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vested in him in the De~'icit Reduction Act of 1984 (the "Executive Order") to IDA in order to cover the issuance by IDA of Five Hundred Thousand Dollars ($500,000) 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 expiration date is extended by resolution of this Council. BE IT FURTHER RESOLVED that should the allocation expire as provided for herein, then the Council of the City of Portsmouth, Virginia, requests an allocation from the State Reserve as provided for in the "Executive Order"in an amount not to exceed Five Hundred Thousand Dollars ($500,000) for the benefit of the "Company", and that the City Manager be, and here hereby is, authorized to submit an application 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 IDA 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 IDA shall be pledged thsueto. 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