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BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bonds as required by the applicable federal and stage <br />laws does not constitute an endorsement of the bonds, financial <br />viability of the facility, or the credit worthiness of Beverley <br />Enterprises-Virginia, Inc., but as required by ~15.1-1380 of <br />the Code of Virginia, 1950, as amended, the bonds shall provide <br />that neither the Commonwealth of Virginia, the City of Ports- <br />mouth, nor ~DA shall be obligated to pay the bonds or the in- <br />terest thereon or other costs incident thereto except from <br />the revenues and monies pledged therefor, and neither the <br />faith or the credit of the taxing power of the Co~onwealth, <br />the City nor the IDA shall be pledged thereto. <br /> <br /> This resolution shall take effect immediately upon its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia <br />at a meeting held June 26, 1984. <br /> <br />City Clerk <br /> <br /> <br />