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278
<br />
<br />April 26, 1983
<br />
<br /> WHEREAS, a copy of PPIC's resolution approving the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certification by their legal
<br />counsel have been provided to the City Council for their consideration.
<br />
<br /> NOW, THER-BFORE, BB IT RESOLVED that the Council of the City of Portsmouth, Virginia appro
<br />the issuance of Industrial Development Revenue Bonds by the Portsmouth Port a~d Industrial
<br />Commmssion for Moon Engineering Company, Incorporated in an amount estimated az Three Million
<br />(5~000~O00.) Dollars upon terms and conditicns to be mutually agreed upon between PPIC and Moo
<br />Engineering Company, Incorporated for the acquisition or lease, construction and equipping of
<br />a shipyard and all backup facilities to be located on proFerty owned by PPIC in Portsmouth,
<br />Virginia.
<br />
<br /> BE IT FURTHER ~ESOLVED 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 ~15.1-
<br />1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Com-
<br />monwealth of Virginia, City of Portsmouth nor PPIC 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
<br />nn~'~PP~C~sh~ll be~p~edged 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 /> 83-152 Letter from the City Manager recommending adoption of a resolution approving the
<br />issuance of Industrial Development Bonds by the Industrial Development Authority of the City
<br />of Portsmouth, for Imperial "400" National, Inc., ~n~he~am~u~ ~s~imated at $1,000,~00 for a
<br />motel facility located in Portsmouth.
<br />
<br /> "The~ Industrial Developmen~ Authority held a public hearing on ApriI 19, 1983, and approv
<br />the issuance of Industrial Developmen~ Revenue Bonds for Imperial "400" National, Inc. in an
<br />amount estimated at $1,000,000 for improvements to their property at 333 Effingham S~reet. In
<br />accordance with the applicable federal and state law the IDA has requeseed City Council to ap-
<br />prove the issuance of such bonds.
<br />
<br /> The intent of these bonds is to finance the construction of 45 additional motel rooms and
<br />~o remodel and renovate the existing facility. The additional rooms will result in additional
<br />local taxes, principally in the form of real property and lodging taxes.
<br />
<br /> The attached resolution has been prepared by
<br />approval."
<br />
<br /> the City Attorney and I recommend its
<br />
<br /> On motion of Mr. Whitlow and seconded by Mr. Barnes, the following resolution was adopted
<br />and by the following vote:
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br /> THE INDUSTRIAL DEVELOPMENT AUTHCRITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR
<br /> IMPERIAL "400" NATIONAL, INC., IN AN AMOUNT ESTIMATED AT $1,000,000. FOR A MOTEL
<br /> FACILITY LOCATED IN PORTSMOUTH, VIRGINIA.
<br />
<br />d
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginma [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 Imperial "400" National, Inc. for the
<br />issuance of IDA Industrial Development Revenue Bonds in an amount estimated at One Million
<br />($1,000,O00) Dollars to assist in the £inancing of the acquisition, construction and equipping
<br />of a motel facility in the City of Portsmouth, Virgmnia, and has held a public hearing thereon
<br />on April 19, 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 /> I~HEREAS, a cQpy of the IDA's resolution approving the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certification by their legal
<br />counsel have been provided to the City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the CounciI of the City of Portsmouth, Virginia that th
<br />Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth In-
<br />dustrial Development Authority for the Imperial "400" National, Inc. for the acquisition,
<br />construction and equipping of a motel facility 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 ~e~eral and state laws does not constitute an endorsement of the bonds, financial
<br />~iabili'ty bT"the facility or the credit worthiness of the company, but, as required by
<br />1380 of th~ Code of Virginia, 1950, as amended, the bonds '~hall provide that neither the Com-
<br />monwealth 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 t~e Commonwealth, the City
<br />nor the IDA shall be pledged thereto.
<br />
<br />
<br />
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