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DecemEe~ 1S I~R~
<br />
<br /> WHEREAS, a copy of .PRHA!s resolution approving the issuance of the bonds, subject to the
<br />terms and conditions contained in the bond, the note and the modification agreement, and the
<br />appropriate certifications and documentations required by the applicable Federal and State
<br />have been provided to the City Council for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approve the amendment to PRHA's Seven Million, Six Hundred Thousand ($7,600,000) Dollar Indus-
<br />trial Development Revenue Bond (Crawford Harbor Associates Facility) Series of 1980, to finan~
<br />the cost of acquisition, construction and equipping of the "facility".
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable Federal and State laws does not constitute an endorsement of the bonds, financial
<br />viability of the facility, or the credit worthiness of Crawford Harbor Associates, but, as
<br />required by the applicable provisions of law, the bond shall provide that neither the Common-
<br />wealth of Virginia, City of Portsmouth nor PRHA shall be obligated to pay the bonds or the
<br />interest thereon or other costs incident thereto except from the revenues and monies pledged
<br />therefor, and that neither the faith or credit of the taxing power of the Commonwealth, the
<br />City nor the PRHA shall be pledged thereto; provided, however, the payment of the first One
<br />Million ($1,000,000) Dollars in principal due on the Bond and the payment of certain other
<br />as provided in the Bond Purchase Agreement and such other relevant documents are general
<br />obligations of the PRHA payable out of the general revenue and monies of. the PRHA and consti-
<br />tute an obligation of the City of Portsmouth to the extent required by an agreement to provide
<br />funds dated as of July 1, 1980 between the City and the PRHA.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Barnes, Beamer, Gray,'~Holley, Webb, Whitlow
<br />Nays: None
<br />
<br /> 83-463 - Resolution approving the issuance of Industrial Development Revenue Bonds by
<br />the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia, for
<br />Hollowell & Associates, in the amount of $1,125,000 for properties located on the south side
<br />of County Street.
<br />
<br />Michael A. Kay, Executive Director of PRHA, Answered questions as presented.
<br />
<br /> On motion of Mr. Barnes and seconded by Mrs. Webb, 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 MOLLOWELL & ASSOCIATES, IN THE AMOUNT OF $1,125,000. FOR PROPERTIES
<br />LOCATED ON THE SOUTH SIDE OF COUNTY STREET.
<br />
<br /> WHEREAS, Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />VSrg~si~¢(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 Hollowell & Associates, a Virginia limite
<br />partnership, for the issuance of PRHA Industrial Development Revenue Bonds in an amount not to
<br />.exceed 'One Million, One Hundred Twenty-Five Thousand ($1,125,000) Dollars to assist in the
<br />'financing of the acquisition, construction and equipping of certain land and improvements
<br />located on the south side of County Street in the City of Portsmouth, Virginia (adjacent to
<br />Greyhound Bus Terminal) for use as an office building facility, and has held a public hearing
<br />thereon on November 29, 1983; and
<br />
<br /> WHEREAS, PRHA has requested City Council to approve the issuance of the bonds to comply
<br />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 have been pro-
<br />vided to the City Council for 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 Hollowell & Associates in an amount not to exceed One Million, One Hun-
<br />dred Twenty-Five Thousand ($1,125,000) Dollars for the acquisition, construction and equippin~
<br />of an office building facility on property located on the south side of County Street, Ports-
<br />mouth, Virginia and to be owned by Hollowell & Associates.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable Federal and State laws does not constitute an endorsement of the bonds, financial
<br />viability of the facility, or the credit worthiness of Hollowell & Associates, but, as require
<br />by §15.1-1380, Code of Virginia, 1950, as amended, the bonds shall provide that neither the
<br />Commonwealth of Virginia, the City of Portsmouth, nor the Portsmouth Redevelopment and Housin
<br />Authority shall be obligated to pay the bonds or the interest thereon or other costs inc
<br />thereto except from the revenues and monies pledged therefor, and neither the faith or credit
<br />of the taxing'power of the Commonwealth, the City, nor PRHA shall be pledged thereto.
<br />
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