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NOW, THEREFORE, BE IT RESOLVED that the Council of the City <br /> of Portsmouth, Virginia, approves the issuance of Industrial <br /> Development Revenue Bonds by the PRHA for the "Company" in an <br /> amount not to exceed Nine Hundred Thousand Dollars ($900,000) to <br /> assist in financing a portion of the cost of acquiring, <br /> constructing and equipping of the "Project". <br /> <br /> HE IT FURTHER RESOLVED that the approval of the issuance of <br />the Bonds as required by the applicable federal and state laws <br />does not constitute an endorsement of the Bonds, financial <br />viability of the "Project" or the credit worthiness of the <br />"Company", but as required by the applicable provisions of the <br />Code of Virginia, the Bonds shall provide that neither the <br />Commonwealth of Virginia, City of Portsmouth or the PRHA shall be <br />obligated to pay the Bonds or the interest thereon or other costs <br />incident thereto except from the revenues and monies pledge <br />therefor, and neither the faith or the credit of the taxing power <br />of the Commonwealth, the City nor PRHA shall be pledged thereto. <br /> <br /> This resolution shall take effect immediately upon its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia <br />at a meeting held November 12, 1985. ' <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />