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Virginia Code Section 15.1-1378.1, and after such public hearing did adopt a resolution to issue not to exceed $5,300,000 of its 1996 Housing Revenue Refunding Bonds (January 16th Associates, L.C. Project), of which not to exceed $4,250,000 are expected to qualify for the federal tax-exemption (the "Bonds"), subject to the adoption of this resolution; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, the proposed amount of the Bonds will not exceed the outstanding principal amounnt of the Bond to be Refunded, making the Bonds exempt, under Section 146(i) (1) of the Code, from the limitation on the volume of notes or bonds the interest on which is exempt from the imposition of federal income tax; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a record of the public hearing with respect to the Bonds and a Fiscal Impact Statement in the form prescribed by Virginia Code Section 15.1-1378.2, have been filed with the Council as required by Virginia Code Sections 15.1-1378.1 and 15.1-1378.2 and the Code; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That, relying upon the representations of the Authority contained in its resolution, the recitals in the preambles hereto are found to be true and correct in all respects and are adopted as findings of this Council as if fully rewritten herein. Section 2: That the Project proposed to be refinanced by the issuance of the Bonds be, and hereby is, deemed appropriate for such financing and, accordingly, the issuance of the Bonds be, and hereby is, approved for all purposes for which such approval is required, including without limitation Virginia Code Section 15.1-1378.1 and Section 147(f) of the Code. Section 3: That the City Clerk be, and hereby is, instructed to forward a copy of this resolution to the Authority and to the Applicant. Section 4: That this resolution shall take effect immediately upon the date of its adoption.