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87 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BOL~S BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING <br />AUTHORITY O? THE CITY O? PORTSY~QUTH, VIRGINIA, FOR LUREB ENTERPRISES, <br />INC., IN ~N ~mIOUNT ESTI~ATED AT $7,500,000 FOR PROPERTY <br />LOCATED ON HIGH~ DiI~{IDDiE ~£ND KiNG STREETS. <br /> <br /> WHERE.-AS, the Portsmouth Redevelopment and Housing Authority <br />of the City of Portsmouth~ Virginia (PRHA) has been authorized <br />by the Council of the City of Portsmouth, Virginia, to <br />advertise and hold public hearings relative to the issuance of <br />Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, the PR~_A has considered the application of <br />Lureb Enterprises, Inc~, a Virginia corporation, for the <br />issuance of PRPiA's Industrial Development Revenue Bonds in <br />an ~mo'~at estimated at Seven Million Five Hundred Thousand <br />Dollars ~$7~500~000) to assist in the financing of the <br />acquisition of certain land and improvements thereon located <br />on High, Din~iddie and King Streets in the City of Portsmouth, <br />(currently known as the Dinwiddie Hotel) and the rehabilitation, <br />construction and equipping thereof for use as rental housing; <br />and has held a ?ablic hearing thereon on September 6, 1983; and <br /> <br /> ~EREAS~ the PRHA has requested City Council to approve <br />the issuance of the bonds to comply with the applicable federal <br />and state iaw; and <br /> <br /> WHEREAS, a copy of the PF~A's resolution approving the <br />issuance of the bonds, subject ~o the terms and conditions <br />contained therein, and the appropriate certification have <br />been provided to the City Council for its consideration. <br /> <br /> NOW, THEP~FORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia, approve the issuance of <br />Industrial Development Revenue Bonds by the Portsmouth <br />Redevelopment and Housing Authority for Lureb Enterprises, <br />Inc., in an ~mount estimated at Seven Million Five Hundred <br />Thousand Dollars ($7~500,000) for acquisition, rehabilitation <br />and construction of property located on High, Dinwiddie and <br />King Streets. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds are required by the applicable federal and state <br />laws does not constitute an endorsement of the bonds, financial <br />viability of the facility or the credit worthiness of <br />Lureb Enterprises, Inc., but, as required by §15.1-1380 of the <br />Code of Vizginia, 1950, as amended, the bond shall provide that <br />neither the Co~onwea!th of Virginia, City of Portsmouth nor <br />PRHA shall be obligated to pay the bonds or the interest thereon <br />or other costs incident thereto except from the revenues and <br />monies pledged therefor, and neither the faith or credit of the <br /> <br /> <br />