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WHEREAS, the "Order" authorized the City Council of the City of Portsmouth, Virginia to allocate its portion the State Ceiling to the issuing authorities within the City of Portsmouth, Virginia; and of WHEREAS, the Portsmouth Port and Industrial Commission adopted a resolution on March 12, 1986 recommending that the Council of the City of Portsmouth, Virginia allocate Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars ($649,520) of the City's portion of the State Ceiling on Private Activity Bonds to PPIC in order to cover the issuance by PPIC of a Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollar ($649,520) Industrial Development Revenue Bond for the benefit of the CF Partnership, comprised of Juan S. Crofton, Robert E. Crofton, Kenneth J. Crofton and Camille C. Gobrecht, a/k/a Camille B. Crofton. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth confirms its approval of the issuance of Industrial Development Revenue Bonds by PPIC for the "Company" in an amount not to exceed Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars ($649~520) to assist in the financing of the acquisition, construction and equipping of the "Project" and allocates Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars ($649,520) of the City's limit imposed pursuant to the "Order" to PPIC in order to cover the issuance by PPIC of the Six Hundred Forty-Nine Thousand, Five Hundred Twenty Dollars ($649~520) Industrial Development Revenue Bonds for the benefit of the "Company"; provided, however, that if the Bonds are not issued on or before the forty fifth (45th) day after the date on which this resolution is adopted by City Council, such allocation for the benefit of the "Company" shall expire unless such forty five (45) day period is extended by resolution of this Council. BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an endorsement of the Bonds, financial viability of the "Project" or the credit worthiness of the "Company", but the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor PPIC 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 PPIC shall be pledged thereto. This resolution shall take effect immediately upon its adoptIon.