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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 IDA for the <br />"Company" in an amount not to exceed Three Million <br />Dollars ($3,000,000) to assist in financing the <br />acquisition, rehabilitation and expansion of the <br />"Facility" and requests an allocation from the State <br />Reserve as provided for in the "Executive Order" in an <br />amount not to exceed Three Million Dollars ($3,000,000) <br />for the benefit of the ~Company", and that the City <br />Manager be, and he hereby is, authorized to submit an <br />application with the Allocation Administrator to request <br />an allocation from the State Reserve and execute any <br />documents as may be required thereby. <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 />"Facility", or the credit worthiness of the "Company", <br />but, as required by Section 15.1-1380 of the Code of <br />Virginia, 1950, as amended, the Bonds shall provide that <br />neither the Commonwealth of Virginia, City of <br />Portsmouth, nor IDA shall be obligated to pay the Bonds <br />or the interest thereon or the costs incident thereto <br />except from the revenues and mon~es pledged therefor, <br />and neither the faith nor credit of the taxing power of <br />the Commonwealth, the City, nor IDA 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 July 23, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />