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6. The Bonds, if issued, shall provide that neither the City of Portsmouth, Virginia (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 monies pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth, the City, or the Authority shall be pledged thereto. 7. All other acts of the officers of the Authority, past and future, which are in conformity with the purposes and intent of the Inducement Resolution, as amended, ratified and confirmed, and in furtherance of the preparation and issuance of the Bonds are hereby approved and confirmed. 8. The Authority, including its commissioners, officers, employees and agents, shall not be liable and hereby disclaim all liability to any person or entity for any damages, direct or consequential, resulting from the Authority's failure to issue Bonds for the Housing Project for any reason. 9. The Authority by adoption of this Resolution expressly takes no action with regard to any limitations on the tax-exempt status of its notes or bonds for federal income tax purposes and by accepting and proceeding under the authority of this Resolution, the Developer agrees to assume the risk that the notes or bonds may not qualify for tax-exempt status for federal income tax purposes. Nothing contained in this section shall operate as or be deemed to be a condition precedent to or limitation on the approval of the issuance of lbo Bonds and the plan of financing for the Housing Project for purposes of the Internal Revenue Code, or for purposes of the Authority's declaration of its "official intent" to issue the Bonds to finance the costs of the Housing Project pursuant to Section 1.150-2 of the United States Treasury Regulations. 10. If the Bonds are not issued by the expiration date hereinafter stated, this Resolution, and the Inducement Resolution as previously ratified and confirmed hereby, will expire on December 31st of the second succeeding calendar year following the date of adoption of this Resolution, unless extended by action of the Portsmouth Redevelopment and Housing Authority. 11. This Resolution shall take effect immediately upon its adoption and is contingent upon adoption by the City Council of the City of a resolution approving the issuance of the Bonds by the Authority and setting any conditions City Council may desire. ADOPTED: February 20 ,2001 The undersigned ofliccr of the Portsmouth Redevelopment and Housiug Authority hereby certifies that the foregoing is a true, correct and complele copy of the Resolotion adopted by the Authority's Board of Commissioners present aud voting at a meeting duly called and held on February 20 , 2001. in accordance with the law. and that such Resolution has nol been repealed, revoked, rescinded or amended, but is in full force and effect as of the date hereof: