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' WHEREAS, the IDA now requests the allocation of Three <br />Hundred ThQu~and Dollars ($300,000) to the "Company". <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth,-Virginia confirms its app~'~val of the <br />issuance of Industrial Development Revenue Bonds by IDA for <br />the "Company" in an amount not to exceed Three Hundred <br />Thousand Dollars ($300,000) to assist the "Company" in <br />financing a portion of the cost of acquisition, <br />construction and equipping of the ~'Facility" and allocates <br />Three Hundred Thousand Dollars ($300,000) of the City's <br />limit imposed pursuant to the "Order" to IDA in order to <br />cover the issuance by IDA of the Three Hundred Thousand <br />Dollars (S300,000) Industrial Development Revenue Bonds for <br />th~ benefit of the "Company"; provided, however, if the <br />Bonds are not issued on or before August 29, 198~, such <br />allocation for the benefit of the "Company" shall expire <br />unless such period is extended by a resolutio~f this <br />Council. <br /> <br /> BE IT FURTHER RESOLVED that the allocation made hereby <br />does not constitute'an endorsemen5 of the Bonds, financial <br />viability of the '!Facility" or the credit worthiness of the <br />"Company", but, as required by §15.1-1380 of the Code of <br />Virginia, 1950, as amended, the Bonds shall provide that <br />neither the Commonwealth of Virginia; City of Portsmouth <br />nor IDA shall be obligated to Day the Bonds or the interest <br />thereon or the costs incident thereto except from the <br />revenues and monies pledged therefor, and neither the faith <br />nor credit of the taxing power of the Commonwealth, the <br />City nor IDA shall be pledged thereto. <br /> <br /> Thi~ ~esolution 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 />