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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 wiability of the <br />"Project", or the credit worthiness of the "Company", <br />but, as required by the applicable provisions of the <br />Code of Virginia, the bonds shall provid~ that neither <br />the CommonWealth of Virginia, City of Portsmouth, nor <br />the PRHA s~all be obligated to pay the bonds or the <br />interest thereon or other costs incident thereto except <br />from the r~venues and monies pledged therefor, and <br />neither the faith or the credit of the taxing power of <br />the Commonwealth, the City nor PHRA shall be pledged <br />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 May 14, 1985. <br /> <br />Teste:. <br /> <br />City Clerk <br /> <br /> <br />