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allocation for the benefit of <br />expire unless such sixty (60) <br />resolution of the Council. <br /> <br />John I. Kitchen shall <br />day period is extended by <br /> <br /> BE IT FURTHER RESOLVED that the approval of <br />the issuance of the Bonds as ~equired by the applicable <br />federal and state laws does not constitute an <br />endorsement of the Bonds, financial viability of the <br />facility, or the credit worthiness of the Company, but, <br />as required by Section 15.1-1380 of the Code of <br />Virginia, t950t as amendedF the Bonds shall provide that <br />neither the Commonwealth of Virginia, City of <br />Portsmouth, nor IDA shall be obliqated to pay the Bonds <br />or the interest thereon or other costs incident thereto <br />except from the revenues and monies pledged therefor, <br />and neither the faith or credit of the taxing power of <br />the Commonwealth, the City, nor the IDA shall be pledged <br />thereto. <br /> <br /> This resolution shall take effect immediately <br />upon its adoption. <br /> <br /> Adopted by the Council of the City of <br />Portsmouth, Virginia, at a meeting held May 28, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />