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Twenty-Five Thousand Dollars ($325,000) to assist in the <br />acquisition, construction and equipping of the "Facility", <br />and allocates Three Hundred Twenty-Five Thousand Dollars <br />($325,000) of the City's l~mit imposed pursuant to the <br />~Order" to IDA-~in order to cover the issuance by IDA of.~he <br />Three Hundred Twenty-Five Thousand Dollars ($325,000) <br />Industrial'Development Revenue Bonds for the'benefi~ of the <br />Company , provided, however, that if t~e Bonds are not <br />issued on or before August 29, 1986, such allocation for <br />the benefit of the "Company" shall expire unless such <br />period %s extended by a Resolution of this Council. <br /> <br /> BE IT FURTHER RESOLVED that the adoption of this <br />Resolution d'oes 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 BQnds or <br />the interest thereon or the costs incident thereto except <br />from the revenues and monies pledged theref6r, and neither <br />the faith nor the credit of the taxing power of the <br />Commonwealth, the City nor IDA shall be pledged thereto. <br /> <br /> This Resolution shall take effect immediately upon its <br />adoption. <br /> <br /> ~dopted 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 />