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December 13,' 1988 <br /> <br /> PRHA has scheduled a public hearing for December 13, 1988, <br />and plans to act on the consideration of this matter at that time. <br />Progided~that PRHA has approved this matter prior to the December <br />13, 1988 Council Meeting and that the necessary documents have <br />been furnished to the City, I recommend that the City Council <br />approve the attached resolution approving the issuance by PRHA of <br />the Refunding Bonds." <br /> <br /> Barry W. Hunter, Bond Counsel <br />& Canoles, P. O. Box 3037, Norfolk, <br />questions. <br /> <br />for refunding bonds, Kaufman <br />was available to answer <br /> <br /> Motion.of Mr. Simpson and seconded by Mr~ Hawks, the <br />following resoltuion was adopted, and by the following vote: <br /> <br />"A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY R~NTAL <br />HOUSING REFUNDING REVENUE BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED $28,15G,000 <br />TO ASSIST REGENCY APARTMENTS ASSOCIATES LIMITED PARTNERSHIP <br />IN THE REFUNDING OF A BOND ISSUED BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY ON FEBRUARY 27, 1985 TO <br />ASSIST IN FINANCING THE ACQUISITION AND REHABILITATION OF A <br />862 UNIX MULTI-FAMILY RESIDENTIAL RENTAL. PROJECT KNOWN AS THE <br />REGENCY APARTMENTS LOCATED AT 2100 WESTMINISTER. LANE IN THE <br />CITY OF VIRGINIA BEACH, VIRGTNIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment And Housing Autherity <br />of the City of Portsmouth, Virginia (the "Authority") has been <br />authorized by the Council of the City of Portsmouth, Virginia to <br />advertise and hold public hearings relative to the issuance of <br />Revenue Bonds; and <br /> <br /> WHEREAS~ the Author~ity hes~ considered the request of Re~ency <br />Apartments Associates Limited Partnership (the "Company") whose <br />address is One Shelter Place, Greenville, South Carolina 29602, <br />for the issuance by the Au~ho~ty~of its. Multirfami~y Rental <br />Housing Refunding Revenue Bonds in an amount not to exceed <br />twenty~eight-million one hundred fifty thousand dollars <br />($28, i50,000) (the "Refunding Bonds") to refund the Authority's <br />Multifamil~ Rental Housing Bonds Series 1985 {Fannie Mae <br />Pass-Through Certificate Program/Regency Apartments AssociatDs <br />Limited Partnership Project) in the original principal amoun~ of <br />twenty-eight, million one hundred fifty thousand dollars <br />($28,1~50,0~00) (the "Original Bonds"); and <br /> <br /> WHEREAS, the original bonds were issued by the Authority on <br />February 27, 1985 to assist the~Compan~ in financing the <br />acquisition and-rehabilitation of a 862 unit multi-family <br />residential rental ~roject known as Regency Apartments (the <br />"Project") located at 2100 Westminister Lane in the City of <br />Virginia~Beach, Virg. inia; and <br /> <br /> WHEREAS, the Authority held a public hearing on the issuance <br />of tbs Refunding Bonds on December 13, 1988; and <br /> <br /> WHEREAS, the Internal Revenue Code of 1986, as amended, (the <br />"Internal Revenue Code"), provides that the applicable elected <br />representatives of the governmental unit issuing the Bonds ahd th, <br />applicable representatives of the governmental unit having <br />jurisdiction over the area in which any facility financed with th~ <br />proceeds of Industrial Development and Revenue Bonds is located, <br />shall approve the issuance of such Bonds; and <br /> <br /> <br />