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141 <br /> <br />A RESOLUTION AUTHORIZING THE PORTSMOUTH REDEVELOPMENT <br />AND HOUSING AUTHORITY TO ADVERTISE, HOLD A PUBLIC <br />HEARING AND PUBLISH A REPORT RELATIVE TO THE ISSUANCE <br />MORTGAGE SUBSIDY BONDS. <br /> <br />OF <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority (the "Authority") proposes to issue up to <br />$1,519,276 in mortgage subsidy bonds to assist residents <br />in conservation project areas in the City of Portsmouth <br />in the rehabilitation of their homes; and <br /> <br /> WHEREAS, the Authority and the City Council believe <br />that the rendering of financial assistance to residents <br />in conservation project areas of the aforesaid <br />neighborhoods through the issuance by the Authority of <br />its bonds will benefit the inhabitants of the City of <br />Portsmouth and the Commonwealth of Virginia; and <br /> <br /> WHEREAS, the statutory authority for the issuance <br />of mortgage subsidy bonds requires that there by <br />published (after a public hearing following reasonable <br />public notice) a report of the policies to be followed <br />in issuing said bonds; and <br /> <br /> WHEREAS, the enabling legislation of the Authority <br />authorizes it to issue such bonds within the meaning of <br />the applicable Federal and State law; and <br /> <br /> WHEREAS, the Authority has requested that the City <br />Council ratify the Authority publishing the required <br />report relative to the Issuance o~ such bonds. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, Virginia, that the actions of <br />the Portsmouth Redevelopment and Housing Authority in <br />advertising and holding the public hearing and in <br />publishing the required report relative to the issuance <br />of the said mortgage subsidy bonds it proposes to issue <br />is hereby ratified. <br /> <br /> BE IT FURTHER RESOLVED by the Council of the City <br />of Portsmouth that the City Clerk be, and she hereby is <br />directed to forward a copy oi this resolution to the <br />Chairman of the Portsmouth Redevelopment and Housing <br />Authority. <br /> <br /> <br />