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NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia, approves the issuance of <br />Multi-Family Rental Housing Bondsby Portsmouth Redevelopment <br />& Housing Authority for the "Company" in an amount not to <br />exceed nine hundred thousand ($900,000) dollars to assist in <br />financing the acquisition of land and the construction and <br />equipping of the "Project". <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br /> of the bonds as required by the applicable federal and state <br /> laws 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 <br /> the Code of Virginia, the bonds shall provide that neither <br /> the Commonwealth of Virginia, City of Portsmouth, nor the <br /> PRHA 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 faith <br />-nor the credit of the taxing power of the Commonwealth, the <br /> 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 February 26, 1985. <br /> <br />Teste: <br /> <br />C~ty Clerk <br /> <br /> <br />