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R-99-15 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR <br />CHURHLAND NORTH APARTMENTS. <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 207-unit multi-family housing project to be known <br />as Churchland North Apartments located at 6200 Hightower Road in Portsmouth, Virginia (the. <br />"Project") located in the City of Portsmouth, Virginia, for the benefit of CN Limited Partnership, <br />a North Carolina limited partnership; and <br /> <br /> WHEREAS, on April 5, 1999, the Authority held a public hearing on the issuance of the <br />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 <br />record of the public hearing and a "fiscal impact statement" with respect to the Project have been <br />filed with the Council; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PORTSMOUTH, VIRGINIA: <br /> <br /> 1. The Council hereby approves the issuance of the Bonds as proposed by the <br />Authority, to the extent 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 or any political subdivision thereof (other than the Authority) shall <br />be liable thereon. <br /> <br />3. This resolution shall take effect immediately upon its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on April <br />13, 1999. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />