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3. The approval of the issuance of the Bonds as required by Section 147(13 of the Code <br />and Sections 15.2-4906 and 36-19.2 of the Virginia Code, does not constitute an endorsement to a <br />prospective purchaser of the Bonds of the creditworthiness of the Project or the Company, but as <br />required by Sections 15.2-4906 and 36-29 of the Virginia Code, the Bonds, if issued, shall provide <br />that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or <br />other costs incident thereto except from the revenues and moneys pledged therefor, and neither the <br />faith or credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority shall <br />be pledge thereto. <br /> <br /> The City Manager is hereby authorized and directed, if and to the extent necessary in the <br />opinion of bond counsel, to submit an application to the Virginia Small Business Financing <br />Authority requesting an allocation of $3,500,000.00 pursuant to Title 15.2, Chapter 50 of the Code <br />of Virginia (1950), as mended, with respect to the issuance of the Bonds. <br /> <br />This Resolution shall take effect immediately upon its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth. Virginia, at a meeting held on March 28, <br /> <br />2000. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />