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NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth. <br />Virginiaa, that it hereby approves the issuance by the Authority of the Tax-Exempt Bond, in an <br />aggregate pnncipal amount not exceeding $3,100,000, to provide financing for the Authority for <br />the purpose of providing funds to pay, or reimburse the Authority for paying, all or a portion of <br />the cost of the Tax-Exempt Improvements. <br /> <br /> BE IT FURTHER RESOLVED that approval of the issuance of the Tax-Exempt Bond, <br />as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and the Local <br />Approval Provision, does not constitute au endorsement to any prospective purchaser of the Tax- <br />Exempt Bond or the creditworthiness of the Authority. <br /> <br /> BE IT FURTHER RESOLVED that this Resolution shall take effect on the date of its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia at a meeting held on April <br />11, 2000. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />