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EXHIBIT E
ISSUE PRICE CERTIFICATE
$24,000,000
Newport News Redevelopment and Housing Authority
Multifamily Housing Revenue Bonds
(Stuart Gardens I Apartments),
Series 2026
The undersigned, on behalf of Collier Securities LLC (the “Underwriter”), on behalf of
itself, hereby certifies as set forth below with respect to the sale and issuance of the above-
captioned obligations (the “Bonds”).
1. Sale of the Bonds. As of the date of this certificate, for each Maturity of the Bonds,
the first price at which at least 10% of such Maturity of the Bonds was sold to the Public is the
respective price listed in Exhibit A attached to the Bond Purchase Agreement dated July __, 2026
among the Underwriter, Stuart Gardens II Housing Partners, LP, a Virginia limited partnership
(the “Borrower”), and the Newport News Redevelopment and Housing Authority (the “Issuer”).
2. Defined Terms.
(a) “Issuer” means the Newport News Redevelopment and Housing Authority, a
political subdivision of the Commonwealth of Virginia, duly organized and validly existing under
the laws of the Commonwealth of Virginia, and its successors and assigns.
(b) “Maturity” means Bonds with the same credit and payment terms. Bonds with
different maturity dates, or Bonds with the same maturity date but different stated interest rates,
are treated as separate Maturities.
(c) “Public” means any person (including an individual, trust, estate, partnership,
association, company, or corporation) other than the Underwriter or a related party to the
Underwriter. The term “related party” for purposes of this certificate generally means any two or
more persons who have greater than 50 percent common ownership, directly or indirectly.
(d) “Underwriter” means (i) Colliers Securities LLC, (ii) any person that agrees
pursuant to a written contract with the Issuer (or with the lead underwriter to form an underwriting
syndicate) to participate in the initial sale of the Bonds to the Public, and (iii) any person that
agrees pursuant to a written contract directly or indirectly with a person described in clause (ii) of
this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a
selling group or a party to a retail distribution agreement participating in the initial sale of the
Bonds to the Public).
The representations set forth in this certificate are limited to factual matters only. Nothing
in this certificate represents the Underwriter’s interpretation of any laws, including specifically
Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury
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