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6. In adopting this resolution, the Authority intends to <br />take "official action" 5oward the issuance of the bonds and to <br />evidence its "official intent" to reimburse from the proceeds <br />of the bonds any expenditures paid by the Company to finance <br />the acquisition, planning and construction of the Pro~ecn <br />before the issuance of the bonds, all within the meaning of <br />regulations issued by the Internal Revenue Service pursuant to <br />Sections 103 and 141 through 150 and related secnions of the <br />Code. <br /> <br /> 7. The Authority recommends that the City Council of nhe <br />City of Portsmouth, Virginia, approve the issuance of the <br />bonds. <br /> <br /> 8. No bonds may be issued pursuant to this resolution <br />until such time as (a) the issuance of the bonds has been <br />approved by the City Council of the City of Portsmouth, <br />Virginia, and (b) the bonds have received an allocation of the <br />State Ceiling (as defined in Section 15.1-1399.10 of the Code <br />of Virginia of 1950, as amended) in accordance with the <br />applicable provisions of Ehe Code of Virginia of 1950, as <br />amended, and any regulations or executive orders issued <br />thereunder. <br /> <br /> 9. That this resolution shall take effect on the date of <br />its adopnion. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, an a meeting held on December 17, 1996. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />3 <br /> <br /> <br />