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May 14, 1985
<br />
<br />(10)
<br />
<br />(11)
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Ports~aouth, Virginia, approves the
<br />issuance of Industrial Develol~aent Revenue Bonds by the PRHA for the "C(mlpany" in an a~ount not to exceed
<br />Sixty-Three Thousand, Seven Hundred Fifty Dollars ($63,750) to assist in financing the rehabilitation,
<br />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 does 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~onwealth of Virginia, City of Port.~m~outh,
<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 neither the faith or the credit of the taxin~
<br />power of the C~tu~Lonwealth, 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, ~hitlow, Holley
<br />Nays: None
<br />
<br />"A RESOLUTION APPROVING T~E ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE IK)RTSMOUTH REDEVELOP-
<br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING
<br />FACILITY.
<br />
<br /> WHEREAS, the Portemouth Redevelopment and Housing AuthOrity of the City of ~ortemouth, 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 Robert S. and Michael D. Delsey (the "Company")
<br />for the issuance by PRtlA of Industrial Develotmlent Revenue Bonds pursuant to Chapter 1 of Title 36 of the
<br />Code of Virginia, 1950, as amended, in a principal ~nount not to exceed One Hundred Twenty Thousand
<br />Dollars ($120,000) to assist in financing the acquisition, rehabilitation, construction and equipping of a
<br />multi-family residential rental housing facility located at~ 504 Effir~han Street in the City of
<br />Portemouth, (the "Project"), and has held a public hearing thereon on April 30, 1985; and
<br />
<br /> WHEREAS, the Company has described to PRHA the benefits which the project will brin~ to the
<br />Co~t,tLonwealth 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 income and thereby prc~aote the public purposes for which the pPJ4A
<br />was established; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the bond to cemply 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 doc~entations 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 Development l~venue Bonds by the PRHA for the "Company" in an amount not to exceed
<br />One Hundred Twenty Thousand Dollars ($120,000) to assist in financing the acquisition, rehabilitation,
<br />construction and equipping of (the "Project").
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuan6e of the bonds as required by the applicable
<br />Federal and State laws does not constitute and endorsement 6f the bonds, financial viability of the
<br />"Project", or the credit worthiness of the "Oompany", but, as required by the applicable provisions of the
<br />Code of Virginia, the bonds shall provide that neither the Cut~onwealth 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 from the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the Commonwealth, the City nor PHRA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, ~itlow, Holley
<br /> Nays: None
<br />
<br />"A RESOLUTION APPROIriNG 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 /> WHEREAS, the Portsmouth Redevelol/~ent and Housing Authority of the City of Portsmouth, Virginia
<br />(PRHA) has been authorized by the Council of the City of Portamouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, t~ PRHA has considered the application of Robert S. and Michael D. Delsey (the "Cempany")
<br />for the issuance by PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1 of Title 36 of the
<br />Cede of Virginia, 1950, as amended, in a principal ~nount not to exceed Eighty-Five Thousand Dollars
<br />($85,000) to assist in financing the acquisition, rehabilitation, construction and equipping of a
<br />multi-family residential rental housing facility located at! 506-508 Effir~han Street in the City of
<br />Portsmouth, (the "Project"), and has held a public hearing thereon on A~ril 30, 1985; and
<br />
<br /> WHEREAS, the Cempany has described to PRHA the benefits which the project will bring to the
<br />C~,onwealth 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 inceme and thereby prc~ote the public purposes for which the PRItA
<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 />
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