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¸49
<br />
<br />December 131 1985
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br />has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of P. H. Boyette, Jr. and Company, Incor~
<br />perrated for the issuance of IDA Industrial Development Revenue Bonds in an amount not to exceed
<br />$925,000 to assist in financing the construction and equipping of a facility to be located at
<br />the intersection of George Washington Highway and Frederick Boulevard in the City of Portsmout~
<br />Virginia, and has held a public hearing thereon on December 12, 1983.
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to compl)
<br />with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approving the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certifications and documentati
<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, that
<br />the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth
<br />Industrial Development Authority for the benefit of P. H. Boyette, Jr. and Company, Incorpora~
<br />fez the constructing and equipping of a facility to be located at the intersection of George
<br />Washington Highway and Frederick Boulevard in the City of Portsmouth, Virginia.
<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 the company, but, as required by 615.1-
<br />1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commoz
<br />wealth of. Virginia, City of Portsmouth, nor IDA 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 neither the faith or credit of the taxing power of the Commonwealth, the City no~
<br />the IDA shall be pledged thereto.
<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 /> 83-436 - Resolution approving the issuance of Industrial Development Revenue Bonds by the
<br />~dustrial Development Authority for Goldman and Goldman, T/A Campaign, Inc., in an amount not
<br />to exceed $600,000 for a facility at 1140 South Street, deferred from the meeting of November
<br />22, 1983.
<br />
<br />The following letter received from the City Manager:
<br />
<br /> "The Industrial Development Anthority held a public bearing'on December 12, 1983, and
<br />approved the issuance of Industrial Development Revenue Bonds for Campaign, Inc. (Goldman and
<br />Goldman) in an amount estimated at $600,000 for the purchase of and improvements to property
<br />located at 1140 South Street. In accordance with the applicable federal and state law the IDA
<br />has requested Cnty Council to approve the issuance of such bonds.
<br />
<br /> The intent of these bonds is to finance the purchase of an:;eXi~tiBg building, improvement:
<br />thereto, and the purchase of equipment for the manufacture and distribution of leather and
<br />jewelry items. This development is estimated to return in excess of $17,000 annually to the
<br />City in local tax revenues.
<br />
<br /> The attached resolution was deferred from the meeting of November 22, 1983, and I recom-
<br />ment its approval."
<br />
<br /> On motion of Mr~.B~nesm2d 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 BY THE
<br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR GOLDMAN
<br />AND GOLDMAN, T/A CAMPAIGN, INC. IN AN AMOUNT NOT TO EXCEED $600,000 FOR A FACILITY
<br />AT 1140 SOUTH STREET IN PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority Of the City of Portsmouth, Virginia (IDA)
<br />has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Goldman and Goldman, T/A Campaign,
<br />Inc., for the issuance of IDA Industrial Development Revenue Bonds in an amount not to exceed
<br />$600,000 to assist in financing the acquisition, renovation and equipping of ~ facility to be
<br />located at 1140 South Street in the City of Portsmouth, Virginia, and has held a public hearin
<br />thereon on December 12, 1983; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to compl
<br />with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approving the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certifications and documentati~
<br />have been provided to the City Council for their consideration.
<br />
<br />
<br />
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