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WHEREAS, a copy of PRHA's resolution approving the issuance <br /> of the bonds,, subject to the terms and conditions contained in <br /> the bond, the note and the modification agreement, and the appro- <br /> priate certifications and documentations required by the 'appli- <br /> cable Federal and State laws have been provided to the City <br /> Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that tbs Council of the <br /> City of Portsmouth, Virginia, approve the amendment to <br /> PRHA's Seven Million, Six Hundred Thousand ($7,600,000) <br /> Dollar Industrial Development Revenue Bond (C~awford ~arbor <br /> Associates Facility) Series of 1980, to finance the cost of <br /> acquisition, construction and equipping of the "facility" <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuanc~ <br />of the bonds as required by the applicable Federal and State <br />laws does not constitute an endorsement of the bonds,~financial <br />viability of the facility, or the credit worthiness of Crawford <br />Harbor Associates, but, as required by the applicable provisions <br />of law, the bond shall provide that neither the Commonwealth of <br />Virginia, City of Portsmouth nor PRHA shall be obligated to pay <br />the bonds or the interest thereon or other costs incident' there- <br />to except from the revenues and monies pledged therefor, and <br />that neither the faith or credit of the taxing power of the <br />Commonwealth, the City nor the PRHA shall be pledged thereto; <br />provided, however, the payment of the first One Million <br />($1,000,000) Dollars in principal due on the Bond and the <br />payment of certain other sums as provided in the Bond Purchase <br />Agreement and such other relevant documents are general <br />obligations of the PRHA payable out of the general revenge <br />and monies of the PRHk and constitute ~n obligation of the <br />City of Portsmouth to the extent required by an agreement <br />to provide funds dated as of July !~ 1980 between the City <br />and the PRHA. <br /> <br /> This resolution shall take effect immediately upon its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held December 13, 1983. <br /> <br />Teste-. <br /> <br />City Clerk <br /> <br /> <br />