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A RESOLUTION APPROVING THE iSSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH PORT AND INDUSTRIAL CO~MISSiON OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR DOUGHTIE'S FOODS, INC. IN AN ~OUNT NOT TO EXCEED $3,000,000 FOR A WAREHOUSE AND COLD STORAGE FACILITY TO BE LOCATED AT 2410 WESLEY STREET, PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Port and Industrial Commission of the City of Portsmouth, Virginia (PPIC) has been authorized by the Council of the City of Portsmouth, Virginia, to adver- tise and hold public hearings relative to the issuance of In- dustrial Development Revenue Bonds; and WHEREAS, PPIC has considered the application and plan of financing of Doughtie's Foods, Inc., s Virginia Corporation, for the issuance of PPIC Industrial Development Revenue Bonds in an amount not to exceed Three Million Dollars ($3t000,000) to assist in the financing of the acquisition, construction and equipping of a warehouse and cold storage facility (the "Facility"), such facility to be located at 2410 Wesley Street, Portsmouth, Virginia, and has held a public hearing thereon on June 19 1984; and ' WHEREAS, PPIC has, requested City Council to approve the issuance of the bonds to comply with the applicable federal and state law; and WHEREAS, a copy of PPIC's resolution approving the issuance of the bonds, subject to the terms and conditions contained thereint and the appropriate certifications and documentation have been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the Council approves the issuance of Industrial Development Revenue Bonds by PPIC for the benefit of Doughtie's Foods, Inc. to assist in the financing of the acquisition~ construction and equipping of the facility to be located at 2410 Wesley Street in the City of Portsmouth, Virginia. BE IT FURTHER RES©LVED that the approval of the issuance of the bonds as required by the applicable federal and state laws does not constitute an endorsement of the bonds, financial viability of the facility, or the credit worthiness of Doughtie's Foods, Inc., but as required by §15.1-1380 of the Code of Virginia, 1950, as amaended, the ~onds shall provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor PPiC shall be obligated to pay the bonds or the interest thereon or other