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October 10, 2017
<br />
<br /> WHEREAS,
<br /> the Authority has agreed to assist Dale II, 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 150 multifamily housing rental units in 61
<br />buildings located at 2300 Columbus Avenue, Portsmouth, Virginia, and generally known
<br />as Dale Homes Apartments (Phase II) (the “Project”) by issuing up to $11,500,000 of its
<br />revenue bonds (the “Bonds”) and held a public hearing in connection therewith on
<br />September 21, 2017; and
<br />
<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 which
<br />any facility financed with the proceeds of private activity bonds is located must approve
<br />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, and
<br />a Fiscal Impact Statement have been filed with the Council.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED
<br /> by the Council of the City of Portsmouth,
<br />Virginia:
<br />
<br /> That the Council approves the issuance of the Bonds by the Authority for
<br />1.
<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 /> The approval of the issuance of the Bonds does not constitute an
<br />2.
<br />endorsement to a prospective purchaser of the Bonds of the creditworthiness of the
<br />Project or the Borrower.
<br />
<br /> The Bonds shall not be deemed to constitute a debt or a pledge of the faith
<br />3.
<br />and credit or taxing power of the Commonwealth or any political subdivision thereof,
<br />including the Authority and the City, and the Bonds shall so provide. The City shall not
<br />be obligated to pay the Bonds or the interest thereon or other costs incident thereto.
<br />Neither the City, nor any of its elected representatives, officers, or employees, nor the
<br />commissioners of the Authority, nor any employee of the Authority, nor any officer of the
<br />Authority shall be liable personally on the Bonds by reason of their issuance.
<br /> In adopting this resolution, the City, including its elected representatives,
<br />4.
<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.
<br />
<br /> In accordance with Section 36-19 of the Virginia Code, the creation by the
<br />5.
<br />Authority of such legal entities as the Authority deems necessary or desirable to leverage
<br />bond, tax credit, or other financing vehicles for the project described herein is approved,
<br />authorized, and ratified.
<br />
<br />
<br /> This resolution shall take effect immediately upon its adoption.”
<br />6.
<br />
<br />Ayes: Cherry, Clark, Lucas-Burke, Moody, Psimas, Whitaker, Rowe
<br />Nays: None
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