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100 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR BAY CITY <br />ASSOCIATES IN AN AMOUNT NOT TO EXCEED $2,000,000 FOR THE <br />ACQUISITION AND REHABILITATION OF A 96 UNIT RENTAL ROUSING <br />FACILITY AT 910-958 LINCOLN STREET, 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 to <br />the issuance of Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, PRHA has considered the application of Bay City <br />Associates, a Virginia Limited Partnership, for the issuance <br />of PRHA Industrial Development Revenue Bonds in an amount not <br />to exceed Two Million Dollars ($2,000,~00) to assist in the <br />acquisition and rehabilitation of a 96 unit rental housing <br />facility at 910-958 Lincoln Street,~Portsmouth, Virginia, <br />and has held a public hearing thereon on A~gust 7, 1984; and <br /> <br /> WHEREAS, PRHA has requested the City Council to approve <br />the issuance of the bonds to comply with the applicable federal <br />and state laws; and <br /> <br /> WHEREAS, a copy of the resolution of PRHA approving the <br />issuance of the bonds, subject to the terms and conditions <br />contained therein, and the appropriate certification and <br />documentation required by the applicable federal and state <br />laws have bee~ prow[ded to the City Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia, approve the issuance of Industrial <br />Development Revenue Bonds by Portsmouth Redevelopment and <br />Rousing Authority for Bay City Associates in an amount not to <br />exceed Two Million Dollars ($2,000,000) for the acquisition <br />rehabilitation of a 96 unit rental housing facility located at <br />at 910-958 Lincoln Street, Portsmouth, Virginia. <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 />laws does not constitute an endorsement of the bonds, financial <br />viability of the facility, or the credit worthiness of Bay City <br />Associates, but, as required by §15.1-1380, Code of Virginia, <br />1950, as amended, the bonds shall provide that neither the <br />Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth <br />Redevelopment and Housing Authority shall be obligated to pay <br />the bonds or the interest thereon or other costs incident thereto <br /> <br /> <br />