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WHEREAS, the "Order" authorized the City Council of the City of Portsmouth, Virginia to allocate its portion of the State Ceiling to the issuing authorities within the City of Portsmouth, Virginia, and the IDA adopted a resolution on July 14, 1986 recommending that the Council of the City of Portsmouth, Virginia allocate an additional sixty seven thousand dollars ($67,000) of its 1986 Local Bond Allocation to IDA in order to cover the issuance by IDA of three hundred sixty seven thousand dollars ($367~000) Industrial Development Revenue Bonds for the benefit of the "Company" to assist in financing the construction and eauipping of the "Facility". NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Vfrginia confirms its approval of the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an amount not to exceed three hundred sixty seven thousand dollars~ ($367,000) to construct and equip the "Facility" and increases its allocation by an additional sixty seven thousand dollars ($67,000) of the City's limit imposed pursuant to the "Order" to IDA in order to cover the issuance by IDA of the three hundred sixty seven thousand dollars ($367,000) 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, the 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 thereto except from the revenues and monies 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 July 22, 2986. Teste: City Clerk