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a record of the public hearing with respect to the <br />Bonds and a Fiscal Impact Statement in the form prescribed <br />by Section 15.1-1378.2 of the Virginia Code and a reasonably <br />detailed summary of the comments expressed at the public <br />hearing, if any, have been filed with the Council; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. The recitals made in the preambles to this <br />Resolution are hereby adopted as a part of this resolution. <br /> <br /> 2. The Council approves the issuance of the Bonds <br />by the Authority for the benefit of the Company, to the <br />extent required by Section 103(k) of the Code and Section <br />15.1-1378.1 of the Virginia Code to permit the Authority <br />to assist in the financing of the Facility. <br /> <br /> 3. The approval of the issuance of the Bonds, as <br />required by Section 103[k) of the Code and Section 15.1-1378.1 <br />of the Virginia Code, does not constitute an endorsement <br />to a prospective purchaser of the Bonds of the credit- <br />worthiness of the Company, but, as required by Section <br />36-29 of the Virginia Code, the Bonds shall provide that <br />neither the City nor the Authority shall be obligated to <br />pay the Bonds or the interest thereon or other costs incident <br />thereto except from the revenues and moneys pledged therefor <br />and neither the faith or credit nor the taxing power of the <br />Conlmonwealth of Virginia, the City nor the Authority shall be <br />pledged thereto. <br /> <br /> 4. This resolution shall take effect immediately upon <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held October 9, 1984. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />