Minutes 08/11/1987 - Laserfiche WebLink

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August 11, 1987 "A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL HOUSING REVENUE REFUNDING BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY FOR SEABOARD COASTLINE ASSOCIATES IN AN ~4OUNT NOT TO EXCEED $3,000,000 TO ASSIST IN REDEEMING IN FULL PRHA'S $3,000,00~ 1985 RESIDENTIAL RENTAi PROJECT REVENUE BOND ISSUED TO FINANCE THE RENTAL PROJECT REVENUE BOND ISSUED TO FINANCE THE ACQUISITION, CONSTRUCTION, REHABILITATION AND EQUIPPING OF A MULTI- FAMILY RESIDENTIAL RENTAL PROJECT AT ONE HIGH STREET IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative te the issuance of revenue bonds in accord ance with the applicable federal and s. tate law; and WHEREAS, the PRHA has considered the application of Seaboard Coastline Associates, a Virginia general partnership (the "Company" for the issuance by PRHA of multi-family rental housing revenue refunding bonds in a principal amount not to exceed three million ($3,000,000) dollars to assist the "Company" in redeeming in full the PRHA's three million ($3,000,000) dollar 1985 Residential Renta Project RevEnue Bond (Seaboard Coastline Associates Project) the ("originial bond") issued to finance the acquisition, rehabilitatio construction and equipping of a multi-family residential rental project, located at One High Street in the City of Portsmouth, Virginia (the "Facility") which is part of a multi-use commercial/ residential facility to be owned by the "Company"; and WHEREAS, Seaboard Coastline Associates has described to P~RA the benefits which the facilitywill bring to the Commonwealth of Virginia and the City of Portsmouth, Virginia, and the PRHA has held a public hearing thereon in accordance With all applicable federal and state laws on July 28, 1987, and has requested City Council to approve the issuance of the refunding bonds; and WHEREAS, a copy of PRHA's resolution approving the issuance o~ said bonds, subject to the terms and conditions contained therein and the appropriate certifications required by the applicable federal and state laws have been provided to City Council for its considerationS. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of PortsmouIh, Virginia, approves the issuance of PRHA of its bonds in an amount not to exceed three million ($3,000,000) dollars but equa to the outstanding principal balance of the "original bond", to assist ~the Company in the redemption in full of PRHA's three millio ($3,000,000) dollar 1985 Residential Rental Project Revenue Bond (Seaboard Coastline ~ssociates Project) issued to finance the ac- quisition, rehabilitation, construction and equipping of the Sea- board Coastline Building for rental apartments to be a part of a multi-use commercial/residential facility. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable federal and state law does not constitute an endorsement of the bonds, financial viability of the "Facility" or the credit worthiness of Seaboard Coastline Associates, but, as required by the applicable provisions of the Code of Virginia, the bonds shall provide that neither the Common- wealth of Virginia, the City of Portsmouth nor the PRHA shall be obligated to pay the bonds or the intererst thereon or the costs incident thereto exceFt from the revenues and monies pledged there- for, and neither the faith nor credit of the taxing oower of the Commonwealth, the City nor PRHA shall be pledged thereto. This resolution shall take effect immediately upon its adoption."