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NOW, THEREFORE, BE IT RESOLVED that the <br />Council of the City of Portsmouth, Virginia, approves <br />the issuance of Industrial Development Revenue Bonds by <br />PRHA for the "Company" in an amount n~t to exceed <br />Twenty Thousand Dollars ($20,000) to assist in <br />acquiring, rehabilitation, construction and equipping of <br />commercial space in a commercial building the "Facility" <br />and the allocation of $20,000 of the City's limit <br />imposed pursuant to Executive Order No. 54(85) to PRHA <br />for such purpose; said allocation being within said <br />limit. <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 <br />Code of Virginia, the Bonds shall provide that neither <br />the Commonwealth of Virginia, City of Portsmouth, nor <br />the PRHA shall be obligated to pay the Bonds or the <br />interest thereon or other costs incident thereto except <br />from the revenues and monies pledged therefor, and <br />neither the faith or the credit of the taxing power of <br />Commonwealth, the City, nor PRHA shall be pledged <br />thereto. <br /> <br /> This resolution shal~ 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 />