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~EREAS, PPIC has requested City Council to approve the issuance of the bonds to
<br />comply with the applicable f~derai and state law; and
<br />
<br /> WHEREAS, a copy of PPIC's resolution approving the issuance of the bonds, subject
<br />the terms amd conditions contained therein, and the appropriate certifications and documentat:
<br />have been provided to the City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br />that the Council approves the issuance of industrial Development Revenue Bonds by PPIC for
<br />the benefit of Doughtie's Foods, Inc. to assist in the financing of the acquisition,
<br />construction and equipping of the facility to be located at 2410 Wesley Street in the City
<br />of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval 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 />financia~ viability of the facility, or the credit worthiness of Doughtie's Foods, Inc.,
<br />but as required by $15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall
<br />provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor PPIC shall
<br />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 credit of
<br />the taxing power of the Commonwealth, the City, nor PPiC, shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon mts adoption.'~
<br />
<br />Ayes: Barnes, Beamer, Gray, Hoiley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 84-221 - Letter from the City Manager recommending adoption of a resolution expressing
<br />the concurrence of City Council with the inducement resolution adopted by the industrial
<br />Development Authority of the County of Henrico, Virginia, for the benefit of Virginia Hospita[
<br />Association for the issuance of Medical Facility Revenue Bonds in an amount not to exceSd
<br />$35,000,000.
<br />
<br /> "The Virginia Hospital Association, with which Portsmouth General Hospital is affiliated,
<br />recently received approval from the Industrial Development Authority of Henrico County,
<br />Virginia for the issuance of $35,000,000 in Industrial Revenue Bonds. proceeds from these
<br />bonds are to be loaned to the Association's non-profit hospitals in the state for the purchase
<br />of equipment, renovatiohs, or minor construction of mmprovements. [n~-order for Portsmouth
<br />General Hospital to utilize a portion of these bond proceeds, it is necessary for the City
<br />Council to concur in the resolution adopted by theH~r~co County Industrial Development
<br />Authority.
<br />
<br /> Fortsmouth General Hospital is presently working on two projects which will qualify for
<br />financing under this program.
<br />
<br /> This proposal was reviewed oy the Industrial Dq~elopment Authoritv of the City of
<br />Portsmouth at its June 19, 1984 meeting. The IDA was supportive of this proposal as indicated
<br />by the attached letter from the Executive Director.
<br />
<br /> The attached resolution of concurrence has been prepared by the City Attorney and I
<br />recommend its approval.'
<br />
<br /> On. motion of Mrs. Webb and seconded by Mr. Gray, the following resoluE~on was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION EXPRESSING THE CONCURRENCE OF [HE COUNCIl OF THE CITY OF PORTSMOUTH,
<br />ViRGiNIA, WiTH THE INDUCEMENT RESOLUTION ADOPYED BY THE INDUSTRIAL DEVELOPMENT
<br />AUTHORITY OF THE COUNTY OF HENRICO, VIRGINIA, FOR THE BENEFI~ OF VIRGINIA HOSPITAL
<br />ASSOCIATION FOR THE ISSUANCE OF MEDICAL FACILITY REV£NUE BONDS IN AN AMOUNT NOT TO
<br />EXCEED g55,000,000.
<br />
<br /> WHEREAS, the Industrial Development Authority of the County of Henrico, Virginia (the
<br />"Authority"), on April 19, 1984, adopted an Inducement Resolution for the benefit of
<br />Virginma Hospital Association, a non-profit association (the "Association") wherein the
<br />Authority has agreed to assist the Association in ~inancing the acquisition of certain
<br />real and personal property,, including-the purchas~e ef certamn equipment for the acquisition
<br />and construction of certain improvements for lease or sale ~o varmous non-profit hospitals
<br />throughout Virginia, and for the financing oE indebtedness prev~ousiy incurred by non-profit
<br />hospitals to acquire such real or personal property ~collectively, the "Project"), through
<br />the~issuance of its Medical Facilities Revenue Bonds; and
<br />
<br /> WHEREAS, the Authority proposes to issue its Medical Facility Revenue Bonds (the "Bonds")
<br />in an amount up to Thirty Five Million Dollars ($35,000,000) to finance the project: and
<br />
<br /> WHEREAS, Portsmouth General Hospital has projects which may qualify for financing under
<br />this program; and
<br />
<br /> WHEREAS, ~15.1-1378 o£ the Code of Virginia, 1950, as amended, states that an Iniustrial
<br />Development Authority maF not finance faciiities mn another jurisdiction that has an
<br />~ndustriai Development Authority "unless the governing body of such county, city or town in
<br />which the facilities are located or are proposed to be located, concurs with the Inducement
<br />Reseiution adopted by the tuthority, aha shows such concurrence in a duly adopted resolution";
<br />and
<br />
<br />on
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