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and the related financing documents. Neither the faith and ctedit nor the taxing power of the
Commonwealth, or any political subdivision thereof, including the City, shall be pledged to the
payment of the principal of the Bonds, the premium, if any, or the interest thereon or other costs
incident thereto. The Bonds shall not constitute an indebtedness within the meaning of any
constitutional or statutory debt limitation or restriction.
9, The Borrower hereby agrees to satisfy all applicable federal, state and local laws
with respect to the Project, including, but not limited to, any applicable fair housing requiréments.
10. After a public hearing is conducted, the Authority may submit a Public Hearing
Certificate to the City Council at any time within one (1) year of the date of such public hearing,
and at that time the Authority will request and recommend that the City Council provide
“governing body approval” of the issuance of the proposed Bonds and the Plan of Financing within
the meaning of Section 15.2-4906 of the Virginia Code and Section 147(f) of the Code by City
Council, and in such event the Chairman, Vice-Chairman or Secretary of the Authority shall
transmit to the City Council a copy of this Resolution and a Certificate of Public Hearing withia
reasonably detailed summary of the Authority’s public hearing held on this date with respect to
the Project. If required by the Authority, a Fiscal Impact Statement regarding the Project as
executed by the Borrower and the Authority as required by Section 15.2-4907 of the Virginia Code
shall be filed with the City Council at that time as well.
ll. The Authority agrees, subsequent to the City Council’s granting of the “governing
body approval” for the issuance of Bonds by the Authority, and with the direction and assistance ’
of Bond Counsel and the Borrower, to apply to the Virginia Department of Housing and
Community Development (“VDHCD”), in its capacity as “allocation administrator” for tax-
exempt private activity bonds, bond allocations from the Local Housing Authority Pool, the
Govemor’s Discretionary Pool, or any other governmental source of bond dollar allocations, for
one or more allocations totaling an aggregate amount not to exceed $93,000,000 of local housing
authority “volume cap” for the Bonds to be issued with respect to the Project.
12. Any obligation of the Authority to exercise its powers to issue the Bonds as
requested by the Borrower is contingent upon the satisfaction of all legal requirements and the
Authority (including its officers, commissioners, employees and agents) shall not be liable and
hereby disclaims all liability to the Borrower and all other persons or entities for any damages,
direct or consequential, resulting from the Authority’s failure to issue the Bonds for the Project for
any reason, including but not limited to the failure of the City Council to approve the issuance of
the Bonds. :
13. No tax-exempt Bonds may be issued pursuant to this Resolution until such time as
(2) the issuance of the Bonds has been approved by the City Council, (b) the Project has been
awarded through the VDHCD an allocation or allocations from the Local Housing Authority or
the Governor’s Discretionary Fund Pool for Tax-Exempt Bond Allocation “volume cap” funds in
accordance with applicable provisions of the Virginia Code and any regulations or executive orders
issued in connection therewith, and (c) the substantially final terms and details of the Bonds to be
issued, have been approved by subsequent resolution of the Authority. :Jump to an indexed page (43 of 43)