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NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of in- dustrial development revenue bonds by the Portsmouth Redevelop- ment and Housing Authority for Elliott Avenue Associates in an amount not to exceed One Million ($1,000,000) Dollars to finance the cost of the construction and equipping of the "facility". BE IT FURTHER RESOLVED that the Council of the City 6f Portsmouth, Virginia finds that in order to preserve, develop, and protect safe and sanitary housing and promote a desirable economic mix that at least twenty percent (20%) of the units will be rented or held available for persons of low income to the extent required by law. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable federal and state law does not constitute an endorsement of the bonds, financial viability of the "facility", or the credit worthiness of Elliott Avenue Ass~cia~tes~ but~ as required by the applicable provisions of the Code of Virginia, the bonds shall provide that neither the Conuuonweatth of Virginia, City of Portsmouth, nor the Ports- mouth Redevelopment and Housing Authority shall be obligated to pay the bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor, and neither the faith or the credit of the taxing power of the Commonwealth, the City nor PRHA shall be pledged thereto. This resolution shall take effect immediately upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held April 24, 1984. Teste: City Clerk