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260
<br />
<br />March 22, 1983
<br />
<br /> 83-10t,~ Motion of Mrs. Webb and seconded by Mr. Gray, that Itemg~ 83-108, 83-109 and
<br />83-110 to be moved forward and taken up at this time, and was adopted by unanimous vote.
<br /> 83-108 "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 Oceanic Container Services, Incorporated, in an amount estimated
<br />at $500,000 for improvements to property locat~ed at 2655 Elmhurst Lane."
<br /> "The Industrial Development Authority held public hearings and approved the issuance of
<br />Industrial Development Revenue Bonds for Oceanic Container Services, Incorporated
<br />in an amount estimated at $500,000 for improvements to property located at 2655 Elmhurst Lane.
<br />In accordance wi~h the applicable federal and state law the IDA has requested City Council to
<br />approve the issuance of such bonds.
<br /> The attached resolution has been prepared by the City Attorney and I recommend its approvs
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following resolution was adopted,and
<br />by the following vote:
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE
<br /> INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR OCEANIG CONTAINER
<br /> SERVICES, INCORPORATED, IN AN AMOUNT ESTIMATED AT $500,000 FOR IMPROVEMENTS TO
<br /> PROPERTY LOCATED AT 2655 EL~URST LANE.
<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 /> WHEREAS, the IDA has considered the application of Oceanic Container Services, Incorporte~
<br /> a New Jersey Corporation, for the issuance of IDA'S Industrial Development Revenue Bonds in an
<br /> amount estimated at Five Hundred Thousand ($500,000) Dollars to assist in the financing of the
<br /> acquisition of certain land and improvements ~e~e~ located at 2655 Elmhurst Lane and the
<br /> renovation and equipping the~eof for use as a storage and office facility and has held a public
<br /> hearing thereon on March 15, 1983; and
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to comply
<br /> with the applicable federal and state law; and
<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 appropriaZe certification by their legal
<br /> counsel have been provided to the City Council for their consideration.
<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 the Portsmouth Industrical
<br /> Development Authority for Oceanic Container Services, Incorporated, a New Jersey Corporation,
<br /> in an amount estimated at Five Hundred Thousand ($500,000) Dollars for improvements to property
<br /> located at 2655 Elmhurst Lane.
<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 ~01~hines~s~ of the company, but, as requi~ed by §15.1-1381
<br /> of the Code of Virginia, 1950, as amended, the bond shall provide that neither the Commonwealth
<br /> of Virginia, City of Portsmouth nor IDA shall be obligated to pay the bonds or the interest
<br /> thereon or other costs incident thereto except from the revenues and monies pledged therefor,
<br /> and neither the faith or credit of the taxing power of the Commonwealth, the City nor the IDA
<br /> shall be pledged thereto.
<br />
<br /> This resolution shall tale effect immediately upon its adoption.
<br />
<br /> Ayes: Barnes, Beamer, Gray, Holley, Webb~ Whitlow, Johansen
<br /> Nays: None
<br />
<br /> 83-109 "Letter from the City Manager recommending adoption of a resolution approving the
<br /> issuance of Industrial Development Revenue Bonds by the Industrial Development Authority of
<br /> the City of Portsmouth, Virginia, for Farm Fresh, Inc., &n an amount estimated at $4,000,000
<br /> for property located on High, King and County Streets."
<br /> "The Industrial Development Authority held public hearings and approved the issuance of
<br /> Industrial Development Revenue Bonds for Farm Fresh, In,.in an amount estimated at $4,000,000
<br /> for improvements ~o~property located at High, King, and County S~reet. In accordance with the
<br /> applicable federal and state law the IDA has requested City Council to approve the issuance of
<br /> such bonds.
<br /> The attached resolution has been prepared by ~he City Attorney and I recommend its approval
<br /> On motion'of Mr. Barnes and seconded by Mrs. Webb, the following resolution was adopted
<br /> and by the following vote:
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE
<br /> INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR FARM FRESH,
<br /> iNC., IN AMOUNT ESTIMATED AT $4,000,000 FOR PROPERTY LOCATED ON HIGH, KING AND COUNTY
<br /> STREETS.
<br /> WHEREAS, the I~dustrial Developmnet 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 />
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