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101 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVEN~E BONDS BY THE PORTSMOUTH ~ <br />REDEVELOPMENT & HOUSING AUTHORITY OF tHE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR P. H. BOYETTE, JR. & COMPANY, <br />INCORPORATED IN AN ~OUNT NOT TO EXCEED $55~,000 FOR A <br />24 UNIT RENTAL APARtmENT PROJECT LOCATED AT 3722-3735 <br />TURNPIKE ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) <br />been authorized by the Council of the City of <br />Portsmouth, Virginia, to advertise and hold public <br />hearings relative fo the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br />has <br /> <br /> WHEREAS, the PRHA has considered the application of <br />P. H. Boyette, Jr. & Company, Incorporated, a Virginia <br />Corporation, (the "Company"), for the issuance by PRHA <br />of Industrial Development Revenue Bonds pursuant to <br />Chapter 1 of Title 36 of the Code of Virginia, 1950, as <br />amended, in a principal amount not to exceed Five <br />Hundred Fifty Thousand Dollars ($550,000) to assist in <br />financing the acquisition, rehabilitation, construction <br />and equipping of an approximately twenty-four (24) unit <br />rental apartment pro3ect located at 3722-3735 Turnpike <br />Road in the City of Portsmouth, Virginia (the "Project") <br />and has held a public hearing thereon on September 10, <br />1985; and <br /> <br /> WHEREAS, the "Company" has described to PRF~ the <br />benefits which the project will bring to the <br />Commonwealth of Virginia and to the City of Portsmouth, <br />Virginia, in that the project will provide housing for <br />persons of low and moderate income and thereby promote <br />the public purposes for which the PRHA was established; <br />and <br /> <br /> WHEREAS, the PRHA has requested City Council to <br />approve the issuance of the Bonds to comply with the <br />applicable federal and state laws; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the <br />issuance of said Bonds, subject to the terms and <br />conditions contained therein, and the applicable <br />certifications and documentations required by the <br />applicable federal and state laws have been provided to <br />the City Council for its consideration. <br /> <br /> <br />