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R-00-09 <br /> <br />A RESOLUTION APPROVING ISSUANCE OF MULTI.FAMILY RENTAL HOUSING <br />BONDS FOR THE BENEFIT OF YS PORTSMOUTH LIMITED PARTNERSltIP. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") <br />proposes to issue its multi-family hoUSing revenue bonds in an amount not currently expected to <br />exceed $7,500,000 (the "Bonds") to finance a 160-unit multi-family housing project to be known <br />as Yorkshire Square Townhouse Apartments located at 840 Lancer Drive and Yorkshire Road in <br />Portsmouth, Virginia (the "Project"), for the benefit of YS Portsmouth Limited Partnership, a <br />Virginia limited parmership; and <br /> <br /> WHEREAS, on February 22, 2000, the Authority held a public hearing on the issuance <br />of the Bonds; and <br /> <br /> WHEREAS, the Authority has recommended that the City Council of the City of <br />Portsmouth, Virginia (the "Council"), approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving the proposed Bonds, a record <br />of the public hearing and a "fiscal impact statement" with respect to the Project have been filed <br />with the Council; <br /> <br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that: <br /> <br /> 1. The Council hereby approves the issuance of the Bonds as proposed by the <br />Authority, to the extem required by Section 147(f) of the Internal Revenue Code of 1986, as <br />amended, and Section 15.2-4906 of the Virginia Code of 1950. as amended. <br /> <br /> 2. Such approval does not constitute and shall not be represented as constituting an <br />endorsement of the Bonds, or the creditworthiness of the Project or any source of payment of the <br />Bonds. The Bonds shall continue to provide that they shall not be a debt of the Commonwealth <br />of Virginia or any political subdivision thereof (other than the Authority) and that neither the <br />Commonwealth of Virginia nor any political subdivision thereof (other than the Authority) shall <br />be liable thereon. <br /> <br />3. This resolution shall take effect on the date of its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth. Virginia, at a meeting held on <br />February 22, 2000. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />