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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP- MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING FACILITY. 39 (b) WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the PRHA has considered the application of Robert S. Dolsey and Michael D. Dolsey (the "Company") for the issuance by PRHA of I~dustrial Development Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed Three Hundred Thousand Dollars ($300,000) to assist in the acquisition, rehabilitation, construction and equipping of a 12 unit m61ti-family residential rental housing located at 701 High Street in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon on April 30, 1985; and WHEREAS, the Company has described to PRHA the benefits which the project will bring to the Commonwealth of Virginia in that at least twenty per cent (20%) of the units of the facility will be available for persons of low or moderate income and thereby promote the public purposes for which the PRHA was established; and WHEREAS, the PRHA has requested City Council to approve the issuance of the bond to comply with the applicable Federal and State laws; and WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds subject to the terms and conditions contained therein, and the appropriate certifications and documentations required by the applicable Federal and State laws have been provided to the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by the PRHA for the "Company" in an amount not to exceed Three Hundred Thousand Dollars ($300,000) to assist in financing the acquisition, rehabilitation, construction and equipping of (the "Project").