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RESOLUTION
<br />
<br />A RESOLUTION EXPRESSING THE APPROVAL OF THE COUNCIL OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA, OF THE EXERCISE BY THE
<br />PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF POWERS
<br />CONFERRED ON IT BY THE VIRGINIA HOUSING AUTHORITIES LAW,
<br />TITLE 36, CHAPTER 1, CODE OF VIRGINIA OF 1950, AS
<br />AMENDED, IN CONNECTION WITH THE REFUNDING FOR PORTSMOUTH
<br />HOTEL ASSOCIATES, A VIRGINIA LIMITED PARTNERSHIP, OF THE
<br />APPROXIMATELY $4,344,000 OUTSTANDING PRINCIPAL BALANCE
<br />OF THE AUTHORITY'S $4,950,000 REDEVELOPMENT AND HOUSING
<br />AUTHORITY REVENUE BOND (PORTSMOUTH HOTEL ASSOCIATES
<br />PROJECT) SERIES OF 1981, ORIGINALLY ISSUED TO FINANCE THE
<br />CONSTRUCTION AND EQUIPPING OF A T~REE-STORY, 69 ROOM
<br />ADDITION TO THE PORTSMOUTH HOLIDAY INN, AT 8 CRAWFORD
<br />PARKWAY, IN THE CITY OF PORTSMOUTH
<br />
<br /> WHEREAS, the Virginia Housing Authorities Law, Chapter 1,
<br />Title 36 of the Code of Virginia of 1950, as amended (the "Act"),
<br />authorizes the creation of the Portsmouth Redevelopment and Housing
<br />Authority (the "Authority") , and the Act empowers the Authority to
<br />assist Portsmouth Hotel Associates, a Virginia limited partnership
<br />(the "Applicant"), in refunding the approximately $4,344,000
<br />outstanding principal balance of the Authority's $4,950,000
<br />Redevelopment and Housing Authority Revenue Bond (Portsmouth Hotel
<br />Associates Project) Series of 1981, originally issued to finance
<br />the construction and equipping of a three-story, 69 room addition
<br />to the Portsmouth Holiday Inn, at 8 Crawford Parkway, in the city
<br />of Portsmouth (the "Facility"); and
<br />
<br /> WHEREAS, the Applicant, which owns the Facility, has its
<br />present principal place of business at 11832 Rock Landing Drive,
<br />Suite 304, Newport News, Virginia; and
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of
<br />1986, as amended (the "Code"), requires approval by this Council of
<br />the issuance of any private activity bonds by the Authority after
<br />it has held a public hearing to consider the issuance of such bonds
<br />as one of the acts required in order forthe interest on such bonds
<br />to qualify for exemption from the imposition of federal income tax;
<br />and
<br />
<br /> WHEREAS, the Authority held a public hearing on November
<br />9, 1993, in compliance with the requirements of the Code and
<br />Virginia Code Section 15.1-1378.1, and after such public hearing
<br />did adopt a resolution to issue not to exceed $4,344,000 of its
<br />tax-exempt First Mortgage Refunding Revenue Bonds (Portsmouth
<br />Holiday Inn Facility) Series 1993 (the "Bonds"), subject to the
<br />adoption of this resolution; and
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<br />51691 1
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