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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 "Project", or the credit worthiness of <br />Biltmore Commons, Ltd., but, as requied by the applicable <br />provision of %he Code of Virginia, the bonds shall provide <br />that neither the Commonwealth of Virginia, City of Portsmouth, <br />nor the Portsmouth Redevelopmen~ and Housing Authority shall <br />be obligated to pay the bonds or the interest thereon or <br />other costs incident thereto except from the revenues and <br />monies pledged therefor, and neither the faith or the credit <br />of the taxing power of the Commonwealth, the City nor PRHA <br />shall be pledged thereto. <br /> This resolution shall take effect immediately upon its <br /> adoption. : <br /> <br /> Adopted by the Council of the City of Portsmouth, <br /> Virginia, at a meeting held June 12, 1984. <br /> <br />Tes%e: <br /> <br />City Clerk <br /> <br /> <br />