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housing revenue bonds and over the area in which any facility financed.with the proceeds of housing revenue bonds is located shall approve the issuance of such bonds; and WHEREAS, the Project is to be located in the City of Portsmouth, Virginia (the "City"), and the members of the Portsmouth City Council constitute the highest elected governmental officials of the City; and WHEREAS, a copy of (i) the Authority's Inducement Resolution, approving rhe issuance of the Bonds, subject to terms to be agreed upon, adopted on July 6, 1998, as ratified and confirmed by Resolution 4073 adopted on November 2, 1998. and Resolution 4270 adopted on March 6, 2000, (ii) a reasonably detailed summary of the comments expressed at the public hearings with respect to the Bonds on July 6, 1998, and March 6, 2000, and (iii) a fiscal impact statement in the form prescribed by Section 15.2-4907 of the Code of Virginia (1950), as amended, have been filed with the City Council, together with the Authority's recommendation that the City Council approve the issuance of the Bonds and authorize the City Manager. if and to the extent necessary in the opinion of bond counsel, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $3,500,000.00 pursuant to Title 15.2, Chapter 50 of the Code of Virginia (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: The recitals made in the preambles to this Resolution are hereby adopted as a part of this Resolution. 2. The issuance of the Bonds by the Authority in an amount nor to exceed $3,500,000.00 to assist in the financing of the acquisition and rehabilitation of the ProJect, for the benefit of the Company, 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") is hereby approved.