|
R-96-3t
<br />
<br />A RESOLUTION EXPRESSING THE APPROVAL OF THE COUNCIL OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA, OF THE EXERCISE BY THE PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY OF POWERS CONFERRED ON IT
<br />BY THE VIRGINIA HOUSING AUTHORITIES LAW, TITLE 36, CHAPTER 1,
<br />CODE OF VIRGINIA OF 1950, AS AMENDED, IN CONNECTION WITH THE
<br />ISSUANCE FOR JANUARY 16TH ASSOCIATES, L.C., A VIRGINIA LIMITED
<br />LIABILITY COMPANY, OF NOT TO EXCEED $5,300,000 PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY 1996 HOUSING REVENUE
<br />REFUNDING BONDS (JANUARY 16TH ASSOCIATES L.C. PROJECT),
<br />REFUNDING THE OUTSTANDING PRINCIPAL BALANCE OF THE PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY'S 1985 HOUSING REVENUE BOND
<br />(JANUARY 16TH ASSOCIATES), ORIGINALLY ISSUED TO FINANCE THE
<br />ACQUISITION, CONSTRUCTION AND EQUIPPING OF CHURCHLAND FOREST
<br />APARTMENTS, A 184-UNIT HOUSING PROJECT WITH ITS OFFICE AT 20
<br />WOODMILL CT., PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Virginia Housing Authorities Law, Chapter 1,
<br />Title 36 of the Code of Virginia of 1950, as amended (the
<br />"Act"), authorizes the creation of the Portsmouth Redevelopment
<br />and Housing Authority (the "Authority"), and The Act empowers
<br />the Authority to assist January 16th Associates, L.C., a
<br />Virginia limited partnership (the "Applicant"), in refunding
<br />the outstanding principal balance of the Authority's $6,200,000
<br />Housing Revenue Bond (January 16th Associates) (the "Bond to be
<br />Refunded"), originally issued to finance the acquisition,
<br />construction and equipping of Churchland Forest Apartments, a
<br />184-unit housing project with its rental office at 20 Woodmill
<br />Court, in the City of Portsmouth (the "Project"), and thereby
<br />extending the average maturity date of the bonds; and
<br />
<br /> WHEREAS, the Applicant, which owns the Project, has its
<br />present principal place of business at 4455 South Boulevard,
<br />Suite 250, Virginia Beach, Virginia 23452; and
<br />
<br /> WHEREAS, when the average maturity date of a refunding
<br />issue of private activity bonds will be later than the average
<br />maturity date of the original issue of bonds, Section 147(f) of
<br />the Internal Revenue Code of 1986, as amended (the "Code"),
<br />requires the Authority to hold a public hearing to consider the
<br />issuance of such bonds, and the subsequent approval by this
<br />Council of the Authority's proposed issuance of such refunding
<br />issue of private activity bonds, in order for the interest on
<br />such bonds to qualify for exemption from the imposition of
<br />federal income tax; and
<br />
<br /> WHEREAS, the Authority held a public hearing on May 21,
<br />1996, in compliance with the requirements of the Code and
<br />
<br />
<br />
|