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39 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP- <br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR <br />A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING FACILITY. <br /> <br /> WHEREAS, the portsmouth Redevelopment and Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) has <br />been authorized by the Council of the City of <br />Portsmouth, Virginia, to advertise and hold public <br />hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of <br />John O. and Anne McGlynn (the "Company") for the <br />issuance by PRHA of Industrial Development Revenue Bonds <br />pursuant to Chapter 1 of Title 36 of the Code of <br />Virginia, 1950, as amended, in a principal amount not to <br />exceed Two Hundred Twenty-Three Thousand, One Hundred <br />Twenty-Five Dollars ($223,125) to assist in financing <br />the acquisition, rehabilitation, construction and <br />equipping of a multi-family residential rental housing <br />facility located at 450-452 Court Street in the City of <br />Portsmouth, Virginia (the "Project"), and has held a <br />public hearing thereon on April 30, 1985; and <br /> <br /> WHEREAS, the Company has described to PRHA the <br />benefits which the project will bring to the <br />Commonwealth of Virginia in that at least twenty per <br />cent (20%) of the units of the facility will be <br />available for persons of low or moderate income and <br />thereby promote the public purposes for which the PRHA <br />was established; and <br /> <br /> WHEREAS, the PRHA has requested City Council to <br />approve the issuance of the bond 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 te~ms and <br />conditions contained therein, and the appropriate <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 /> NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by the PRHA for <br />the "Company" in an amount not to exceed Two Hundred <br />Twenty-Three Thousand, One Hundred Twenty-Five Dollars <br />($223,125) to assist in financing the acquisition, <br />rehabilitation, construction and equipping of (the <br />"Project"). <br /> <br /> <br />