Laserfiche WebLink
R-96-3 <br /> <br />A RESOLUTION EXPRESSING THE APPROVAL OF THE COUNCIL OF THE CITY <br />OF PORTSMOUTH, VIRGINIA, OF THE EXECUTION AND DELIVERY BY THE <br />PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF A <br />MODIFICATION AGREEMENT RELATING TO ITS $875,000.00 1980 OFFICE <br />AND COMMERCIAL FACILITIES REVENUE BOND (HISTORIC TOWNE SQUARE <br />COMPANY, A LIMITED PARTNERSHIP). <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority (the "Authority") issued its $875,000.00 1980 Office <br />and Commercial Facilities Revenue Bond (Historic Towne Square <br />Company, a limited partnership) (the "Bond") for the benefit of <br />the Authority and Historic Towne Square Company, a limited <br />partnership (the "Company"); and <br /> <br /> WHEREAS, the Bond is still outstanding and Life Savings <br />Bank is or will be the owner thereof (the "Holder"); and <br /> <br /> WHEREAS, the Company, certain guarantors of the Bond the <br />"Guarantors") and the Holder have agreed to amend the <br />interest rate and other payment terms on the Bond effective as <br />of the January 1, 1996 payment date; and <br /> <br /> WHEREAS, to effectuate the amendment of the Bond, the <br />Authority has been requested to authorize the execution and <br />delivery of a Modification Agreement dated as of December 1, <br />1995, between the Authority, the Holder, the Company and the <br />Guarantors (the "Agreement"); and <br /> <br /> WHEREAS, the Authority has duly held a public hearing with <br />respect to the modification of the Bond and there has been <br />presented to this meeting the form of the Agreement; and <br /> <br /> WHEREAS, Kaufman & Canoles ("Bond Counsel") intends to <br />give an opinion that the requested execution and delivery of <br />the Agreement will not adversely affect the tax-exempt status <br />of interest on the Bond for federal and Commonwealth of <br />Virginia income tax purposes; and <br /> <br /> WHEREAS, the Authority has requested that this Council <br />approve the execution and delivery of the Agreement by the <br />Authority; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia: <br /> <br /> Section 1: That the Authority is hereby authorized to <br />execute and deliver the Agreement upon the Authority's receipt <br />of (a) the executed opinion of Bond Counsel hereinabove <br />described, found acceptable to the Authority, and (b) an <br />original counterpart of the Agreement executed by the Company, <br /> <br /> <br />