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WHEREAS, the City Council acknowledges that the <br />adoption of this resolution does not constitute an <br />allocation of the City's 1986 Local Allocation as defined <br />in, and imposed pursuant to the "Order" or any portion <br />thereof. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia, approves the issuance of <br />Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed Three Hundred Forty Six <br />Thousand, Five Hundred Dollars to assist in financing the <br />"Project". <br /> <br /> BE IT FURTHER RESOLVED that the adoption of this <br />resolution does not constitute an endorsement of the Bonds, <br />financial viability of the "Project" or the credit <br />worthiness of the "Company", but, as required by the <br />applicable provisions of the Code of Virginia, the Bonds <br />shall provide that neither the Commonwealth of VirginIa, <br />City of Portsmouth, nor the IDA shall be obligated to pay <br />the Bonds or the interest thereon or the costs incident <br />thereto except from the revenues and monies pledged <br />therefor, and neither the faith nor the credit or the taxing <br />power of the Commonwealth, the City, or IDA shall be pledged <br />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 27, 1986. <br /> <br />Tes <br /> <br />City Clerk <br /> <br /> <br />