PRHA has considered the application of Th~ Fsmous of Portsmouth, Incorporated (the
<br />"Company") whose address is 340 High Street, Portsmouth, Virginia 23704, for the issuance by PRHA of
<br />Industrial Development Revenue Bonds (Bonds) in an smount not to exceed Twenty-Six Thousand Two Hundred
<br />Fifty Dollars ($26,250) to finance the cost of renovation of the facade of a cc~mercial building located
<br />at 340 High Street in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearing
<br />thereon on April 30, 1985; and
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