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NIHEREFORE, BE IT RESOLVED that the Council of <br />City otsmouth, Virginia, approves the issuance of <br />Indust~Development Revenue Bonds by IDA for the <br />"Compa~n an amount not to exceed Four Hundred Fifty <br />Thou~a~llars ($450,000) to assist in financing the <br />acquis and renovating of, and the construction and <br />equippf the "Facility". <br /> <br /> BFURTHER RESOLVED that the approval of the <br />issuan the Bonds as required by the applicable <br />federa state laws does not constitute an <br />endows of the Bonds, financial viability of the <br />"Facilor the credit worthiness of the "Company", <br />but, aiuired by the applicable provisions of the <br />Code o'ginia the Bonds shall provide that neither <br />the C~ealth of Virginia, City of Portsmouth or IDA <br />shall lligated to pay the Bonds or the interest <br />thereoother costs incident thereto except from the <br />revenu~d monie~ pledged therefor, and neither the <br />faith ~edit of the taxing power of the Commonwealth, <br />the Ci~r the IDA shall be pledged thereto. <br /> <br /> Tesolution shall take effect immediately upon <br />its adln. <br /> <br /> ~d by the Council of the City of Portsmouth, <br />Virgin~t a meeting held December 10, 1985. <br /> <br />Teste: <br /> <br />City Cl e~k <br /> <br /> <br />