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NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that the Council approves <br />the reissuance and modification of the the "1982 Bonds" in <br />a principal amount of Nine Hundred Thirty-Five Thousand <br />Dollars ($935,000) for financing the "Facility" for the <br />benefit of Elmhurst Square Properties, to the extent required <br />by Section 103 (k) of the Internal Revenue Code of 1954, as <br />amended, to permit the IDA to assist in the financing of <br />the "Facility", provided that such modification shall not <br />increase the face amount oif the the "1982 Bonds". <br /> <br /> BE IT FURTHER RESOLVED that approval of the reissuance <br />of the Bonds as required by the applicable federal and state <br />laws does not constitute a~ endorsement of the Bonds, <br />financial viability of thei facility, or the credit worthiness <br />of the "Company", but, as ~equired by Section 15.1-1380 of the <br />Code of Virginia, 1950, asl amended, the Bonds shall provide <br />that neither the Commonwealth of Virginia, the City of Ports- <br />mouth, nor IDA shall be obligated to pay the Bonds or the <br />interest thereon or other costs incident thereto except from <br />the revenues and monies p~edged therefor, and neither the <br />faith or credit or the ta~ing power of the Commonwealth, the <br />City or the IDA shall be ~ledged 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 April 23, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />