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R-97-16 A RESOLUTION APPROVING AND AUTHORIZING THE ISSUANCE OF REFUNDING BONDS FOR PEPPERWOOD TOWNHOMES WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") has considered the application of Pepperwood, L.L.C., a Virginia limited liability company, formerly Pepperwood II, Associates, a Virginia limited partnership (the "Borrower"), for the issuance of the Authority's Multifamily Housing Revenue Refunding Bonds in an amount not to exceed $2,900,000 (the "Bonds") to refund all or a portion of the Authority's $3,700,000 Housing Revenue Bond (Pepperwood II Associates) (the "Prior Bond"), the proceeds of which were used to make a loan to the Borrower to finance the acquisition and construction of a 96-unit apartment complex known as Pepperwood Townhomes located at 3790 Pepperwood Court in the City of Portsmouth, Virginia (the "Project"), twenty percent (20%) of which is for occupancy by individuals of low or moderate income, and has held a public hearing thereon on March 4, 1997; and WHEREAS, the Authority has recommended that the City Council (the "Council") of the City of Portsmouth (the "City") approve the refunding of the Prior Bond and issuance of the Bonds by the Authority to comply with Section 147(f) of the Internal Revenue Code of t986, as amended, and proposed final Treasury regulations issued thereunder; and WHEREAS, a record of the public hearing held hereon has been filed with the Clerk of the Council; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH: 1. The holding of a public hearing with respect to the refunding of the Prior Bond and the Project by the Authority at 12:00 noon on Monday, March 17, 1997, at the New Kirn Building, 3rd Floor, 339 High Street, Portsmouth, Virginia, in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, is hereby ratified. 2. The Council approves the refunding of the Prior Bond and further approves issuance of the Bonds by the Authority, upon terms and conditions acceptable to the Authority, for the benefit of the Borrower, to the extent of and as required by Section 147(f) of the Internal Revenue Code, to permit the Authority to assist in the refunding of the Prior Bond.