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56 <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 CHERRY <br />PROPERTIES ASSOCIATES, IN AN AMOUNT NOT TO EXCEED $600,000 <br />FOR A FACILITY AT 2915 LONDON BOULEVARD IN PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing Authority <br />of the City of Portsmouth, Virginia (PRHA), has been authorized <br />by the Council of the City of Portsmouth, Virginia, to advertise <br />and hold public hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> W~EREAS, PPJ4A has considered the application of Cherry <br />Properties Associates, a Virginia General Partnership, for <br />the issuance of PRHA Industrial Development Revenue Bonds in <br />an amount not to exceed Six Hundred Thousand Dollars ($600,000) <br />to assist in financing the construction and equipping of a <br />commercial and office facility at 2915 London Boulevard in the <br />City of Portsmouth, Virginia Within the boundaries of the <br />Mount Hermon Conservation and Redevelopment Project (VA. R-69), <br />and has held a public hearing thereon on May 15, 1984; and <br /> <br /> WHEREAS, PRHA has requested City Council to approve the <br />issuance of the bonds to comply with the applicable federal and <br />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 con- <br />rained therein, and the appropriate certification have been pro- <br />vided to the City Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City <br />of Portsmouth, Virginia, approve the issuance of Industrial <br />Development Revenue Bonds by Portsmouth Redevelopment and ~ousing <br />Authority for Cherry Properties Associates, a Virginia General <br />Partnership, in an amount not to exceed Six Hundred Thousand <br />Dollars ($600,000) to assist in the financing the construction <br />and equipping of a co~m~ercial and office facility at 2915 Lond6n <br />Boulevard in the City of 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 stato <br />laws does not constitute an endorsement of the bonds, financial <br />viability of the facility, or the credit worthiness of Cherry <br />Properties Associates, but, as required by §15.1-1380 Code of <br />Virginia, 1950, as amended, the bonds shall provide that neither <br />the Commonwealth of Virginia, the City of PoRtsmouth, nor the <br />Portsmouth Redevelopment and Housing Authority shall be obligated <br />to pay the bonds or the interest thereon or other costs incident <br /> <br /> <br />