Minutes 04/13/1999 - Laserfiche WebLink

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April 13, 1999 Aubrey C. Brock to be reappointed to fill a three year term ending March 31, 2002. Doris K. Leitner to be reappointed to fill a three year term ending March 31, 2002. Motion by Mr. Griffin and seconded by Mr. Robinett, to close the nominations, and there being no further nominations, the above nominations were adopted by unanimous vote. 99 - 89 - Items Submitted by City Council Adoption of resolution for revenue bond funding for the improvements to Churchland North Apartments. 1. James T. Martin, 3333B Station House Road, spoke in favor of housing revenue bonds for Churchland North Apartments. Motion by Mr. Benn, and seconded by Mr. Griffin, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA 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 $7,500,000 (the "Bonds") to finance a 207-unit multi-family housing project to be known as Churchland North Apartments located at 6200 Hightower Road in Portsmouth, Virginia (the "Project") located in the City of Portsmouth, Virginia, for the benefit of CN Limited Partnership, a North Carolina limited partnership; and WHEREAS, on April 5, 1999, 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; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. The Council hereby approves the issuance of the Bonds as proposes by the Authority, to the extent required by Section 147(0 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 or any political subdivision thereof (other than the Authority) shall be liable thereon. 3. This resolution shall take effect immediately upon its adoption." Ayes: Benn, Griffin, Pitts, Robinett, Whitehurst, Holley Nays: None