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WHEREAS, a copy of the Authority's resolution approving the issuance of the <br />Bonds and recommending that the Council approve the issuance of the Bonds, a record of <br />the public heating with respect to the Bonds and a Fiscal Impact Statement in the form <br />prescribed by Section 15.2-4907 of the Act have been filed with the Council; <br /> <br /> BE IT RESOLVED BY THE MEMBERS OF THE CITY COUNCIL OF THE <br />CITY OF PORTSMOUTH: <br /> <br /> 1. The recitals made in the first preamble to this Resolution are hereby <br />adopted as a part of this Resolution. <br /> <br /> 2. The City Council of the City of Portsmouth, Virginia, approves the <br />issuance of the Bonds by the Authority to assist in the plan of finance described herein <br />for the benefit of the Company to the extent required by the Code and Section 15.2-4906 <br />of the Act. <br /> <br /> 3. The approval of the issuance of the Bonds, as required by the Code and <br />Section 15.2-4906 of the Act, does not constitute an endorsement to a prospective <br />purchaser of the Bonds of the creditworthiness of the Ocean Marine Yacht Center or the <br />Company, and, as required by Section 15.2-4909 of the Act, the Bonds shall provide that <br />neither the City nor the Authority shall be obligated to pay the Bonds or the interest <br />thereon or other costs incident thereto except from the revenues and moneys pledged <br />therefor and neither the faith or credit nor the taxing power of the Commonwealth of <br />Virgin/a, the City or the Authority shall be pledged thereto. <br /> <br /> 4. The resolution of the City Council of the City of Portsmouth, Virginia, <br />adopted on July 25, 2000, with respect to the plan of finance described in the first <br />preamble to this Resolution is hereby ratified and confirmed except that Bonds in the <br />aggregate principal amount of $7,000,000 rather than $8,000,000 are hereby designated <br />as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the <br />Code. <br /> <br />5. This Resolution shall take effect immediately upon its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth at a meeting held on August <br />14, 2001. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />