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NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by the PRHA for <br />the "Company" in an amount not to exceed There Million <br />Dollars ($3,000,000) to assist in financing the <br />acquisition, construction and equipping of the <br />"Project". <br /> <br /> BE IT FURTHER RESOLVED that the approval of the <br />issuance of the Bonds as required by the applicable <br />federal and state laws does not constitute an <br />endorsement of the Bonds, financial viability of the <br />"Project" or the credit worthiness of the "Company", but <br />as required by the applicable provisions of the Code of <br />Virginia, the Bonds shall provide tha~ neither the <br />Commonwealth of Virginia, City of Portsmouth, nor the <br />PRHA shall be obligated to pay the Bonds or the interest <br />thereon or other costs incident thereto except from the <br />revenues and monies pledged therefor, and neither the <br />faith or the credit of the taxing power~of the <br />Commonwealth, the City, nor PRHA shall be pledged <br />thereto. <br /> <br /> This resolution shall take effect immediately upon <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held June 25, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />