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A RESOLUTION APPROVING ~HE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR H & H ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,200,000 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN OFFICE BUILDING TO BE LOCATED IN THE 300 BLOCK OF COUNTY STREET IN THE CITY OF PORTSMOUTH, VIRGINIA, AND REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT OF H & H ASSOCIATES. 100 WHEREAS, the Portsmouth Redevelopment & Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, PRHA has considered the application of H & H Associates, a Virginia General Partnership (the "Company"), for the issuance by PRHA of Industrial Development Revenue Bonds in an amount not to exceed One Million, Two Hundred Thousand Dollars ($1,200,000) to assist the "Company" in acquiring, constructing, and equipping an office building to be owned by the "Company" containing approximately 16,000 square feet to be located in the 300 block of County Street, Portsmouth, Virginia, adjacent to and east of an office building located at 309 County Street, Portsmouth, Virginia, the "Facility", and has held public hearings thereon on June 11, 1985 and September 10, 1985; and WHEREAS, the PRHA has ~equested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law; and WHEREAS, a copy of PRHA's resolution approving the issuance of the Bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations have been provided to the City Council for their consideration; and WHEREAS, the Council of the City of Portsmouth adopted a resolution approving the issuance of Industrial Development Revenue Bonds by PRHA for the "Company" for the purpose of compliance with Section 103 (k) of the Internal Revenue Code, 1954, as amended, and requested an allocation from the State Reserve fo~ the benefit of the "Company" on August 27, 1985; and WHEREAS, Section 15.1-1378.1 of the Code of Virginia, 1950, as amended, ~equired further consideration by this Council of this Bond issue within sixty (60) calendar days from an additional public hearing held by the PRHA on September 10, 1985; and