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NOW, THEREFORE, BE IT RESOLVED that the recitals made in <br />the second preamble to this Resolution are hereby made a part <br />of this Resolution and that the Council of the City of <br />Portsmouth, Virginia, approves the issuance of Multi-Family <br />Rental Housing Revenue Refunding Bonds by PRHA for the Company <br />in an amoun~ not to exceed Four Million Eighty-Five Thousand <br />Dollars ($4,085,000) to refund PRHA's $4,200,000 Housing <br />Revenue Note (Independence Square Project) issued on December <br />16, 1985 for the acquisition, construction and equipping of <br />the Facility. <br /> <br /> BE IT FURTHER RESOLVED that the adoption of this <br />Resolution does not constitute an endorsement of the Bonds to <br />prospective purchasers of the Bonds, the financial viability <br />of the Facility or the credit worthiness of the Company, and <br />the Bonds shall provide that neither the Commonwealth of <br />Virginia, City of Portsmouth, nor PRHA shall be obligated to <br />pay the Bonds or the interest thereon or the costs incident <br />thereto except from the ~evenues and monies pledged therefor, <br />and neither the faith nor the credit nor the taxing power of <br />the Commonwealth, the City nor PRHA shall be pledged thereto. <br /> <br /> This Resolution shall take effect immediately upon its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, 'at a meeting held May 24, 1988. <br /> <br />Teste: <br /> <br />~City Clerk <br /> <br /> <br />