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BE IT FURTHER RESOLVED that the approval of the <br />issuance of the bonds as required by the applicable federal <br />and state laws does not constitute an endorsement of the <br />bonds, financial viability of the facility or the credit- <br />worthiness of the Company, but, as required by ~15.1-1380 of <br />Code of Virginia, 1950, as amended, the bonds shall provide <br />that neither the Corm~onwealth of Virginia, the City of <br />Portsmouth nor the IDA shall be obligated to pay the bonds or <br />the interest thereon or other costs incident thereto except <br />from the revenues and moneys pledged therefor, and neither <br />the faith or credit of the taxing power of the Commonwealth, <br />the City nor the ~DA 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 July 24, 1984. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />