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A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL <br />HOUSING REFUNDING REVENUE BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, <br />VIRGINIA IN AN AMOUNT NOT TO EXCEED $28,150,000 TO ASSIST <br />REGENCY APARTMENTS ASSOCIATES LIMITED PARTNERSHIP IN THE <br />REFUNDING OF A BOND ISSUED BY THE PORTSMOUTH REDEVELOPMENT AND <br />HOUSING AUTHORITY ON FEBRUARY 27, 1985 TO ASSIST IN FINANCING <br />THE ACQUISITION AND REHABILITATION OF A 862 UNIT MULTI-FAMILY <br />RESIDENTIAL RENTAL PROJECT KNOWN AS T~E REGENCY APARTMENTS <br />LOCATED AT 2100 WESTMINISTER LANE IN THE CITY OF VIRGINIA <br />BEACH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment And Housing <br />Authority of the City of Portsmouth, Virginia (the <br />"Authority") has been authorized by the Council of the City of <br />Portsmouth, Virginia to advertise and hold public hearings <br />relative to the issuance of Revenue Bonds; and <br /> <br /> WHEREAS, the Authority has considered the request of <br />Regency Apartments Associates Limited Partnership (the <br />"Company") whose address is One Shelter Place, Greenville, <br />South Carolina 29602, for the issuance by the Authority of its <br />Multi-family Rental Housing Refunding Revenue.Bonds in an <br />amount not to exceed twenty-eight million one hundred fifty <br />thousand dollars ($28,150,000) (the "Refunding Bonds") to <br />refund the Authority's Multifamily Rental Housing Bonds <br />Series 1985 (Fannie Mae Pass-Through Certificate <br />Program/Regency Apartments Associates Limited Partnership <br />Project) in the original principal amount of twenty-eight <br />million one hundred fifty thousand dollars ($28,150,000) (the <br />"Original Bonds"); and <br /> <br /> WHEREAS, the original bonds were issued by the Authority <br />on February 27, 1985 to assist the Company in financing the <br />acquisition and rehabilitation of a 862 unit multi-family <br />residential ~ental project known as Regency Apartments (the <br />"Project") located at 2100 Westminister Lane in the City of <br />Virginia Beach, Virginia; and <br /> <br /> WHEREAS, the Authority held a public hearing on the <br />issuance of the Refunding Bonds on December 13, 1988; and <br /> <br /> WHEREAS, the Internal Revenue Code of 1986, as amended, <br />(the "Internal Revenue Code"), provides that the applicable <br />elected representatives of the governmental unit issuing the <br />Bonds and the applicable representatives of the governmental <br />unit having jurisdictIon over the area in which any facility <br />financed with the proceeds of Industrial Development and <br />Revenue Bonds is located, shall approve the issuance of such <br />Bonds; and <br /> <br /> <br />