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WHEREAS, the City of Portsmouth has allocated its entire local allocation pursuant to Executive O~der No. 54(85) issued by the Governor of Virginia on January 23, 1985 pursuant to the authority vested in him in the- Deficit Reduction Act of 1985 (the "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 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" and reiterates its request for an allocation from the State Reserve as provided for in the Resolution adopted August 27, 1985 in accordance with the "Executive Order" in an amount not to exceed One Million, Two Hundred Thousand Dollars ($1,200,000) for the benefit of the "Company" and 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 request an allocation from the State Reserve of One Million, Two Hundred Thousand Dollars ($1,200,000) for the "Facility" and the execution of any documents as may be required thereby. BE IT FURTHER R~SOLVED 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, the financ'ial viability of the "Facility" or the credit worthiness of the "Company" and the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth nor PRHA shall be obligated to pay the Bonds o~ 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.