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<br />
<br />November 20~ 1984
<br />
<br />"A RESOLUTION APPROVING THE REISSUANCE AND MODIFICATION OF INDUSTRIAL
<br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA, FOR AIRLINE BOULEVARD ASSOCIATES IN
<br />AN AqOUNT NOT TO EXCEED $300,000 FOR REFUNDING OF AN EXISTING BOND
<br />ISSUE WHICH WAS USED TO FINANCE THE COST OF ACQUISITION, CONSTRUCTION
<br />AND EQUIPPING OF A MINI-WAREHOUSE FACILITY AT 2604 AIRLINE BOULEVARD
<br />IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the city of Portsmouth, Virginia, (IDA)
<br />has been authorized by the Council Of the City of Portsmouth, Virginia, to advertise and
<br />hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEgEAS, on February 1, 198I, the IDA issued, sold, and delivered Seven Hundred Thousand
<br />($700,000) Dollars principal amount of 1981 Revenue Bonds (Airline Boulevard Associates
<br />Facility) hereinafter called (the "1981 Bonds") to enable Airline Boulevard Associates, a
<br />Virginia Limited Partnership, to finance the cost of acquisition, construction, and equippinl
<br />of a mini-warehouse facility at 2604 Airline Boulevard in Portsmouth, Virginia (the "facility'
<br />and
<br />
<br /> WHEREAS, the IDA has considered the application of Airline Boulevard Associates, a Virgi~
<br />Limited Partnership, with its principal place of business at 2604 Airline Boulevard, Ports-
<br />mouth, Virginia, for the reissuance and modification by the IDA of the "1981 Bonds" in the amc
<br />of Seven Hundred Thousand ($700,000) Dollars for the purpose of refunding the said bonds,
<br />and has held a public hearing thereon on November 8, 1984; and
<br />
<br /> WHEREAS, the IDA has requested that the City Council approve the reissuance and modificai
<br />of the bonds for refunding to comply with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of IDAhos.resolution appro%ing~the reissuance and modification of the
<br />bonds, subject to the terms and conditions contained therein, and the appropriate certificatic
<br />and documentations have been provided to the City Council for their consideration; and
<br />
<br /> WHEREAS, the purpose of reissuing and modifying these bonds will be to refund the "1981
<br />Bonds" without increasing the amount or the term thereof and, as such, does not require
<br />an allocation of any portion of the City's limit imposed pursuant to Executive Order No. 50
<br />providing for a formula for allocating the State Ceiling for the Commonwealth of Virginia
<br />imposed pursuant to §103 (n) of the Internal Revenue Code of 1954, as amended.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />Council approves the reissuance and modification of Industrial Development Revenue Bonds
<br />heretofore issued on February 1, 1981 by the IDA for Airline Boulevard Associates, in the
<br />amount of $700,000 which were used to finance the cost of the acquisition,construction, and
<br />equipping of a mini-warehouse facility at 2604 Airline Boulevard in Portsmouth, Virginia,
<br />p~!that such modification shall not increase the face amount of the 1981 Bonds or
<br />~$~n~ ~e~6~.~e~f~
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the reissuance of the bonds as require~
<br />by the applicable federal and state laws does not constitute an endorsement of the bonds,
<br />financial viability of the facility, or the credit worthiness of Airline Boulevard Associates
<br />but, as required by g15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall
<br />provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor IDA shall be
<br /> obligated to pay the bonds or the interest thereon or other costs incident thereto except
<br />from the revenues and monies pledged therefor, and neither the faith or the credit of the
<br />taxing power of the Commonwealth, the City, nor the IDA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, ¥~itlow, Holley
<br />Nays: None
<br />
<br /> 84-443 , Letter from the City Manager recommending adoption of a motion to transfer
<br />$3,000 from Grants Contingency Account to fund an education program for the public on Litter
<br />Control Programs in the City.
<br />
<br /> "I am Dleased to inform you that our request for additional state funds to enhance the
<br />Clean Community Program has been approved.
<br />
<br /> The supplemental grant of $3,000 will be used to augment the public information campaign.
<br />The City's Beautification and Clean Community Commission has done an outstanding job in this
<br />area~ and, through this grant, will expand its efforts in educating the public on bulk refuse
<br />regulations. Mr. Noel, Coordinator of the program is currently studying ways to improve the
<br />collection system as a partnership approach to a cleaner, more beautiful Portsmouth.
<br />
<br /> The funds are awarded through the Virginia Division of Litter Control, representing 100%
<br />state funds, with no required local match. I recommend the transfer of $3,000 from the Grant~
<br />Contingency Account to accomplish these litter control objectives."
<br />
<br /> Motion of Mrs. Lucas and Seconded by Mr. Gray, that authorization be granted to transfer
<br />$3,000 from the Grants Contingency Account, as requested, and was adopted by unanimous vote.
<br />
<br />
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