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NOW, THEREPORE I~ RESOLVED that the Council of the <br />City of Portsmouth, Virginia, approves ~he issuance of <br />Industrial Development Re~enue~Bonds by th~ Portsmouth Re- <br />development and Housing A~t~lty for CSW ±n an amount not <br />to exceed One Million, Seven Hundred Fifty-Tkousand Dollars <br />($1,750,000) to finance ~ cost of the acquisition, ~e- <br />habilitation, develop~neht~a~ntenance and operation of the <br />"facility". <br /> <br /> BE IT FURTHER RESOLVED that the approval of the-issuance <br />of the bonds as required b~ %he applicable federal and state <br />law does not constitute an ~dorsement ~f tha ~onds, flnancl 1 <br />viability of the "facility" .~ the credit w~rthiness of CSW, <br />but, as required by the app!~able provisions of the Code of <br />V~rglnia, the bonds shall pro~ide that neither the Co~on~ealth <br />of Virginia, City of Portsmouth nor the PRHA shall be obligated <br />to pay the bonds or ~ interest thereon or' the costs incident <br />~thereto except from the revenues and monies pledged therefor, <br />and neither the faith or credit of the taxing power of the <br />Cor~monwealth, the City, nor PRHA, shall be pledged thereto. <br /> <br /> Tkis resolution shall take effect immediately upon its <br />~doption. <br /> <br /> Adopted by the Coun6il of the City of Portsmouth, Virginia, <br />at a meeting held December 11, 1984. <br /> <br />Teste: <br /> <br />City Cler~ <br /> <br /> <br />