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March 28, 2000
<br />
<br /> WHEREAS, a copy of (i) the Authority's Inducement Resolution, approving the
<br />issuance of the Bonds, subject to terms to be agreed upon, adopted on July 6, 1998, as
<br />ratified and confirmed by Resolution 4073 adopted on November 2, 1998, and
<br />Resolution 4270 adopted on March 6, 2000, (ii) a reasonably detailed summary of the
<br />comments expressed at the public hearings with respect to the Bonds on July 6, 1998,
<br />and March 6, 2000, and (iii) a fiscal impact statement in the form prescribed by Section
<br />15.2-4907 of the Code of Virginia (1950), as amended, have been filed with the City
<br />Council, together with the Authority's recommendation that the City Council approve the
<br />issuance of the Bonds and authorize the City Manager, if and to the extent necessary in
<br />the opinion of bond counsel, to submit an application to the Virginia Small Business
<br />Financing Authority requesting an allocation of $3,500,000.00 pursuant to Title 15.2,
<br />Chapter 50 of the Code of Virginia (1950), as amended with respect to the issuance of
<br />the Bonds.
<br />
<br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth,
<br />Virginia that:
<br />
<br /> The recitals made in the preambles to this Resolution are hereby adopted as a
<br />part of this Resolution.
<br />
<br /> 2. The issuance of the Bonds by the Authority in an amount not to exceed
<br />$3,500,000.00 to assist in the financing of the acquisition and rehabilitation of the
<br />Project, for the benefit of the Company, to the extent required by the Internal Revenue
<br />Code of 1986, as amended (the "Code"), and Sections 15.2-4906 and 36-19.2 of the
<br />Code of Virginia (1950), as amended (the "Virginia Code") is hereby approved.
<br />
<br /> 3. The approval of the issuance of the Bonds as required by Section 147(0 of
<br />the Code and Sections 15.2-4906 and 36-19.2 of the Virginia Code, does not constitute
<br />an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the
<br />Project or the Company, but as required by Sections 15.2-4906 and 36-29 of the
<br />Virginia Code, the Bonds, if issued, shall provide that neither the City nor the Authority
<br />shall be obligated to pay the Bonds or the interest thereon or other costs incident
<br />thereto except from the revenues and moneys pledged therefor, and neither the faith or
<br />credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority
<br />shall be pledge thereto.
<br />
<br /> The City Manager is hereby authorized and directed, if and to the extent
<br />necessary in the opinion of bond counsel, to submit an application to the Virginia Small
<br />Business Financing Authority requesting an allocation of $3,500,000.00 pursuant to Title
<br />15.2, Chapter 50 of the Code of Virginia (1950), as amended, with respect to the
<br />issuance of the Bonds."
<br />
<br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley
<br />Nays: None
<br />
<br />- New Business -
<br />
<br />00 - 67 - Mr. Griffin offered the following nominations for the following Boards and
<br />Commissions:
<br />
<br />DOWNTOWN DESIGN COMMITTEE
<br />
<br />Edwin R. Forlines to be appointed to fill a three year term ending January 31,2003,
<br />replacing Robert W. Wentz III.
<br />
<br />MUSEUM-FINE ART COMMISSION
<br />
<br />Grace Armistead to be appointed to fill an unexpired term ending October 31, 2001,
<br />replacing Carolyn Hersh.
<br />
<br />WORKFORCE INVESTMENT ACT
<br />
<br />B. Anne Davis to be appointed to fill a term with no expiration date.
<br />
<br />Ronald K. Ritter to be appointed to fill a term with no expiration date.
<br />
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