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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 Four Million, Four <br />Hundred Eighty Thousand Dollars ($4,480,000) to assist <br />in financing the acquisition, construction and equipping <br />of the "facility" and request an allocation from the <br />State Reserve as provided for in the "Executive Order" <br />in an amount not to exceed Four Million, Four Hundred <br />Eighty Thousand Dollars ($4,480,000) for the benefit of <br />the "Company", and that the City Manager be, and he <br />hereby is, authorized to submit an application with the <br />Allocation Administrator to request an allocation from <br />the State Reserve and execute any documents as may be <br />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, <br /> and neither the faith nor the credit of the taxing power <br /> the City nor IDA shall be pledged <br /> <br /> shall take effect immediately upon <br /> <br />of the Commonwealth, <br />thereto. <br /> <br /> This resolution <br />its adoption. <br /> <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 />