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<br />WHEREAS, the Bond will finance property located in the City of Portsmouth and the <br />members of the Council constitute the highest elected governmental officials of the City of <br />Portsmouth; and <br /> <br />WHEREAS, a copy of the Portsmouth Authority Resolution, the Mathews Authority <br />Resolution and a statement in the form prescribed by Section 15.2-4907 of the Virginia Code <br />have been filed with the Council. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br />I. That, relying upon the representations of the Authority by its counsel, the recitals <br />in the preambles hereto are found to be true and correct in all respects and are adopted as findings <br />of this Council as if fully rewritten herein. <br /> <br />2. That the Council concurs with the adoption of the Mathews Authority Resolution, <br />and approves the issuance of the Bond by the Mathews Authority to the extent required by the <br />Code and Sections 15.2-4905 and 15.2-4906 of the Virginia Code. <br /> <br />3. That the concurrence with the Mathews Authority Resolution, and the approval of <br />the issuance of the Bond, as required by the Code and Sections 15.2-4905 and 15.2-4906 of the <br />Virginia Code, does not constitute an endorsement to a prospective purchaser of the Bond of the <br />creditworthiness of the Borrower and the Bond shall provide that no political subdivision of the <br />Commonwealth of Virginia shall be obligated to pay the Bond or the interest thereon or other <br />costs incident thereto and neither the faith or credit nor the taxing power of the Commonwealth <br />of Virginia or any political subdivision thereof shall be pledged thereto. <br /> <br />4. That this resolution shall take effect upon its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on June <br />12,2007. <br /> <br />Teste: <br /> <br />City Clerk <br />