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14, 1985
<br />
<br /> WHEREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act
<br />of"1984 (the "A~t").,.~the Governor of Virginia on January 23, 1985 issued Executive Order No.
<br />54(85) (the "OrdAr") providing a formula for the allocation of the State ceiling as defined
<br />in the Order; and
<br />
<br /> to allocate its portion of the State ceiling to the issuing authorities within the City
<br /> o~ Portsmouth, Virgzn~a; and
<br />
<br /> WHEREAS, ~he PRHA has considered the application of Ambassador Enterprises, Inc. (the
<br />'Company') who~e address is P. O. Box 1258, Portsmouth, Virginia 23705, for the issuance
<br />..cy~PRHA of Indu~r~al Development Revenue Bonds (Bonds) ~n an amount not to exceed One
<br /> Hundred Five~Thousand Dollars ($105,000) ~o finance the cost of rehabilitation, constructio
<br /> and equippin~ of 6,000 square feet of office and commercial space in a commercial building
<br /> ~located.at 900 High Street in the City of Portsmouth, Virginia [the ~'Facility"), and has
<br /> 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
<br />to allocate.the.applicable portion of the State ceiling on private activity bonds to PRHA
<br />for the benefit of the C p y and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance and modification of
<br />Bonds, subject to the terms and conditions contained therein, and the appropriate
<br />certifications and documentations have been provided to the City Council for their
<br />consideration.
<br />
<br />the
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />.... approves t~he issuance of Industrial Development Revenue Bonds by[PRHA for the "Company3'
<br /> mn.an ,amount ~no% to exceed One Hundred Five Thousand Dollars ($105,000) to assist in the
<br /> . rehabilitation, construction and equipping of office and commercial space in a commercial
<br /> building the "Facility" and the allocation of $105,000 of the City' limit imposed pursuant
<br /> to Executive Order No. 54(85) to PRHA for usch purpose; said allocation being within said
<br /> 1.imit. ·
<br />
<br /> BE IT FURTHER'RESOLVED that the appr~oval of the issuance of the Bonds as required by
<br /> the applicable federal and state laws does not constitute an endorsement of the Bonds,
<br /> f. inancial viablility of ~he "Project", or the credit wothiness of the "Company", but, as
<br /> required by~he ~plicable provisions ~of the Code of Virginia, the Bonds shall provide
<br /> that neith~ th~.~ommonwealth of Virginia, City of Portsmouth, nor the PRHA shall be
<br /> obligated to pay the Bonds or the interest thereon or other costs inciden5 thereto except
<br /> f~om the revenues and monies pledged therefo.~, and neither the faith or the credit of the
<br /> taxing po~er of Commonwealth, the City, nor PRHA 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 />~s: None
<br />
<br /> (27) "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br /> THE PORTSMOUTH REDEVELOPMENT AND HOUSING UATHORITY OF THE CITY OF PORTSMOUTH,
<br /> VIRGINT~, ~A~ND ALLOCATING APORTION'OP~THE~STATE CEILING ON PRIVAT~ ACTIVITY
<br /> BONDS TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF
<br /> PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, th6 Portsmouth Redevelopment and Housing Authority'of the City of Portsmouth
<br />Virginia, (PRHA) has been authorized by the Council of the City of P6rtsmouth, Virginma,
<br />to advertise and hold public hearings relative to the issuance of Industrial Development
<br />Revenue Bonds~ and
<br />
<br /> WHEREAS,. ~u~suant to the authority vested in him pursuant to the Deficit Reduction
<br />Act~of ~984 (the "~ct"), the Governor of Virginia on January 23, 1~85 issued Executive
<br />Order No. 54-(8~!(the "Order") providing a formula for the allocation of the State ceilin~
<br />as defined in the Order; and
<br />
<br /> WHEREAS, the ."Order" authorized the City Council of Portsmouth,' Virginia (the "Council
<br />-,~to~allocate~ts portion of the State. ceiling to the mssuing authorities within the City of
<br /> ~o~tsmouth, Virg~nia; and ~
<br />
<br /> WHEREAS~ ~the PRHA has considered the application of Hugh C. Davies, III (the "Company"
<br /> whose address is 1717 Bradfor Terrace, Portsmouth, Virginia, 23704, for the issuance by
<br /> PRHA of Industrical Development Revenue Bonds (Bonds) mn an amoun~ not to exceed Five
<br /> Thousand Dollars ($5,000) to finance the cost of rehabilitation, construction and equipping
<br /> of 880 square feet of commercial space in a commercial building located at 2309 High Street
<br /> in the City of Ror~smouth, Virginia (the "Facility"), and has held a public hearing thereon
<br /> on April 30, 1985; and
<br />
<br /> WHEREAS; the PRHA has requested City Council ~o approve the issuance of the Bonds and
<br />~to~lloCa~'%~h~pplicable portion~ of the State' ceiling oh pri~ate activity'bonds to PRHA
<br />for the benefit. Of~'%he "C~ompany"; and
<br />
<br /> WHEREAS, a copy of PRHA's resclution approving the issuance and modification of the
<br />bb~ds, subj, ec~ to the terms and conditions~contained therein, and the appropriate certifica
<br />tions and documentations have been provided to the City Council for
<br />
<br />
<br />
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