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NOW, THEREFORE~ BE IT RESOLVED that the Council of <br />the City of Po'rtsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by the Portsmouth <br />Redevelopment and Housing Authority for Spencer Scott in <br />an amount not to exceed Three Hundred Thousand Dollars <br />($300,000) to finance the~cost of the acquisition and <br />rehabilitation of the "facility". <br /> <br /> BE IT FURTHER RESOLVED that the approval of the <br />~ssuance of the bonds as required by the applicable .federal <br />and state law does not constitute an endorsement of the bonds, <br />financial viability of the "facility" or the credit worthi- <br />ness of Spencer Scott, but,~ ~s required by the applicable <br />~rovisions of the Code of Virginia; the bond~ shall provide <br /> hat neither the Commonweal~h~of Virginia, City of Portsmouth <br />nor the PRHA shall be obligated to pay the bonds or the <br />interest thereon or ~e costs ~ncident thereto except from <br />the revenues ~and monies pledged therefor, and neither the <br />faith or credit of the taxing power of the Commonwealth, the <br />City, nor PRHA, shall be pledge~ thereto. <br /> <br /> This resolution shall take effect i~ediately upon its <br /> adoption. <br /> <br /> Adopted by the Council of the City of Portsm6uth, Virginia, <br /> at a meeting held December 11, 1984. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />