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F. The Tax Certificate and Agreement to be dated the date as of its execution and
delivery between the Issuer, the Borrower and the Trustee, a copy of which in substantially final
form is attached as Exhibit F; and
WHEREAS, there has been prepared and provided to the Issuer a draft of the Borrower’s
Preliminary Official Statement with respect to the public offering of the sale of the Bonds (the
“Preliminary Official Statement”), together with Exhibits and attached to Exhibit G in
substantially final form, the Issuer desires to approve and authorize the use and distribution of
the Preliminary Official Statement and a subsequent Official Statement (as hereinafter defined)
in connection with the marketing, issuance and sale of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE NEWPORT NEWS
REDEVELOPMENT AND HOUSING AUTHORITY:
1. The Issuer determines that the issuance of the Bonds in accordance with the terms
of the Bond Documents and all action of the Issuer contemplated by them will be in furtherance
of the purposes for which the Issuer was organized. The issuance and sale of the Bonds,
pursuant to and upon the terms and conditions set forth herein and in the Indenture and the Bond
Purchase Agreement, and the financing of the Project are hereby approved and authorized.
Neither the Bonds nor the premium, if any, nor the interest payable thereon shall be a general
obligation debt of the Commonwealth or any political subdivision thereof, including the Issuer or
the City, and neither the Commonwealth, nor any political subdivision thereof, including the
Issuer or the City, and the commissioners, officers, officials, agents and/or employees, past,
present or future, of any or all, are or shall be personally liable thereon. The Bonds, together
with the premium, if any, and the interest payable thereon, shall be a limited obligation of the
Tssuer payable solely pursuant to the terms of the Bonds and the related documents.
2s The Issuer hereby accepts and relies solely upon VDHA’s 42(m) Letter issued to
the Project as its own determination of the Project’s financial feasibility and viability as a
qualified low-income housing project throughout the credit period for purposes of Section
42(m)(2)(D) of the Code.
3. The Bond Documents and the Bonds shall be in substantially final forms as
submitted to this meeting, which forms are hereby approved with such completions, omissions,
insertions and changes as may be approved by the Chairman, Vice Chairman or the other officers
executing them, their execution to constitute conclusive evidence of their approval of any such
omissions, insertions and changes.
4. The Bonds shall bear interest at such rates and for such periods, and shall mature,
as set forth therein. The interest rates on the Bonds shall be fixed rates of interest determined
pursuant to their terms, but in no event shall such interest rates exceed [ten percent (10%) per
annum].
ay U.S. Bank Trust Company, National Association is hereby appointed by the
Issuer as Trustee under the terms of the Indenture, at the request of the Borrower.Jump to an indexed page (744 of 744)