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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 Two Million Dollars <br />($2,000,000) to assist in financing the cost'of acquiring, <br />constructing and equipping the "Facility". <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 "Facility" or the credit <br />worthiness of the "Company", but the Bonds shall provide <br />that neither the Commonwealth of Virginia, City of <br />Portsmouth, nor IDA shall be obligated to pay the Bonds or <br />the interest thereon or the costs incident thereto except <br />from the revenues and monies pledged therefor, and neither <br />the faith nor the credit of the taxing power of the <br />Commonwealth, the City or IDA shall be pledged thereto. <br /> <br /> This resolution shall take effect immediatery upon its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia at a meeting held June 24, 1986. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />