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NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the foregoing <br />recitals which are incorporated in, and deemed a part <br />of, this resolution as if fully set forth herein and <br />approves the issuance of Industrial Development Revenue <br />Bonds by IDA for the "Company" in an amount not to <br />exceed Seven Hundred Fifty Thousand Dollars ($750,000) <br />to assist in financing the acquisition, construction and <br />equipping of the "Facility" and ~equests an allocation <br />from the State Reserve as provided for in the "Executive <br />Order" In an amount not to exceed Seven Hundred Fifty <br />Thousand Dollars ($750,000) for the benefit of the <br />"Company", and that the City Manager be, and he herebv <br />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 /> <br /> BE IT FURTHER RESOLVED that the approval of the <br />issuance of the Bonds, as required by the applicable <br />federal and state law, 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 ~15.1-1380 of the Code of Virginia, <br />1950, as amended, the Bonds shall provide that neither <br />the Commonwealth of Virginia, City of Portsmouth, nor <br />IDA shall be obligated to pay the Bonds or the interest <br />thereon or the costs incident thereto except from the <br />revenues and monies pledge therefor, and neither the <br />faith nor credit or the taxing power of the <br />Commonwealth, the City nor PRHA shall be pledged <br />thereto. <br /> <br /> This resolution shall take effect immediately upon <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held October 8, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />