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April 10, 2001
<br />
<br />"A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING
<br />REVENUE BONDS NOT TO EXCEED $2,800,000 FOR MERRIFIELDS
<br />APARTMENTS, L.P.
<br />
<br /> WHEREAS, on February 20, 2001, the Portsmouth Redevelopment and Housing
<br />Authority (the "Authority") considered the application of Merrifields Apartments, L.P., a
<br />Virginia limited partnership ("Applicant"), for the issuance of the Authority's multi-family
<br />rental housing revenue bonds in an amount not to exceed $2,800,000 (the "Bonds") to
<br />assist the said applicant in acquiring and rehabilitating a 64-apartment unit multi-family
<br />residential rental housing facility ("Project"), located at 4200 Queenswood Drive, in the
<br />City of Portsmouth, Virginia, such facility to be owned and operated by the Applicant,
<br />and the Authority adopted an inducement resolution ("Resolution") for such facility; and
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended,
<br />and Sections 15.2-4906 and 36-19.2 of the Code of Virginia (1950), as amended,
<br />provide that the highest elected governmental officials of the governmental units having
<br />jurisdiction over the issuer of housing revenue bonds and over the area in which any
<br />facility financed with the proceeds of housing revenue bonds is located shall approve
<br />the issuance of such bonds; and
<br />
<br /> WHEREAS, the Project is to be located in the City of Portsmouth, Virginia (the
<br />"City"), and the members of the Council of the City of Portsmouth constitute the highest
<br />elected governmental officials of the City; and
<br />
<br /> WHEREAS, a copy of (i) the Authority's Resolution, approving the issuance of
<br />the Bonds, subject to terms to be agreed upon, adopted on February 20, 2001, which
<br />amended and ratified previous resolutions of the Authority (Resolution 4073 adopted on
<br />November 2, 1998, and Resolution 4270 adopted on March 6, 2000), (ii) a reasonably
<br />detailed summary of the comments expressed at the public hearings with respect to the
<br />Bonds on February 20, 2001, and (iii) a fiscal impact statement in the form prescribed
<br />by Section 15.2-4907 of the Code of Virginia (1950), as amended, have been filed with
<br />the City Council, together with the Authority's recommendation that the City Council
<br />approve the issuance of the Bonds and authorize the City Manager, if and to the extent
<br />necessary in the opinion of bond counsel, to submit an application to the Virginia Small
<br />Business Financing Authority requesting an allocation of $2,800,000.00 pursuant to Title
<br />15.2, Chapter 50 of the Code of Virginia of 1950, as amended with respect to the
<br />issuance of the Bonds.
<br />
<br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth,
<br />Virginia, that:
<br />
<br /> 1. The recitals made in the preambles to this Resolution are hereby adopted
<br />as a part of this Resolution.
<br />
<br /> 2. It hereby approves the issuance of the Bonds by the Authority in an
<br />amount not to exceed $2,800,000.00 to assist in the financing of the acquisition and
<br />rehabilitation of the Project, for the benefit of the Applicant, to the extent required by the
<br />Internal Revenue Code of 1986, as amended (the "Code"), and Sections 15.2-4906 and
<br />36-19.2 of the Code of Virginia (1950), as amended (the "Virginia Code").
<br />
<br /> 3. The approval of the issuance of the Bonds as required by Section 147(0 of
<br />the Code and Sections 15.2-4906 and 36-19.2 of the Virginia Code, does not constitute
<br />an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the
<br />Project or the Applicant, but as required by Sections 15.2-4906 and 36-29 of the Virginia
<br />Code, the Bonds, if issued, shall provide that neither the City nor the Authority shall be
<br />obligated to pay the Bonds or the interest thereon or other costs incident thereto except
<br />from the revenues and moneys pledged therefor, and neither the faith or credit nor the
<br />taxing power of the Commonwealth of Virginia, the City or the Authority shall be pledge
<br />thereto.
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