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NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by the Portsmouth <br />Redevelopraent and ~ousing Authority for BM~I Associates <br />in an aEount not to exceed One Million Do!lars f$1,000,000) <br />to finance the cost of the acquisition, rehabilitation, and <br />operation of the "facility". <br /> <br /> BE I-T FURTHER RESOLVED that the Council of the City <br />of Portsmouth, Virginia, finds that in order to preserve, <br />develop and protect safe and sanitary housing and promote <br />a desirable econonuic wix that at least twenty percent (20%) <br />of the units will be rented or held available for persons <br />of low-income to the extent required by law. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds as required by the applicable federal and state <br />la~ does not constitute an endorsement of the bonds, financial <br />viability of the "facility", or the credit worthiness of B~4t <br />Portsmouth Associates, but, as required'by the applicable pro- <br />visions of the Code of Virginia, the bonds shall provide that <br />neither the Commonwealth of Virginia, City of Portsmouth nor <br />the PRHA shall be obligated to pay the bonds or the interest <br />thereon or other costs incident'thereto except from the revenues <br />and monies pledged therefor, and neither the faith or credit <br />of the taxing power of the Cormuonwealth,~'the City nor PRRA <br />shall be pledged thereto. <br /> <br /> This resolution shall take ~ffect l~mediately upon its <br />adoption. <br /> <br /> Adopted by the Council of the City' of Portsmouth, Virginia, <br />at a meeting held August 28, 1984. <br /> <br />Teste: <br /> <br />City Council <br /> <br /> <br />