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R-01-15 A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL REVENUE BONDS FOR LEE HALL LIMITED PARTNERSHIP. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") proposes to issue its multi-family housing revenue bonds in an amount not currently expected to exceed $1,000,000 (the "Bonds") to finance additional costs of rehabilitation and equipping of a 250-uNIt multifamily housing project known as Marsh Landing Apartments (formerly, Lee Hall Apartments) located at 927 Suburban Parkway in the City of Portsmouth, Virgima (the "Project"), for the benefit of Lee Hall Limited Partnership, a Virgihia limited partnership; and WHEREAS, on February 20, 2001, the Authority held a public hearing on the issuance of the Bonds; and WHEREAS, the Authority has recommended that the Council of the City of Portsmouth, Virginia (the "Council"), approve the issuance of the Bonds; and WItEREAS, a copy of the Authority's resolution approving the proposed Bonds, a record of the public heating and a "fiscal impact statement" with respect ro the Project have been filed with the Council. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: 1. The Council hereby approves the issuance of the Bonds as proposed by the Authority, to the extent required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 15.2-4906 of the Virginia Code of 1950, as amended. 2. Such approval does not constitute and shall not be represented as constituting an endorsement of the Bonds, or the creditworthiness of the Project or any source of payment of the Bonds. The Bonds shall continue to provide that they shall not be a debt of the Commonwealth of Virginia or any political subdivision thereof (other than the Authority) and that neither the Commonwealth of Virgima nor any political subdivision thereof (other than the Authority) shall be liable thereon. 3. All conditions imposed by the Council on the multi-family rental housing revenue bonds approved on March 24, 1998 shall continue in full force and effect with respect m the proposed renovations. 4. This resolution shall take effect on the date of its adoption.