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May 24, 2016
<br />
<br />Motion by Dr. Edmonds, and seconded by Dr. Whitaker, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />“RESOLUTION APPROVING THE ISSUANCE BY THE PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY OF ITS REVENUE BONDS FOR
<br />THE ACQUISITION AND RENOVATION OF A PORTION OF THE DALE HOMES
<br />APARTMENTS HOUSING FACILITY LOCATED IN THE CITY OF PORTSMOUTH,
<br />VIRGINIA.
<br />
<br />WHEREAS,
<br /> the Portsmouth Redevelopment and Housing Authority (the
<br />“Authority”) is authorized to advertise and hold public hearings relative to the issuance
<br />of private activity bonds; and
<br />WHEREAS,
<br /> the Authority has agreed to assist Dale I LP, a Virginia limited
<br />partnership (the “Borrower”), in financing the acquisition and renovation of a portion of a
<br />multifamily housing complex consisting of 146 multifamily rental units in 65 buildings
<br />located at 2300 Columbus Avenue, Portsmouth, Virginia, and generally known as Dale
<br />Homes Apartments (Phase I) (the “Project”) by issuing up to $13,000,000 of its revenue
<br />bonds (the “Bonds”) and held a public hearing in connection therewith on April 21, 2016;
<br />and
<br />WHEREAS,
<br /> Section 147(f) of the Internal Revenue Code of 1986, as amended
<br />(the “Code”), provides that the applicable elected representatives of the governmental
<br />unit having jurisdiction over the issuer of private activity bonds and over the area in
<br />which any facility financed with the proceeds of private activity bonds is located must
<br />approve the issuance of such bonds;
<br />
<br />WHEREAS,
<br /> the members of the City Council (the “Council”) of the City of
<br />Portsmouth, Virginia (the “City”) constitute the elected representatives of the
<br />governmental unit having jurisdiction over the issuer of the Bonds, and the Project is
<br />located in the City; and
<br />
<br />WHEREAS,
<br /> the Authority has recommended that the Council approve the
<br />issuance of the Bonds; and
<br />
<br />WHEREAS,
<br /> a copy of the Authority’s resolution approving the issuance of the
<br />Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing
<br />have been filed with the Council.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED
<br /> by the Council of the City of
<br />Portsmouth, Virginia:
<br />
<br />1. That the Council approves the issuance of the Bonds by the Authority for
<br />the benefit of the Borrower, as required by Section 147(f) of the Code, to permit the
<br />Authority to assist in the financing of the Project.
<br />
<br />2. The approval of the issuance of the Bonds does not constitute an
<br />endorsement to a prospective purchaser of the Bonds of the creditworthiness of the
<br />Project or the Borrower.
<br />
<br />3. The Bonds shall not be deemed to constitute a debt or a pledge of the
<br />faith and credit or taxing power of the Commonwealth or any political subdivision
<br />thereof, including the Authority and the City, and the Bonds shall so provide. The City
<br />shall not be obligated to pay the Bonds or the interest thereon or other costs incident
<br />thereto. Neither the City, nor any of its elected representatives, officers, or employees,
<br />nor the commissioners of the Authority, nor any employee of the Authority, nor any
<br />officer of the Authority shall be liable personally on the Bonds by reason of their
<br />issuance.
<br />4. In adopting this resolution, the City, including its elected representatives,
<br />officers, employees and agents, shall not be liable for, and hereby disclaims all liability
<br />for, any damages to any person, direct or consequential, resulting from the Authority’s
<br />failure to issue the Bonds for any reason.
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