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acquiring, constructing and equipDing of the "Facility" and the allocation of Seven Hundred Fifty Two Thousand, Eight Hundred Dollars ($752,800) of the City's limit imposed pursuant to Executive Order No. 54(85) ~ued by the Governor of Virginia on January 23, 1985 pursuant to the authority vested in him in the Deficit Reduction Act of 1984 (the "Executive Order") to PRHA in order to cover the issuance by PRHA of the Seven Hundred Fifty Two Thousand, Eight Hundred Dollars ($752,800) Industrial Development Revenue Bonds for the benefit of the "Company"; provided, however, if the Bonds are not issued on or before October 16, 1985, such allocation for the benefit of the "Company" shall expire unless such period is extended by resolution of this Council. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia, request an allocation from the State Reserve as provided for in the "Executive Order" in an amount not to exceed One Million Seven Hundred Forty-Seven Thousand, Two Hundred Dollars ($1,747,200) for the benefit of the "Company", and that the City Manager be, and he hereby is, authorized to submit an allocation with the Allocation Administrator to request an allocation from the State Reserve and to execute any documents as may be required thereby. BE IT FURTHER RESOLVED that 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 Section 15.1-1380 of the Code of Virginia, 1950, as amended, the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor PRHA shall be obligated to pay 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 of the taxing power of the Commonwealth, the City, nor PRHA shall be pledged thereto. This resolution shall take effect immediately upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held October 1, 1985. Teste: City Clerk