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WHEREAS, the Authority, as the issuing governmental unit, has no applicable elected representative and the City of Portsmouth (the "City") is the next highest governmental unit with such a representative; and WHEREAS, the members of the City Council of the City (the "Council") constitute the applicable elected representatives of the City; and WHEREAS, Chapter 514 of the 1983 Acts of the General Assembly of Virginia ("Chapter 514") and Section 15.1-1378.1 of the Code of Virginia of 1950, as amended, (the "Virginia Code") requires that the Council approve or disapprove the financing of any facility recommended by the Authority; and WHEREAS, the Authority recommends that the Council approve the issuance of the Refunding Bonds; and WHEREAS, a copy of the Authority's Resolution approving the issuance of the Refunding Bonds, subject to the terms to be agreed upon, a reasonably detailed summary of the comments expressed at the public hearing, if any, and the Fiscal Impact Statement required by Section 15.1-1378.2 of the Virginia Code have been filed with the Council of the City. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: !. The Council of the City approves the foregoing recitals which are incorporated in, and deemed a part of, Resolution as if fully set forth herein. this 2. The Council of the City approves the issuance of the Refunding Bonds by the Authority, for the benefit of the Company, to the extent of and as required by the Internal Revenue Code, Chapter 514, and the Virginia Code, to permit the Authority to assist in the refinancing of the Project. 3. The approval of the issuance of the Refunding Bonds as required by the Internal Revenue Code, Chapter 514, and the Virginia Code, does not constitute an endorsement to the perspective purchasers of the Refunding Bonds or of the credit worthiness of the Project or the Company and the Refunding Bonds shall provide that neither the City, the City of Virginia Beach, the City of Virginia Beach Development Authority nor the Authority shall be obligated to pay the Refunding Bonds or the interest thereon or other costs incident thereto except ~rom the revenues and monies pledged therefor, and neither the faith nor the credit or the taxing power of the Commonwealth, the City, the Authority, the City of Virginia Beach, nor the City of Virginia Beach Development Authority shall be pledged thereto.