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NOW, THEREFORE, BE 1T RESOLVED that the Council of the <br />City of Portsmoutk, Virginia, approves the issuance of In- <br />dustrial Development Revenue Bonds by the Portsmouth Redevelop- <br />ment and Housing Authority for Seaboard Coastline Associates, <br />a Virginia General Partnership, in an amount not to exceed <br />Three Million Dollars ($3,000,000) to assist in the financing <br />of the cost of the acquisition, rehabilitation, construction <br />and equipping of the "facility". <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 />law does not constitute an endorsement of the bonds, financial <br />viability of the "fac±lity" or the credit worthiness of Seaboard <br />Coastline Associates, but, as required by the applicable pro- <br />visions of the Code of Virginia, the bonds shall provide that <br />neither the Commonwealth of Virginia, the City of Portsmouth, <br />nor the PRHA shall be obligated to pay the bonds or the interest <br />thereon or the costs incident thereto except from the revenues <br />and monies pledged therefor, and neither the faith or credit <br />of the taxing power of the Commonwealth, the City, nor PRHA <br />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 January 8, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />