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NOW, THEREFORE~-BE LT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by the Portsmouth <br />Redevelopment and Housin~'Au~hority for Colony Enterprises, <br />a Virginia General Partnership, in an a~ount not to exceed <br />Two Hundred Fifty Thousand Dotl~rs ($2~0,000) to finance <br />the cost of the acquisition, construction, and equipping <br />of the "facility". ~ ~ <br /> <br /> BE IT FURTHER RESOLVED-that the approval of the issuance <br />of the bonds as required by the applicable federal and state <br />.law does not constitute an endorsement of the bonds, financial <br />viability of the "facility~ or the credit worthiness of <br />Colony Enterprises, but, as~required by the applicable pro- <br />~isions of the Code of Virgf~ia, t~e bonds shall provide <br />that neither the Cormmonweatt~ of V~rginia, City of Portsmouth <br />nor the PRHA shall b.~ob!igated to pay the bonds or the <br />interest thereon or~e costs incident 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 PRFJt, shall be.pledged thereto. <br /> <br /> This resolution shall take effect immediately upon its <br /> adoption. <br /> <br /> A~opted by the Council of the City of Portsmouth, Virginia, <br /> at a meeting held Decenf0er !1, 1984. <br /> <br />_este. <br /> <br />City Clerk <br /> <br /> <br />