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159
<br />
<br />May 22, 1984
<br />
<br />of said funds.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that
<br />the Council does hereby endorse the Clean Community Program of the Beautification and Clean
<br />Community Commission for the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth authorizes the City
<br />Manager to plan, budget and apply for a Grant which, if approved, will be used to fund said
<br />program and hereby requests the Department of Conservation and Economic Development,
<br />Division of Litter Control, to consider and approve the application and program, said program
<br />being in accor2 with the regulations governing the use and expenditure of such funds."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, }Vhitlow, Johansen
<br />Nays: None
<br />
<br /> 84-178 Letter from the City Manager recommending adoption of a resolution approving
<br />the issuance of Industrial Development Revenue Bonds by the Industrial Development Authority
<br />of the City of Portsmouth, for Consolidated Manufacturing Products, Inc., ~n the amount not
<br />to exceed $300,000 for a manufacturing facility at 2401 Wesley Street.
<br />
<br /> "The Industrial Development Authority held a public,hearing on Ap~Fil 17, 1984, and
<br />approved the issuance of Industrial Development Revenue Bonds for Consolidated Manufactured
<br />Products, Inc. in an amount estimated at $300,000 for the purchase of and improvements to
<br />property located at 2401 Weslby Street. In accordance with the applicable federal and
<br />state law, the IDA has requested City Council to approve the issuance of such bonds.
<br />
<br /> The intent of the bonds is to finance the acquisition and improvement of the real
<br />estate and equipment which comprise the existing Duramax Metals plant. This project will
<br />result in the retention of 15 existing jobs and in excess of $7,000 in local annual tax
<br />
<br /> The attached resolution has been prepared by the City Attorney and I recommend its
<br />approval."
<br />
<br />MoYion. of b~. Beamer.and seconded,by Mr. Gray to adoFt the resolution.
<br />
<br /> Substitute~mozion o¥ Mr. ~arnes and seconded by Mr. Beamer to correct typographical
<br />errors,~an'd the/resolutiOn wa§ adopted, ~s Cor~ect~d, and by the following ~ote:
<br />
<br /> ~A~RB$OLUT~ON APPROVING THE ISSUANCE 3F INDUSTRIAl DEVELOPMENT REVENUE
<br /> BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTh,
<br /> VIRGINIA, FOR CONSOLIDATED MANUFACTURED PRODUCTS, INC. IN ~ ~OUNT NOT
<br /> TO EXCEED $3~0,)00 FOR A ~NUFACTURING FACILITY A7 2401 WESLEY STREET
<br /> [N PORTSMOUT~ VIRGINIA.
<br />
<br /> WHEREAS, the Industrial DevelQpment Authority of the City of Portsmouth, Virginia
<br />(IDA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise
<br />and hold public hearings relative to the issuance of Industrial Development Revenue Bonds;
<br />and
<br />
<br /> WHEREAS, the IDA has considered the application of Consolidated Manufactured Products,
<br />Inc. for the issuance of Industrial Development Revenue Bonds in an amount not to exceea
<br />Three Hundred Thousand Dollars ($300,000) to finance a portion of the cost of acquiring a
<br />m~n~f-~c~rLmg facility along with the equipment contained therein to be located ar 2401
<br />Wesley Street in Portsmouth, Virginia, and has held a public hearing thereon April 17, 1984;
<br />and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to
<br />comply with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approving the issuance of the bonds, suoject
<br />to the terms and conditions contained therein, and the appropriate certifications and
<br />documentation 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, that
<br />the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth
<br />Industrial Development Authority in an amount not to exceed Three Hundred Thousand Dollars
<br />($300,000) for the benefit of Consolidated Manufactured Products, Inc. ~o finance a port~on
<br />of the cost of acquiring a manfacturing facility along with the equipment contained tnere~n,
<br />located at 2401 Wesley Street in the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the mssuance of the bonds as required by
<br />the applicable federal and state laws does no~ constitute an endorsement of the bonds, financ-
<br />ial viability of the facility, or the credit worthiness of the company, but, as required by
<br />Section 15.1-1380 of the Code of Virginia, i950, as amended, ~he bonds snail provide that
<br />neither the Commonwealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay
<br />the bonds or the interest thereon or other costs incident thereto except from tn~ revenues
<br />and monies pledged therefor, and neither the faith or credit of the taxing power of the
<br />Commonwealth, the City not the IDA shall oe pledged thereto.
<br />
<br />This
<br />
<br />nesolution shall take effect immediateEy upbh-its adoption~F
<br />
<br /> Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br /> Nays: None
<br />
<br />
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