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May 14, 1985
<br />
<br /> WHEREAS, the PRHA has requeSted City Council to approve the issuance of the Ponds and to allocate the
<br />applicable portion of the State ceiling on private activity bonds to PRHA for the benefit of the
<br />"Ccmpany',; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance and modification of the Ponds subject to
<br />the terms and conditiOns contained therein, and the appropriate certifications and doc~entations have
<br />been provided to the City Council for its consideration.
<br />
<br /> NOW, ~qEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the
<br />issuance of Industrial Development Revenue Ponds by the PR}IA for the "Company" in an smount not to exceed
<br />Twenty six Thousand Tw~ Hundred Fifty Dollars ($26,250) to assist in the renovation of the facade of a
<br />commercial building the "Facility" and the allocation of $26,250 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 />(25)
<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 endorssment 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 />Code of Virginia, the Ponds shall provide'that neither the Commonwealth of Virginia, City of Portsmouth,
<br />nor the pPJ4_A shall be obligated to pay the Ponds or the in{erest thereon or other costs incident thereto
<br />except frcml the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the Cc~mtonwealth, the City nor PHRA shall be pledged thereto.
<br />
<br /> This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Be~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 ALTJDCATING A PORTION OF THE STATE CEILING ON
<br />pR/VATE ACTIVITY BONDS TO THE PORTSMOUTH REDEVELOPMENT AND iHOUSING 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 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 formula 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 authoritie~ within the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Harry s, Inc. (the "Cc~pany") whose address is
<br />726 High Street, Portsmouth, Virginia 23704, for the issuance by PRHA of Industrial Development Revenue
<br />Bonds (ponds) in an smount not to exceed Six Thousand Six HUndred Ninty Dollars ($6,690) to finance the
<br />cost of renovation of the facade of a c~t~uercial building ~ocated at 726 High Street in the City of
<br />Portsmouth, Virginia (the "Facility''), and has held a public hearing thereon on April 30, 1985; and
<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 activit~ bonds to PRHA for the benefit of the
<br />"Ccxnpany"; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance and modification of the Ponds subject to
<br />the ten~s and conditions contained therein, and the appropriate certifications and doc~entations have
<br />been provided to the City Council for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of th~ City of Port~aouth, Virginia, approves the
<br />issuance of Industrial Development Revenue Ponds by the PRHA for the ',Company" in an amount not to exceed
<br />Six Thousand Six Hundred Ninty Dollars ($6,690) to assist in the renovation of the facade of a cc~mercial
<br />building the "Facility" and the allocation of $6,690 of th~ City's limit imposed pursuant to Executive
<br />Order No. 54(85) to PRHA for such purpose; said allocation Deing 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 endorssment bf the Bonds, financial viability of the
<br />"Project", or the credit worthiness of the "Cc~pany", but, ~s required by the applicable proviSions of the
<br />Code of Virginia, the Ponds shall provide that neither the Cc~{aonwealth of Virginia, Cit.y o.f Portsmouth,
<br />nor the PRHA shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto
<br />except frc~ the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the Cc~aonwealth, 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 />(26) "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPM~.NT 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 THE CITY OF PORTSMOUTH,
<br /> VIRGINIA.
<br />
<br /> WHEREAS, the Ports~aouth Redevelol~nent and Housing ~nthbrity 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 Deve!ounent Revenue Bonds; and
<br />
<br />
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