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NOW, THEREFORE, BE IT RESOLVED that the <br />Council of the City of Portsmouth, Virginia approves the <br />issuance of Industrial Development Revenue Bonds by the <br />PRHA for (the "Company") in an amount not to exceed One <br />Million Dollars ($1,000,000) to assist in financing the <br />acquisition, construction and equipping of (the <br />"Project"). <br /> <br /> BE IT FURTHER RESOLVED that the approval of <br />the 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 />"Project") or the credit worthiness of (the "Company"), <br />but as required by the applicable provisions of the Code <br />of Virginia, the bonds shall p~ovide that neither the <br />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 <br />faith or the credit of the taxing power of the <br />Commonwealth, the City, nor PRHA shall be pledged <br />thereto. <br /> <br /> This resolution shall take effect immediately <br />upon its adoption. <br /> <br /> Adopted by the Council of the City of <br />Portsmouth, Virginia, at a meeting held May 14, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />