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"Executive Order") and the City Manager has submitted an application with the Allocation Administrator requesting an allocation from the State Reserve as defined in the "Executive Order". NOW, THEREFORE, BE IT RESOLVED that for the purpose of compliance with ~103(k) of the Internal Revenue Code, 195~, as amended, the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by PRHA for the "Company" in an amount not to exceed One Million, Two Hundred Thousand Dollars ($1,200,000) to assist the "Company" in acquiring, constructing and equipping the "Facility", requests an allocation from the State Reserve as provided for in the "Executive Order" in an amount not to exceed One Million, Two Hundred Thousand Dollars ($1,200,000) for the benefit of the "Company", adopts the recitals made in the first preamble to this resolution as part of this resolution, and approves the submission by the City Manager of an application with the Allocation Administrator.to ~equest an allocation from the State Reserve and execute any documents as may be required thereby. BE IT FURTHER RES~ILVED t~atr the approval of the issuance of the Bonds as required by the applicable federal and state laws does not constitute an endorsement of the Bonds, financial viability of the "Facility" or the credit worthiness of the "Company" but, as required by ~15.1-1380 of the Code of Virginia, ~1950, as amended, the Bonds shall · provide that neither-~the Commonwealth of Virginia, City of ~or~smo~th~ .nor~_R/qA~shall~be ~bliq~ted to p~y the Bonds or the interest thereon or the costs~ incident thereto except from the revenues and monies-pledged therefor, and neither the faith nor credit or the taxing power of the Commonwealth, the City nor PRHA shall be pledged thereto- This resolution shall~take e~f~c~ immediately upon its adoption. AdOpted by the Council of the City of Portsmouth, Virginia, at a meeting held August 27, 1985. Teste: City Clerk