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R-00-16 A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING REVENUE BONDS FOR MERRIFIELD ESTATES, INC. WHEREAS, on July 6, 1998, the Portsmouth Redevelopment and Housing Authority (the "Authority") considered the application of Merrifield Estates, Inc., a Virginia non-stock, non-profit corporation (the "Company"), for the issuance of the Authority's multi-family rental housing revenue bonds in an amount not to exceed $3,500,000 [the "Bonds"] to assist the Company in acquiring and rehabilitating a 64 apartment unit multi-family residential rental housing facility ("Project"), located at 4200 Queenswood Drive, in the City of Portsmouth, Virginia, such facility to be owned and operated by the Company, and the Authority adopted an inducement resolution ("Inducement Resolution") for such facility; and WHEREAS, on November 2, 1998, the Authority held a public hearing on the Company's application to the Authority for the issuance of the Bonds for the Project as required by Section 15.2- 4906 of the Code of Virginia (1950), as amended, and adopted Resolution No. 4073, ratifying and confirming the Inducement Resolution; and WHEREAS, on December 20, 1999, the Authority held a public hearing on the Company's application to the Authority for the issuance of the Bonds for the Project as required by Section 15.2- 4906 of the Code of Virginia (1950), as amended, and adopted a Resolution, ratifying and confirming the Inducement Resolution; and WHEREAS, on March 6, 2000, the Authority held a public hearing on the Company's application to the Authority for the issuance of the Bonds for the Project as required by Section 15.2- 4906 of the Code of Virginia (1950), as amended, and adopted Resolution No. 4270, further ratifying and confnmfing the Inducement Resolution; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, and Sections 15.2-4906 and 36-19.2 of the Code of Virginia (1950), as amended, provide that the highest elected governmental officials of the governmental units having jurisdiction over the issuer of