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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 constit%~te an endorsement of the bonds, financial <br />viability of the "Project", or the creditworthiness of <br />Peachtree Apartments II, but, as required by %he applicable <br />provision of the Code of Virginia, the bonds shall provide <br />that neither the Commonwealth of Virginia, City of Portsmouth, <br />nor the Portsmouth Redevelopment 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 /> <br /> This resolution shall take effect immediately upon <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held June 12,-1984. <br /> <br />its <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />