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NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia, approves the issuance by PRHA <br />of its bonds in an amount not to exceed three million <br />($3,000,000) dollars but equal to the outstanding principal <br />balance of the "original bond", to assist the Company in <br />the redemption in full of PRHA's three million ($3,000,000) <br />dollar 1985 Residential Rental Project Revenue Bond <br />(Seaboard Coastline Associates Project) issued to finance <br />the acquisition, rehabilitation, construction and equipping <br />of the Seaboard Coastline Building for rental apartments to <br />be a part of a multi-use commercial/residential facility. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the <br />issuance of the bonds as required by the applicable federal <br />and state law does not constitute an endorsement of the <br />bonds, financial viability of the "Facility" or the credit <br />worthiness of Seaboard Coastline Associates, but, as <br />required by the applicable provisions of the Code of <br />Virginia, the bonds shall provide that neither the <br />Commonwealth of VirgInia, the City of Portsmouth nor the <br />PRHA shall be obligated to pay the bonds or the interest <br />thereon or the costs incident thereto except from the <br />~evenues and monies pledged therefor, and neither the faith <br />nor credit of the taxing power of the Commonwealth, the <br />City nor PRHA shall be pledged thereto. <br /> <br /> This resolution shall take effect immediately upon its <br />adoption. <br /> <br /> City of Portsmouth, <br /> 11, 1987. <br /> <br /> Adopted by the Council of the <br />Virginia, at a meeting held August <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />