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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 by its counsel, the <br />recitals in the preambles hereto are found to be tree and correct in all respects and are adopted as <br />findings of this Council as if fully rewritten herein. <br /> <br />Section 2: That the Project proposed to be financed by the issuance of the Bonds is <br />deemed appropriate for such financing and, accordingly, the Council designates the Bonds as <br /> New Empowerment Zone Facility Bonds for purposes of Section 1394(f)(2)(A) of the Code. <br /> <br /> Section 3: That the approval of the issuance of the Bonds, as required by Section <br />1394(f)(2)(A) of the Code, does not constitute an endorsement to a prospective purchaser of the <br />Bonds of the creditworthiness of the Project or the Applicant and the Bonds shall provide that the <br />City of Portsmouth shall not be obligated to pay the Bonds or the interest thereon or other costs <br />incident thereto and neither the faith or credit not the taxing power of the Commonwealth of <br />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 August <br />24, 1999. <br /> Teste: <br /> <br /> City Clerk <br /> <br /> <br />