Laserfiche WebLink
BE IT FURTHER RES0~VED that the appmoyal of the issuance <br />of the Bonds as required by the applicable ~ederal and state <br />laws Roes not constitute An endorsement of the Bonds, financial <br />viability of the "re~±dent±al building"~ o~ the credit worthi- <br />ness of Academy Park Associa~tes, but~ as required by ~t5.1-1380 <br />of the Code 'of Virginia, 1950, as amended, the Bonds. shall <br />provide that neither the Commonwealth of Virginia, City of <br />Portsmouth nor PRHA shall he obligated to pay the Bonds or the <br />interest thereon or other costs incident thereto except f~em <br />the revenues and monies pledged therefor, and neither the <br />faith or credit of the taxing power of the Commonwealth, the <br />City nor the PR~A shall be pledged thereto. <br /> <br /> This resolution shall take effec~ immediately ~pon its ~ <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, ~irginia <br />at a ~eeting held December 13, 1983. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />