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R-96-25 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY OF ITS RENTAL HOUSING <br />MORTGAGE REVENUE REFUNDING BONDS FOR AND ON BEHALF OF MANSARDS <br />ASSOCIATES, FOR THE PURPOSE OF REFINANCING THE ACQUISITION OF A <br />MULTI-FAMILY RESIDENTIAL RENTAL FACILITY, KNOWN AS MANSARDS <br />APARTMENTS, LOCATED IN THE CITY OF VIRGINIA BEACH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority (the "Authority") has been requested by Mansards <br />Associates, a Virginia limited partnership (the "Applicant"), <br />to issue the Authority's Rental Housing Mortgage Revenue <br />Refunding Bonds in a prIncipal amount not to exceed $6,000,000 <br />(the "Bonds") to refund the outstanding balance of the <br />Authority's Housing Revenue Notes (Mansards Associates <br />Project), Series 1983 to finance the Applicant's acquisition of <br />a 240-unit multi-family residential rental facility, known as <br />Mansards Apartments, located between Shell Road and Northampton <br />Boulevard at 1501 Kindly Lane (the "Project"), in the City of <br />Virginia Beach, Virginia, and has held a public hearing thereon <br />on May 7, 1996; and <br /> <br /> WHEREAS, the Authority has requested the City Council (the <br />"Council") of the City of Portsmouth, Virginia (the "City") to <br />approve the issuance of the Bonds to comply with Section 147(f) <br />of the Internal Revenue Code of 1986, as amended (the "Code") <br />applicable to the issuance of uax-exempu bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, subject to terms to be agreed upon, <br />and a record of the public hearing with respect to the issuance <br />of the Bonds to refinance the Project have been filed with the <br />Council. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth: <br /> <br /> 1. The Council approves the issuance of the Bonds by the <br />Authority for the benefit of the Applicant, to the extent <br />required by Section 147(f) of the Code to permit the Authority <br />to issue its tax-exempt bonds to assist in the refinancing of <br />the Project. <br /> <br /> 2. The approval of the issuance of the Bonds, as <br />required by Section 147f(f) of the Code, does not constitute an <br />endorsement to a prospective purchaser of the Bonds of the <br />creditworthiness of the Project or the Applicant, and the Bonds <br />shall provide that neither the City nor the Authority shall be <br />obligated to pay the Bonds or the interest thereon or other <br /> <br /> <br />