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May 14, 1985
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<br />(12)
<br />
<br />(13)
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<br /> WHEREAS, a copy of PRIiA's resolution approving the issuance of said bonds subject to the terms and
<br />conditions contained therein, and the appropriate certifications and doc~nentations 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 Develol~nent Revenue Bonds by the PRHA for the "Company" in an amount not to exceed
<br />Eighty-Five Thousand Dollars ($85,000) 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 issuance of the bonds as required by the applicable
<br />Federal and State laws does not constitute and endors~nent 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 Ports~nouth,
<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 Co~t~uonwealth, the City nor PHRA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Bee~aer, Corprew, Gray, Lucas, Webb, !~hitl0w, Holley
<br /> Nays: None ~
<br />
<br />"ARESOLUTIONAPPROVINGTHE ISSUANCE OF INDUSTRIAL DEVELOPMENTREVENUE BONDS BY THE PORTSMOUTH REDEVELOP-
<br />MENTAUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILYRESIDEbTfIALRENTALHOUSING
<br />FACILITY.
<br />
<br /> WHEREAS, the Ports~nouth 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 Development Revenue Bonds; and
<br />
<br /> WHERF~S, the PRHA has considered the application of Hugh C. Davies, III (the "Company") for the
<br />issuance by PRHA of Industrial Development Revenue Ponds pUrsuant to Chapter 1 of Title 36 of the Code of
<br />virginia, 1950, as amended, in a principal anount not to exceed Twenty Thousand Dollars ($20,000) to
<br />assist in financing the rehabilitation, construction and eqUipping of a multi-family residential rental
<br />housing facility located at 2309 High Street in the City of Portsmouth, (the "Project"), and has held a
<br />public hearing thereon on April 30, 1985; and
<br />
<br /> WHEREAS, the Cc~pany has described to PRHA the benefits which the project will bring to the
<br />Ccrmnonwealth 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 promote the public pUrposes for which the PRHA
<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 documentations 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 Revenue Ponds by the PRHA for the "Cc~pany" in an amount not to exceed
<br />Twenty Thousand Dollars ($20,000) to assist in financing the rehabilitation, construction and equipping of
<br />(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 endors~nentiof 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 iCc~monwealth 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 frcrn the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />power of the Cc~nonwealth, the City nor PHRA shall be pledged thereto.
<br /> This resolution shall take effect in~ediately upon it§ adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, LucAs, Webb, !~hitlow, Holley
<br /> Nays: None
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP-
<br />MENTAUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON
<br />PRIVATE ACTMTYBONDS TO THE PORTSMOUTH REDEVELOPMENT AND!HOUSINGAIZI~ORITY OF TSE CITY OF PORTSMOUTH,
<br />VIRGINIA. I
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Anthorityof 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 Development Revenue Bonds;'and
<br />
<br /> WHEREAS, pursuant to the authority vested in him purs6ant to the Deficit Reduction Act of 1984 (the
<br />"Act"), the Governor of Virginia on January 23, 1985 issued Executive Order No. 54(85) (the "Order")
<br />providing a formula for the allocation of the State.ceiling as defined in the Order; and
<br />
<br /> WHEREAS, the "order" authorized the City Council of Portsmouth, Virginia (the "council") to allocate
<br />its portion of the State ceiling to the issuing authorities within the City of Ports~nouth, Virginia; and
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