1984 Resolutions - Laserfiche WebLink

Home Browse Search

NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of multi- family housing revenue bonds by the Portsmouth Redevelopment and Housing Authority for Hampton Roads Investment Properties in an amo,unt not to exceed Ten Million ($10,000,000) Dollars to finance the cost of the acquisition, renovation, and equip- ping of the "Facility". BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia finds that in order to preserve, develop and protect safe and sanitary housing and promote a desirable economic mi~ that at least twenty percent (20%) of the units in each residential building will be rented or held ay&liable for persons of low income to the extent required pursuant to ~36-19 of the Code of Virginia, 1950, as amended. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable federal and state law does not constitute an endorsement of the bonds, financial viability of the "Facility'" or the credit worthiness of Hampton Roads Investment Properties, but, as required by ~I5.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall 'provide that neither the Commonwealth of Virginia, the City of Portsmouth nor the PRHA shall be obligated to pay the bonds Or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor, and neither the faith or credit of the taxing power of the Commonwealth, the City nor the PREA shall be pledge thereto. This resolution shall take effect in~uediately upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia at a meeting held January 10, 1984. Teste: City Clerk