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12 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOP~NT <br />REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMAT~T AND HOUSING <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR PORTSMOUTH <br />HQTEL ASSOCIATES IN A_N AMOUNT NOT TO EXCEED $3,000,000 FOR <br />AN ADDITION TO THE PORTSMOUTH HOLIDAY INN AT 8 CRA%~ORD PARKWAY, <br />PORTSMOUTH, VIRGIT~IA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority <br />of the City of Portsmouth, Virginia (PRPIA] has been authorized <br />by the Council of the City of Portsmouth, Virginia, to adver- <br />tise and hold oublic hearings relative to the issuance of <br />Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, PRHA has considered the application of Portsmouth <br />Hotel Associates, a Virginia Limited Partnership, for the issuance <br />of PRPIA Industrial Development Revenue Bonds in an amount not to <br />exceed Three Million Dollars ($3,000,000) to assist in the <br />financing of the construction and equipping of a seventy-four <br />(74) room addition to the Portsmouth Holiday Inn presently located <br />at 8 Crawford Parkway, Portsmouth, Virginia, and has held a <br />public hearing thereon on February 7, 1984; and <br /> <br /> WHEREAS, PR~A 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 been p~ovided 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 Housing <br />Authority for Portsmouth Hotel Associates in an amount not to <br />exceed Three Million ($3,000,000) for the construction and <br />equipping of a seventy-four (74) room addition to the Portsmouth <br />Hotidav Inn presently located at 8 Crawford Parkway, Portsmouth, <br />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 Portsmouth <br />Hotel Associates, but, as required by §15.1-1380, Code of Virginia, <br />1950, as a~ended, 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 />