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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 Four Million, Five Hundred Thousand Dollars <br />($4,500,000) to finance a portion of the cost of acquiring, <br />constructing, developing, maintaining and operating the <br />"Project". <br /> <br /> BE 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, nor the PRHA shall <br />be obligated to pay the Bonds or the interest thereon or other <br />costs incident thereto except from the revenues and monies <br />pledged therefor, and neither the faith or the credit of the <br />taxing power of the Commonwealth, the City nor PRHA shall be <br />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 />