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day after the date on which this resolution is adopted <br />by Council, such allocation for the benefit of the <br />Company shall expire unless such sixty (60) day period <br />is extended by resolution of the Council. <br /> BE IT FURTHER RESOLVED that the approval of the <br /> issuance of the Bonds as required by the applicable <br /> federal and state law does not constitute an endorsement <br /> of the Bonds, financial viability of the Facility, or <br /> the credit worthiness of the Company, but, as required <br /> by Section 15.1-1380 of the code of Virginia, 1950, as <br /> amended, the Bonds shall provide that neither the <br /> Commonwealth of Virginia, City of Portsmouth, nor PPIC <br /> shall be obligated to pay the Bonds or the interes5 <br /> thereon or other costs incident thereto except from the <br /> revenues and monies pledged therefor, and neither the <br /> <br />taxing power of the <br /> PPIC shall be pledged <br /> <br />take effect immediately upon <br /> <br />faith or credit of the <br />Commonwealth, the City, nor <br />thereto. <br /> <br /> This resolution shall <br /> its adoption. <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at meeting held June 25, 1985. <br /> <br />Te s te: <br /> <br />City Clerk <br /> <br /> <br />