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February 14~ 1984
<br />
<br />"AN ORDINANCE TO PuMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973,
<br />By AMENDING SECTIONS 31-62(b); 31'63(a) (1) (2); 31-65(a)(1) (2); 31-148(b);
<br />AND 31-155(b); PERTAINING TO RETIREMENT ALLOWANCE."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, Johans~n
<br />Nays: ~h~ clow
<br />
<br /> 84-56 Letter from the City Manager recommending adoption of a resolution approving
<br />the Issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment and
<br />Housing Authority of the City for Portsmouth Hotel Associates in an amount not to exceed
<br />$3,000,000 for an addition to the Portsmouth Holiday Inn at 8 Craw£ord Parkway.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing on February
<br />7, 1984 to consider the issuance of Industrial Development Revenue Bonds for Portsmouth Hotel
<br />Associates, a Virginia Limited Partnership, in an amount not to exceed $3,000,000 to assist
<br />the financing, construction and equipping of a 74 room addition to the Portsmouth Holiday Inn.
<br />After the public hearing, the Portsmouth Redevelopment and Housing Authority adopted a Resol-
<br />ution of Intent to issue said bonds, and in accordance with the applicable state and federal
<br />law, has requested the City Council's approval of same.
<br />
<br /> The necessary documentation, including the physical impact/development summary for the
<br /> project is enclosed for your information. The attached resolution has been prepared by the
<br />City Attorney, and I recommend its approval."
<br />
<br /> On motion of Mr. Beamer and seconded by Mrs. W~bb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR PORTSMOUTH HOTEL ASSOCIATES IN AN AMOUNT NOT TO EXCEED $3,000,000
<br />FOR AN ADDITION TO THE PORTSMOUTH HOLIDAY INN AT 8 CRAWFORD PARKWAY, PORTSMOUTH,
<br />VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to
<br />advertise and hold public hearings relative to the issuance of Industrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, PRHA has considered the application of Portsmouth Hotel Associates, a Virginia
<br />Limited Partnership, for the issuance of PRHA Industrial Development Revenue Bonds in an
<br />not to exceed Three Million Dollars ($3,000,000) to assist in the financing of the constructio
<br />and equipping of a seventy-four (74) room addition to the Portsmouth Holiday Inn presently
<br />located at 8 Crawford Parkway, Portsmouth, Virginia, and has held a public hearing thereon on
<br />February 7, 1984; and
<br />
<br /> WHEREAS, PRHA has requested the City Council to approve the issuance of the bonds to
<br />comply with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of the resolution of PRHA approving the issuance of the bonds, subject t¢
<br />the terms and conditions contained therein, and the appropriate certification and documentatic
<br />required by the applicable federal and state laws have been provided to the City Council for
<br />its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approve the issuance of Industrial Development Revenue Bonds by Portsmouth Redevelopment and
<br />Housing Authority for Portsmouth Hotel Associates in an amount not to exceed Three Million
<br />($3,000,000) for the construction and equipping of a seventy-four (74) room addition to the
<br />Portsmouth Holiday Inn presently located at 8 Crawford Parkway, Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable Eederal and state laws does not constitute an endorsement of the bonds, financial
<br />viability of the facility, or the credit worthiness of Portsmouth Hotel Associates, but, as
<br />required by ~15.1-1380, Code of Virginia, 1950, as amended, the bonds shall provide that
<br />neither the Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth Redevelopment an¢
<br />Housing Authority shall be obligated to pay the bonds or the interest thereon or other costs
<br />incident thereto except from the revenues and monies pledged therefor, and neither the faith
<br />credit of the taxing power of the Commonwealth, the City, nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 84-5g - Letter from the City Manager recommendin~ adoption of a
<br />the execution of the International City Hanagement Association (IC)~A)
<br />Declaration of Trust and Amended Trust Agreement.
<br />
<br />resolution authorizing
<br /> Retirement Corooration
<br />
<br />deferred compensation program £o~ the City. The ~{A-RC was appointed as administrator by
<br />Council resolution in 1974. Primarily due to recent chan~es in Federal Regulations, the
<br />ICMA-RC has made some changes to its organizational structure necessitating a new resolution.
<br />
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