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pursuant to Title 15.2, Chapter 50 of the Code of Virginia of 1950, as amended with respect to the issuance of the Bonds. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that: 1. The recitals made in the preambles to this Resolution are hereby adopted as a part of this Resolution. 2. It hereby approves the issuance of the Bonds by the Authority in un amount not to exceed $2,800,000.00 to assist in the financing of the acquisition and rehabilitation of the Project, for the benefit of the Applicant, to the extent required by the Internal Revenue Code of 1986, as amended (the "Code"), and Sections 15.2-4906 and 36-19.2 of the Code of Virginia (1950), as amended (the "Virginia Code"). 3. The approval of the issuance of the Bonds as required by Section 147(f) of the Code and Sections 15.2-4906 and 36-19.2 of the Virginia Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant, but as required by Sections 15.2-4906 and 36-29 of the Virginia Code, the Bonds, if issued, shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority shall be pledge thereto. 4. The City Manager is hereby authorized and directed, if and to the extent necessary in the opinion of bond, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $2,800,000.00 pursuant to Tire 15.2, Chapter 50 of the Code of Virginia (1950), as amended, with respect to the issuance of the Bonds. 5. This Resolution shall take effect on the date of its adoption. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on April 10, 2001. Teste: City Clerk