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32 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL <br />HOUSING REVENUE REFUNDING BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, <br />VIRGINIA IN AN AMOUNT NOT TO EXCEED $4,085,000 TO ASSIST <br />INDEPENDENCE SQUARE ASSOCIATES IN THE REFUNDING OF A BOND <br />ISSUED BY THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY ON <br />DECEMBER 16, 1985 TO FINANCE A PORTION OF THE ACQUISITION, <br />CONSTRUCTION AND EQUIPPING OF A MULTI-FAMILY RENTAL HOUSING <br />PROJECT LOCATED AT 5120 GEORGE WASHINGTON HIGHWAY IN THE CITY <br />OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing Authority <br />of the City of Portsmouth, Virginia (PRHA) has been authorized <br />by the Council of the City of Portsmouth~ Virginia to <br />advertise and hold public hearings relative to the issuance of <br />Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application and plan <br />of financing of Independence Square Associates, a virginia <br />general partnership, (the "Company"), for the issuance by PRHA <br />of Housing Revenue Bonds in an amount no~ to exceed Four <br />Million Eighty-Five Thousand Dollars ($4,085,000), but equal <br />to the outstanding principal balance of the original note, to <br />assist the Company in the redemption in full of PRHA's <br />$4,200,000 1985 Housing Revenue Note (Independenc~ Square <br />Project), which was issued to finance the acquisition, <br />construction and equipping of a 152 unit multi-family <br />residential rental housing project known as Independence <br />Square Apartments located at 5120 George Washington Highway in <br />the City of Portsmouth, Virginia (the "Facility"), and has <br />held a public hearing thereon on May 10, 1988; and <br /> <br /> WHEREAS, the Internal Revenue Code of 1986 permits <br />refundings for multi-family rental-housing projects; and <br /> <br /> WHEREAS, the PRHA has requested City Council to approve <br />the issuance of the bonds to comply with the applicable <br />federal and state laws and a copy of PRHA's Resolution <br />approving the issuance of said bonds subject to the terms and <br />conditions contained therein and the applicable certifications <br />and documentations including, without limitation, a reasonably <br />detailed summary of the comments expressed at the public <br />hearing and a Fiscal Impact Statement have been provided to <br />the City Council for their ronsideration. <br /> <br /> <br />