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/""-., WHEREAS, following the public hearing held by the Authority on February 26, 1998, the Authority adopted a resolution (the "Resolution") in which it recommended and requested that the Council approve of the issuance of the Bonds by the Alexandria Authority; and WHEREAS, a copy of the Resolution, a brief summary of the Authority's public hearing, the YMCA's Fiscal Impact Statement and the Alexandria Inducement Resolution have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. That the recitals made in the first paragraph above are hereby adopted as part of this Resolution. 2. That the Council hereby concurs with the Alexandria Inducement Resolution and approves the issuance of the Bonds by the Alexandria Authority for the benefit of the YMCA, to the extent required by Section 147(f) of the Code and Section 15.2-4906 of the Virginia Code, to permit the Alexandria Authority to assist in the financing or refinancing of the Projects. 3. That the Council also ratifies the joint public hearing held on its behalf by the Authority on February 26, 1998 and the publication of notice thereof. 4. That the concurrence with the Alexandria Inducement Resolution and the approval of the issuance of the Bonds do not constitute an endorsement to a prospective purchaser of the creditworthiness of the Projects or the YMCA, and neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia nor any political subdivision thereof, including the City and the Authority, shall be pledged thereto. 5. That, pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f.103-2(f)(1), this resolution shall remain in effect for a period of one year from the date of its adoption. 6. That the City, including its elected representatives, officers, employees and agents, shall not be liable and hereby disclaims all liability for any damage to the YMCA, direct or consequential, resulting from the Alexandria Authority's failure to issue the Bonds for any reason.