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NOW, THEREFORE, BE IT RESOLVED that the Council of the <br /> City of Portsmouth, Virginia, adopts the recitals made in <br /> the preamble to this resolution as part of this resolution, <br />-..approves the issuance of Industrial Development Revenue~ <br /> Bonds by PRHA ~or the "Company" or the "Partnership" in an <br /> amount not to exceed Nine Hundred Twenty-Five Thousand <br /> Dollars ($925,000.). to assist in financi-ng the cost of the <br /> acquisition and construction of the "Facility" and <br /> allocates Nine Hundred Twenty-Five Thousand ($925,000) of <br /> the City's limit imposed pursuant to the "Order" to PRHA.ln <br /> order to cover the issuance by PRHA of the Nine Hundred <br /> Twenty-Five Thousand Dollars ($925,000) Industrial <br /> Development ~evenue Bonds for the benefit of the <br /> "Company"or the "Partnership"; provided, however, that if <br /> the Bonds are not issued on or before August 29, 1986, such <br /> allocation for the benefit of the "Company" shall expire. <br /> <br /> th~s <br /> the ~gnds, <br /> <br /> BE IT FURTHER RESOLVED that the adoptioN of <br />Resolution does-not constitute an endorsemeht of <br />financial viability of the "Facility" or the credit <br />worthiness of the "Company" or the "Partnership", but the <br />Bonds shall provide that neither the Commonwealth of <br />Virginia, City of Portsmouth, nor PRHA shall be obligated <br />to pay_the Bonds or the interest thereon or the costs <br />incidenE thereto except from the revenues' and monies <br />pledged therefor, and neither the faith nor the credit of <br />the taxing power of the Commonwealth, the City nor PRHA <br />shall be pledged 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 August 26, 1986. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />