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NOW, THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, Virginia, that the Council <br />approves the issuance of Industrial Development Revenue <br />Bonds by the PPIC for the benefit of the "Company" to <br />assist in financing the acquisition, construction and <br />equipping of the "Project". <br /> <br /> BE <br />issuance of <br />federal and <br />endorsement <br />facility or <br />as required <br />as amended, <br /> <br />IT FURTHER RESOLVED that the approval of the <br /> the Bonds as required by the applicable <br /> state laws does not constitute an <br /> of the Bonds, financial viability of the <br /> the credit worthiness of the Company, but, <br /> by §15.1-1380 of the Code of Virginia, 1950, <br /> the Bonds shall provide that neither the <br /> <br />Commonwealth of Virginia, the City of Portsmouth, nor <br />PPIC shall be obligated to pay the Bonds or the interest <br />thereon or other costs incident thereto except from the <br />revenues and monies pledged therefor, and neither the <br />faith or credit of the taxing power of the Commonwealth, <br />the City, nor the PPIC shall be pledged thereto. <br /> <br /> This resolution shall take effect immediately upon <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held January 28, 1986. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />