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BE IT FURTHER RESOLVED that the approval of <br />the issuance of the Bonds as required by the <br />applicable federal and state laws does not <br />constitute an endorsement of the Bonds, financial <br />viability of the facility, or the credit <br />worthiness of the Company, but, as required by <br />Sectfon 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 <br />PPIC shall be obligated to pay the Bonds or the <br />interest thereon or the costs incident thereto <br />except from the revenues and monies pledged <br />therefor, and neither the faith nor credit of the <br />taxing power of the Commonwealth, the City, nor <br />PPIC shall be pledged 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 July 9, <br />1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />