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allocation from the State Reserve as defined in the "Executive Order" and an allocation of One Million, Nine Hundred Thousand Dollars ($1,900,000) has been received from the State Industrial Revenue Bond Reserve on September 3, 1985. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an amount not to exceed One Million, Nine Hundred Thousand Dollars ($1,900,000) to assist the "Company" in acquiring, constructing, and equipping the "Facility" and reiterates its request for an allocation from Lhe State Reserve as provided for in the resolution adopted August 13, 1985 in accordance with the "Executive Order" in an amount not to exceed One Million, Nine Hundred Thousand Dollars ($1,900,000) for the benefit of the "Company" 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, Nine Hundred Thousand Dollars ($1,900,000) for the "Facility" and the execution of 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" and, 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 or credit of the taxing power of the Commonwealth, the City nor IDA shall be pledged thereto. This resolution shall take effect immediately upon its adoption. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held November 12, 1985. Teste: City Clerk