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R-97 -39 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY FOR THE BENEFIT OF CHOWAN <br />PARTNERS, L.P.TO THE EXTENT REQUIRED BY SECTION 147(f) OF THE <br />INTERNAL REVENUE CODE OF 1986, AS AMENDED. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority (the "Authority") has considered the request of <br />Chowan Partners, L.P. (the "Applicant"), for the issuance of <br />the Authority's revenue bonds in an amount now estimated at <br />$2,350,000 (the "Bonds") to refund the outstanding principal <br />balance of the Authority's $2,500,000 Variable Rate Residential <br />Rental Project Revenue Refunding Bonds (Chowan Partners, L.P. <br />Project), Series 1992, which were issued to refund the <br />outstanding principal balance of the Authority's $3,450,000 <br />1985 Residential Rental Housing Bond (Chowan Trace Associates, <br />L.P.) which was issued to finance the acquisition, construction <br />and equipping of a multi-family residential rental facility <br />located at 2880 Airline Boulevard, Portsmouth, Virginia (the <br />"Project"), and has held a public hearing thereon on August 4, <br />1997; and <br /> <br /> WHEREAS, (the the Authority has recommended that the City <br />Council "Council") of the City of Portsmouth, Virginia <br />(the "City"), approve the issuance of the Bonds to comply with <br />Section 147(f) of the Internal Revenue Code of 1986, as amended <br />(the "Code"); and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, a record of the public hearing and a <br />"fiscal impact statement" with respect to the Project have <br />been filed with the Council; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth: <br /> <br /> 1. That the Council approves the issuance of the Bonds <br />by the Authority for the benefit of the Applicant to the extent <br />required by Section 147(f) of the Code and Section 15.1-1378.1 <br />of the Code of Virginia. <br /> <br /> 2. That the approval of the issuance of the Bonds, as <br />required by Section 147(f) of the Code does not constitute an <br />endorsement of the Bonds or the creditworthiness of the Project <br />or the Applicant. The Bonds shall provide that neither the <br />City nor the Authority shall be obligated to pay the Bonds or <br />the interest thereon or other costs incident thereto and the <br /> <br /> <br />