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NOW, THEREFORE, BE IT RESOLVED that the ouncil of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed Three Hundred Fifty <br />Thousand Dollars ($350,000) to assist in the <br />acquisition, construction and equipping of the <br />"Facility". <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 laws does not constitute an <br />endorsement of the Bonds, financial viability of the <br />"FacilitF" or the credit worthiness of the "Company, <br />but, as required by the applicable provisions of the <br />Code of Virginia the Bonds shall Drovide that neither <br />the Commonwealth of Virginia, City of Portsmouth nor IDA <br />shall be obligated to pay the Bonds or the interest <br />thereon or other costs incident thereto except from the <br />revenues and monies pledged therefor, and neither the <br />faith or credit of the taxing power of the Commonwealth, <br />the City nor the IDA 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 December 10, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />