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exempt from the imposition of federal income tax; and WHEREAS, a copy of the Commission's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a record of the Commission's public hearing with respect to the Bonds, and a Fiscal Impact Statement in the form prescribed by Section 15.2 -4907 of the Code of Virginia of 1950, as amended, have been filed with the Council; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That 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. Section 3: The approval of the issuance of the Bonds, as required by Section 147(f) of the Code, Section 2 of Chapter 514 of the Acts of Assembly of 1983 of the General Assembly of Virginia, and Section 15.2 -4906 of the Code of Virginia of 1950, as amended, does 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 (a) the Bonds will be a limited obligation of the Commission payable solely from funds supplied by the Applicant, (b) neither the Commission nor the City of Portsmouth shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto and (c) 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 be in effect from and after its adoption. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on December 11, 2018. Teste: City Clerk