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WHEREAS, a copy of the Authority's 2008 Official Action Resolution, a record of the 2008 Public Hearing with respect to the Bonds and a new Fiscal Impact Statement, revised to reflect current tax rates and in the form prescribed by Section 15.2-4907 of the Act, have been filed with this Council; and WHEREAS, the Governance Board of Empowerment 2010, at its meeting on May 29, 2007, adopted a resolution recommending that this Council and the Norfolk Council designate the Bonds as new empowerment zone facility bonds for purposes of Section 1394(f)(2)(A) of the Code; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That, relying upon the representations of the Authority, the recitals in the preambles hereto are found to be true and correct in all respects and are adopted as findings of this Council as if fully rewritten herein. Section 2: That the Project proposed to be financed by the issuance of the Bonds is deemed appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved to the extent required by Section 147(f) and Section 15.2-4906 of the Act, and the Council designates the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code. Section 3: The approval of the issuance of the Bonds and their designation as new empowerment zone facility bonds, as required by Sections 147(f) and 1394(f)(2)(A) of the Code and Section 15.2-4906 of the Act, do not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant and the Bonds shall provide that the City of Portsmouth shall not be obligated to pay the Bonds or the interest thereon or other costs incident thereto and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. Section 4: That this resolution shall take effect on the date of its adoption and shall expire one (1) year from the date of its adoption. 4