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NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth: <br /> <br /> Section 1: That, relying upon the representations of the Authority, the recitals in the <br />preambles hereto are found to be true and correct in all respects and are adopted as findings of this <br />Council as if fully rewritten herein. <br /> <br /> Section 2: That the Project proposed to be financed by the issuance of the Bonds is deemed <br />appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved to the <br />extent required by Section 147(f) of the Code and Section 15.2-4906 of the Act. <br /> <br /> Section 3: The approval of the issuance of the Bonds, as required by Section 147(f) of the <br />Code and Section 15.2-4906 of the Act, does not constitute an endorsement to a prospective <br />purchaser of the Bonds of the creditworthiness of the Project or the Company, and the Bonds shall <br />provide that neither the Authority nor the City of Portsmouth shall be obligated to pay the Bonds or <br />the interest thereon or other costs incident thereto; and neither the faith or credit nor the taxing power <br />of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. <br /> <br />Section 4: That this resolution shall be in effect from and after its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on July 27, <br />1997. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />