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R-16-14 A RESOLUTION APPROVING THE ISSUANCE BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF ITS REVENUE BONDS FOR THE ACQUISITION AND RENOVATION OF A PORTION OF THE DALE HOMES APARTMENTS HOUSING FACILITY LOCATED IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") is authorized to advertise and hold public hearings relative to the issuance of private activity bonds; and WHEREAS, the Authority has agreed to assist Dale I LP, a Virginia limited partnership (the "Borrower"), in financing the acquisition and renovation of a portion of a multifamily housing complex consisting of 146 multifamily rental units in 65 buildings located at 2300 Columbus Avenue, Portsmouth, Virginia, and generally known as Dale Homes Apartments (Phase I) (the "Project") by issuing up to $13,000,000 of its revenue bonds (the "Bonds") and held a public hearing in connection therewith on Apri121, 2016; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the applicable elected representatives of the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of such bonds; WHEREAS, the members of the City Council (the "Council") of the City of Portsmouth, Virginia (the "City") constitute the elected representatives of the governmental unit having jurisdiction over the issuer of the Bonds, and the Project is located in the City; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the Council approves the issuance of the Bonds by the Authority for the benefit of the Borrower, as required by Section 147(f) of the Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Borrower. 3. The Bonds shall not be deemed to constitute a debt or a pledge of the faith and credit or taxing power of the Commonwealth or any political subdivision thereof, including the Authority and the City, and the Bonds shall so provide. The City shall not be obligated to pay