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State Ceiling on Private Activity Bonds to IDA in order to cover the issuance by IDA of Three Hundred Thousand Dollars' ($300,000) Industrial Development Revenue Bonds for the benefit of the "Company". NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth confirms its approval of the issuance of Industrial Development Revenue Bonds by IDA for the "Company" limiting the amount of same not to exceed Three Hundred Thousand Dollars ($300,000) to construct and equip the "Facility" and allocates Three Hundred Thousand Dollars ($300,000) of the City's limit imposed pursuant to the "Order" to IDA in order to cover the issuance by IDA of the Three Hundred Thousand Dollars ($300j000) Industrial Development Revenue Bonds for the benefit of the "Company"; provided, however, that if the Bonds are not issued on or before the forty-fifth (45th) day after the date on which this resolution is adopted by City Council, such allocation for the benefit of the "Company" shall expire unless such forty five (45) day period is extended by resolution of this Council. BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an endorsement of the Bonds, financial viability of the "Facility" or the credit worthiness of the "Company", but the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay the Bonds or the interest thereon or the costs incident thereso except from the revenues and m~nies pledged therefor, and neither the faith nor the credit of the taxing power of the Commonwealth, the City or IDA shall be pledged thereto. This resolution shall take effect immediately upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia at a meeting held June 24, 1986. Teste: City Clerk