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WHEREAS, the IDA adopted a Resolution on August 13, 1986 recommending that the Council of the City of Portsmouth, Virginia allocate One Million One Hundred Thousand Dollars ($1,100,000) of the City's portion of the State Ceiling on Private Activity Bonds to IDA in order to cover the issuance by IDA of Industrial Development.Revenue Bonds in such amQunt for the benefit of the "Company" NOW, THEREFORE, BE IT RESOLVED that the~Council of the Ci'ty of Portsmouth confirms its approval of the issuance .of Industr~al Development Revenue Bonds by IDA for the "Company" in an amount not to exceed One Mill~ion One Hundred ThouSand Dollars ($1,100,000) to assist in the acquisition, construction, furnishing and equipping of the "Facility", and allocated One Million One Hundred Thousand ($1,100,000) of the City's limit imposed pursuant to the "Order" to IDA in order to cover the issuance by IDA of the One Million One Hundred Thousand Dollars ($1,100,000) Industrial Development Revenue Bonds for the'benefi~ of the "Company"; provided, however, that if the Bonds are no~ issued on or before August 29, 1986, such allocation for the benefit of the "Company" shall expire unless such period is extended by Resolution of this Council. BE ~T FURTHER RESOLVED that the adoption of this Resolution does no~ 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 nor 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 August 26, 1986. -- Teste: City Clerk