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R-07-66 A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS NOT TO EXCEED $10,000,000 BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") proposes to issue its multi-family housing revenue bonds in an amount not currently expected to exceed $10,000,000 (the "Bonds") to finance the development of 122 multifamily rental housing units located at 1116 County Street and generally described as bounded by County Street, Phoebus Street, and King Street, in the City of Portsmouth, Virginia (the "City"), and generally known as Phoebus Square Apartments (the "Project") for the benefit of Phoebus Square, L.P., a Virginia limited partnership; and WHEREAS, on November 19,2007, the Authority held a public hearing on the issuance of the Bonds; and WHEREAS, the Authority has recommended that the City Council of the City of Portsmouth, Virginia (the "Council"), approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the proposed Bonds, a record of the public hearing, and a "fiscal impact statement" with respect to the Project have been filed with the Council. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: 1. The Council hereby approves the issuance of the Bonds as proposed by the Authority, to the extent required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 15.2-4906 of the Virginia Code of 1950, as amended. 2. Such approval does not constitute and shall not be represented as constituting an endorsement of the Bonds, or the creditworthiness of the Project or any source of payment of the Bonds. The Bonds shall continue to provide that they shall not be a debt of the Commonwealth of Virginia or any political subdivision thereof (other than the Authority) and that neither the Commonwealth of Virginia nor any political subdivision thereof (other than the Authority) shall be liable thereon. 3. The Council hereby approves and ratifies the formation by the Authority of Phoebus Square, L.P. and such limited partnerships, limited liability companies, or other legal entities as are and have been deemed necessary by the Authority to leverage federal and state tax credit and bond financing for development activities. Such approval shall not be construed to waive any applicable City permits, approvals, or requirements for any said activities. 4. This resolution shall take effect on the date of its adoption.