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132 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPPiENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR CSW, A VIRGINIA GENERAL PARTNERSHIP, IN AN AMOUNT NOT TO EXCEED $1,750,000 FOR A 96 UNIT MULTI-FAMILY RENTAL HOUSING FACILITY AT 3500 W]ESTMINISTER DRIVE, PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Revenue Bonds in accordance with the provisions of ~103 (k) of the In- ternal Revenue Code of 1954, as amended, and ~15.1-1378.1 of the Code of Virginia, 1950, as amended; and WHEREAS, the PRHA has considered the application of CSW, a Virginia General Partnership, for the issuance by PREA of Industrial Development Revenue Bonds pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed One Million, Seven Hundred and Fifty Thousand Dollars ($1,750,000) to finance the acquisition, rehabilitation, development, maintenance and operation of a 96 unit multi-family rental housing facility now known as Windsor Homes Apartments (the "facility") located at 3500 Westnuinister Drive in Portsmouth, Virginia; and WHEREAS, CSW has described to PRHA the benefits which the "facility" will bring to the Co~unonwealth of Virginia and the City of Portsmouth, Virginia, and that at least twenty per cent (20%) of the housing units shall be reserved for occupancy by individuals or families of low or moderate income as defined in Section 8 of the United States Housing Act of 1937 which refer to the purposes of the PRHA and benefit the residents of the Commonwealth and the City by assisting in the provision of improved housing at rentals which persons and families of low and moderate income can afford; and WHEREAS, the PRHA has held public hearings thereon mn accordance with all applicable federal and state laws on October 30, 1984, and has requested City Council to approve the issuance of said bonds; and WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations required by the applicable federal and state laws have been orovided to the City Council for its consideration.