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BE IT FURTHER RESOLVED that the approval of the issuance <br />of tSe bonds as required by the applicable federal and state <br />law does not constitute an endorsement of the bonds, financial <br />viability of the "Project", or the creditworthiness of Pepper- <br />wood II, but, as required by the applicable provision of the <br />Code of Virginia, the bonds shall provide that neither the <br />Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth <br />Redevelopment and Housing Authority shall be obligated to pay <br />the bonds or the interest thereon or other costs incident there- <br />to except from the revenues and monies pledged therefor, and <br />neither the faith or the credit of the'taxing power of the <br />Commonwealth, the City nor PRHA 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 June 12, 1984. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />