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WHEREAS, the City of Portsmouth, Virginia, has <br />allocated its entire local allocation imposed pursuant <br />to Executive Order No. 54(85) issued by the Governor of <br />Virginia on January 23, 1985 pursuant to the authority <br />vested in him in the Deficit Reduction Act of 1985 (the <br />"Executive order"). <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that for the purpose <br />of compliance with Section 103(K) of the Internal <br />Revenue Code, 1954, as amended, the Council of the City <br />of Portsmouth, Virginia, approves the issuance of <br />Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed One Million, Nine <br />Hundred Thousand Dollars ($1,900,000) to assist in <br />financing a portion of the cost of acquiring, <br />constructing and equipping of the "Facility" and <br />requests an allocation from the State Reserve as <br />provided for in the "Executive Order" in an amount not <br />to exceed One Million, Nine Hundred Thousand Dollars <br />($1,900,000) for the benefit of the "Company", and that <br />the City Manager be, and he hereby is, authorized to <br />submit an application with the Allocation Administrator <br />to request an allocation from the State Reserve and <br />execute any documents as may be required thereby. <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 monies pledged therefor and <br /> neither the faith nor credit of the taxing power of the <br /> Commonwealth, the City nor IDA shall be pledged thereto. <br /> This resolution shall take effect immediately upon <br /> itsa~option. <br /> Adopted by the Council of the City of Portsmouth, <br /> Virginia, at a meeting held August 13, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />