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($2,00G,000) Dollars to finance the cost of acquiring, renovating, <br />and operating the "Facility". <br /> <br /> BE IT FURTHER RESOLVED that the Council of the City of Ports- <br />mouth, Virginia, finds that in order to preserve, develop and pro- <br />tect safe and sanitary housing and promote a desirable economic <br />mix that at least twenty percent (20%) of the units will be rented <br />or held available for persons of low or moderate income to the ex- <br />tent required by law. <br /> <br /> BE IT FURTHER RESOL~.~D that the approval of the issuance of <br />the ~onds as required by the applicable federal and state laws <br />does not constitute an endorsement of the bonds, financial via- <br />bility of the "Facility", or the credit worthiness of BMI Apartments <br />Associates, but, as required by the applicable provisions of the <br />Code of Virginia, the bonds shall provide that neither the Common- <br />wealth of Virginia, the City of Portsmouth nor the Portsmouth Re- <br />development and Housing Authority shall be obligated to pay the <br />bonds or the interest thereon, or other costs incident thereto ex- <br />cept from the revenues and monies pledged therefor, and neither the <br />faith or the credit of the taxing power of the Commonwealth, the <br />City nor PRHA shall be pledged thereto. <br /> <br />This resolution shall take effect immediately upon its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at <br />a meeting held March 26, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />