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83 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL <br />HOUSING REVENUE REFUNDING BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY FOR SEABOARD COASTLINE <br />ASSOCIATES IN AN AMOUNT NOT TO EXCEED $3,000,000 TO ASSIST <br />IN REDEEMING IN EULL PRHA'S $3,000,000 1985 RESIDENTIAL <br />RENTAL PROJECT REVENUE BOND ISSUED TO FINANCE THE <br />ACOUISITION, CONSTRUCTION, REHABILITATION AND EQUIPPING OF <br />A MULTI-FAMILY RESIDENTIAL RENTAL PROJECT AT ONE HIGH <br />STREET IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS~ the Portsmouth Redevelopment and Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) has <br />been authorized by the Council of the City of Portsmouth, <br />Virginia, to advertise and hold public hearings relative <br />the issuance of revenue bonds in accordance with the <br />applicable federal and state law; and <br /> <br />to <br /> <br /> WHEREAS, the PRHA has considered the application of <br />Seaboard Coastline Associates, a Virginia general <br />partnership (the "Company") for the issuance by PRHA of <br />multi-family rental housing revenue refunding bonds in a <br />principal amount not to exceed three million ($3,000,000) <br />dollars to assist the "Company" in redeeming in full the <br />PRHA'S three million ($3,000,000) dollar 1985 Residential <br />Rental Project Revenue Bond (Seaboard Coastline Associates <br />P~o3ect) the ("original bond") issued to finance the <br />acquisition, rehabilitation, consnruction and equipping of <br />a multi-family residential rental project, located at ONe <br />High Street in the City of Portsmouth, Virginia (the <br />"Facility") which is part of a multi-use <br />commercial/residential facility to be owned by the <br />"Company"; and <br /> <br /> WHEREAS, Seaboard Coastlihe Associates has described <br />to PRHA the benefits which the facility will bring to the <br />Commonwealth of Virginia and the City of Portsmouth, <br />Virginia, and the PRHA has held a public hearing thereon in <br />accordance with all applicable federal and state laws on <br />July 28, 1987, and has requested City Council to approve <br />the issuance of the refunding bonds; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the <br />issuance of said bonds, subject to the terms and conditions <br />contained therein and the appropriate cernifications <br />required by the applicable federal and ss~te laws have been <br />provided to City Council for its consideration. <br /> <br /> <br />