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CERTIFICATE OF ALLOCATION <br /> OF PRIVATE ACTIVITY BOND AUTHORITY <br /> <br /> On behalf of the Virginia Small Business Financing Authority (VSBFA), the undersigned <br />hereby certifies, as follows: <br /> <br /> 1. Pursuant to the Virginia Private Activity Bond Allocation Guidelines, VSBFA has <br /> made the following allocation of private activity bond authority in the <br /> Commonwealth: <br /> <br /> Allocation Date: February 19, 1998 <br /> Issuing Entity: Portsmouth Redevelopment and Housing Authority <br /> Locality: City of Portsmouth <br /> Amount: $6,050,000 <br /> Project: Lee Hall Limited Partnership <br /> Bond Type: Multifamily <br /> Expiration Date: May 20, 1998 <br /> <br />Without independent investigation and based, in part; on filings made with VSBFA, <br />the foregoing issue of bonds for this project issued on or prior to the expiration date, <br />and with respect to which a copy of IRS Form 8038 shall have been received by <br />VSBFA prior to 5:00 p.m. on the expiration date, when added to all private activity <br />bonds issued after December 3I, 1997 and on or prior to such expiration date will <br />not exceed the 1998 State Ceiling on private activity bonds for the Commonwealth <br />of Vh-ginia, as established by the provisions of the Internal Revenue Code of 1986; <br />and therefore, the issue of Bonds meets the requirements of. Section 146 of the <br />Internal Revenue Code of 1986, as amended, (relating to volume cap on private <br />activity bonds). <br /> <br />Witness my signature this 19th day of February, 1998 <br /> <br /> <br /> __________________________________________ <br /> Cathleen M. Surface, Executive Director <br /> Virginia Small Business Financing Authority <br /> <br /> <br />