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May 14, 1985 <br /> <br />(8) <br /> <br />(9) <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable <br />Federal and State laws docs not constitute and endorsement of the bonds, financial viability of the <br />"Project", or the credit worthiness of the "Company", but, as required by the applicable provisions of the <br />Code of Virginia, the bonds shall provide that neither the Cc~anonwealth of Virginia, City of Portsm~outh, <br />nor the PRF2k shall be obligated to pay the bonds or the interest thereon or other costs incident thereto <br />except frc~ the revenues and monies pledged therefor, and neither the faith or the credit of the taxing <br />power of the Cc~mnonwsalth, the City nor PHRA shall be pledged thereto. <br /> <br />This resolution shall take effect immediately upon its adoption." <br /> <br />Ayes: Be~ner, Corprew, Gray, Lucas, Webb, Whitlow, Holley <br />Nays: None <br /> <br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP- <br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING <br />FACILITY. <br /> <br /> W~EREAS, the Portsmouth Redevelol~nent and HoUsing AuthOrity of the City of Portsmouth, Virginia <br />(PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold <br />public hearings relative to the issuance of Industrial Develol~nent Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of John O. and Anne McGlynn (the "C~npany") for the <br />issuance by PRHA of Industrial Develot~nent Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of <br />Virginia, 1950, as amended, in a principal anount not to exceed Two Hundred Twenty-Three Thousand, One <br />Hundred Twenty-Five Dollars ($223,125) to assist in financing the acquisition, rehabilitation, <br />construction and equipping of a multi, family residential rental housing facili, ty located at 450-452 Court <br />Street in the City of Portsmouth, (the "Project"), and has held a public hearing thereon on April 30, <br />1985; and <br /> <br /> WHEREAS, the Company has described to PRHA the benefits which the project will bring to the <br />Cctmnonwealth of Virginia in that at least twenty per cent (20%) of the units of the facility will be <br />available for persons of low or moderate incc~e and thereby prc~note the public purposes for which the PRFIA <br />was established; and <br /> <br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the bond to cc~ply with the <br />applicable Federal and State laws; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds subject to the terms and <br />conditions contained therein, and the appropriate certifications and doctanentations required by the <br />applicable Federal and State laws have been provided to the City Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the <br />issuance of Industrial Develot~nent Revenue Bonds by the PRHA for the "Company" in an amount not to exceed <br />Two Hundred Twenty-Three Thousand, One Hundred Twenty-Five Dollars ($223,125) to assist in financing the <br />acquisition, rehabilitation, construction and equipping of (the "Project"). <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable <br />Federal and State laws docs not constitute and endorsement Of the bonds, financial viability of the <br />"Project", or the credit worthiness of the "Cempany", but, as required by the applicable provisions of the <br />Code of Virginia, the bonds shall provide that neither the C0n~nonwaalth of Virginia, City of Portsmouth, <br />nor the PRHA shall be obligated to pay the bonds or the interest thereon or other costs incident thereto <br />except frc~ the revenues and monies pledged therefor, and ns!ither the faith or the credit of the taxing <br />power of the Cctanonwealth, the City nor PHRA shall be pledged thereto. <br /> <br />This resolution shall take effect immediately upon itsadoption.' " <br /> <br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley <br />Nays: None <br /> <br />"A RESOLUTION APPROVING THE ISSEIANCE OF INDUSTRIAL DEVELOPMEN~ REVENUE BONDS BY THE PORTSMOUTH REDEVELOp- <br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING <br />FACILITY. <br /> <br /> WHEREAS, the Portsmouth t%edevelot~nent and Housing Authority of the City of Portsmouth, Virginia <br />(PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold <br />public hearings relative to the issuance of Industrial Develol~nent Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of Theresa A. and Richard J. Martini (the "Ccmpany") <br />for the issuance by PRHA of Industrial Develoi~nent Revenue Bonds pursuant to Chapter 1 of Title 36 of the <br />Code of Virginia, 1950, as amended, in a principal amount not to exceed Sixty-Three Thousand, Seven <br />Hundred Fifty Dollars ($63,750) to assist in financing the rehabilitation, construction and equipping of a <br />multi-family residential rental housing facility located at 464 Dinwiddie Street in the City of <br />Portsmouth, (the "Project"), and has held a p~blic hearing thereon on April 30, 1985; and <br /> <br /> WHEREAS, the Cc~panyhas described to PRHAthebenefitslwhich the project will bring to the <br />Con~nonwealth of Virginia in that at least twenty per cent (20%) of the units of the facility will be <br />available for persons of low or moderate incc~e and thereby prc~ote the public purposes for which the PRFLA <br />was established; and <br /> <br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the bond to comply with the <br />applicable Federal and State laws; and <br /> <br /> WHEREAS, a copy of PRF~'s resolution approving the issuance of said bonds subject to the terms and <br />conditions contained therein, and the appropriate certifications and documentations required by the <br />applicable Federal and State laws have been provided to the City Council for its consideration. <br /> <br /> <br />