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Fifty Thousand Dollars ($1,150,000.00) to assist the "ComDany~ <br />in refunding the "original bonds" issued to finance the <br />"Facility". <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds as required by the applicable Federal and State <br />law does not constitute endorsement of the bonds, the <br />financial viability of the "Facility" or the credit worthiness <br />of the "Company", but, as required by the applicable <br />provisions of the Code of Virginia, the bonds shall Drovide <br />that neither the Commonwealth of Virginia, the City of <br />Portsmouth nor the PIDA shall be obligated to pay the bonds or <br />the interest thereon or the costs incident thereto exceDt ~rom <br />the revenues of monies pledged therefor, and neither the faith <br />nor credit of the taxing power of the Commonwealth, the City <br />nor PIDA 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 October 13, 1987. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />