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NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia approves the issuance <br />of Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed three hundred <br />thousand dollars ($300,000) to assist in financing the <br />construction and equipping of the "Facility". <br /> <br /> BE IT FURTHER RESOLVED that the adoption of this <br />resolution does not constitute an endorsement of the <br />Bonds, financial viability of the "Facility" or the <br />credit worthiness of the "Company", but, as required'by <br />the applicable.provisions of the Code of Virginia, the <br />Bonds shall provide that neither the Commonwealth of <br />Virginia, City of Portsmouth,-nor the IDA shall be <br />obligated to pay the Bonds or the interest thereon or <br />other costs incident thereto':except from the revenues <br />and monies pledged therefor, and neither the faith nor <br />the credit of the taxing power of the Commonwealth, the <br />City, nor IDA shall be pledged thereto. <br /> <br /> This'resolution shall take effect immediately upon <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia at a meeting held July 22, 1986. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />