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1. It is hereby found and determined that the acquisition, construction and equipping of the Project will be in the public interesm and will promo5e the commerce, safety, health, welfare, convenience or prosperity of the Commonwealth of Virginia, the City of Portsmouth, Virginia and their citizens. 2. To induce the Company ~o locate the Project in the C~mmonwealth of Virginia, and particularly in the City of Portsmouth, Virglnma, the Authority hereby agrees to assist the Company in financing the acquisition, construction and equipping of the Projec5 by undertaking the issuance of its revenue bonds mn an amount not to exceed s7,100,000.00 upon terms and conditions mutually agreeable to the Authority and the Company. The bonds will be issued pursuant to documents satisfactory to the Authority. The bonds may be issued in one or more sermes at one time or from time to time. 3. It having been represented 5o the Authority that it is necessary to proceed immediately with the acquisition, planning and construction of the Project, the Authority agrees that the Company may proceed with plans for the Project, enuer into contracts for land, construction, materials and equipmenu for uhe Project, and take such other steps as it may deem appropriate in connection with the Project, provided, however, that nothing in this resolution shall be deemed to authorize the Company to obligate the Authority without its consent in each instance uo the payment of any moneys or the performance of any acts in cbnnection with the Pro~ect. The Authority agrees that the Company may be reimbursed from the proceeds of the bonds for ~11 expenditures and costs so incurred by it, provided such expenditures and cosus are properly reimbursable under the Act and applicable federal laws. 4. At the request of the Company, the Authority approves Messrs. McGuire, Woods, Battle & Boothe, L.L.P., Richmond, Virginia, as Bond Counsel in Connection with-uhe issuance of the bonds. 5. Ail costs and expenses in connection with the financing and the acquisition, construction and equipping of the Projecs, including the fees and expenses of Bond Counsel and Authority Counsel, shall be paid by the Company or, to the extent permitted by applicable law, from the proceeds of the bonds.- If for any reason such bonds are not issued, it is understood that all such expenses shall be paid by the Company and that the Authority shall have no responsibility therefor. 2