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NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmoutk, Virginia, that Council approves the <br />reissuance andmodification of Industrial Development Revenue <br />Bonds heretofore issued on February 1, 1981 by the IDA for <br />Airline Boulevard Associates, in the amount of $700,000 <br />which were used to finance the cost of the acquisition, <br />construction, and equipping of a mini-warehouse facility at <br />2604 Airline Boulevard in Portsmouth, Virginia, provided <br />that such modification shall not increase the face amount of <br />the 1981 Bonds or extend the term thereof. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the reissuance <br />of the bonds as required by the applicable federal and state <br />.'laws does not constitute an endorsement of %he bonds, financial <br />viability of the facility, or the credit worthiness of Airline <br />Boulevard Associates, but, as required by ~15.I-1380 of the <br />Code of Virginia, 1950, as amended, the bonds shall provide <br />that neither the Commonwealth of Virginia, the City of Ports- <br />mouth, nor IDA shall be obligated to pay the bonds or the <br />interest 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 Commonwealth, <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 November 20, 1984. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />