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NOW, THHREFORE, BE IT RHSOLVED that the Council of <br />the City of Portmmouth, Virginia, approves ~ne issuance <br />of Industrial Development Revenue Bonds by PRHA for the <br />"Company" in an amount not to exceed Six Million, One <br />Hundred Thousand Dollars ($6,100,000) to assist in the <br />acquisition/renovation and additional construction for <br />the "Facility" and requests an allocation from the State <br />Reserve as provided for in the "Executive Order" im an <br />amount not to exceed Six Million, One Hundred Thousand <br />Dollars ($6,100,000) for the benefit of the "Company", <br />and that the City Manager be, and he hereby is, <br />authorized to submit an application with the Allocation <br />Administrator to request an allocation from the State <br />Reserve and execute any documents as may be requi~ed <br />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 non constitute am endorsement <br />o~ the Bonds, financial viability of the "Facility" or <br />the credit worthiness of the "Company", but the Bonds <br />shall provide that neither the Commonwealth of Virginia, <br />the City of Portsmouth, nor the PRHA shall be obligated <br />to pay the Bonds or the interest thereon or the costs <br />incident thereto except from the revenues and monies <br />pledged therefor, and neither the faith nor the credit <br />of the taxing powe~ of the Commonwealth, the City nor <br />PRHA shall be pledged 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 />