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WHEREAS, by resolution adopted on January 12, 2021 by the Council, public approval of the issuance of the Bonds was obtained as required by Section 147(f) of the Code and Section 15.2 -4906 of the Virginia Code, as applicable to housing authorities; WHEREAS, upon the expiration of one year from the date of such public approval, the Code and the regulations of the U.S. Department of the Treasury promulgated thereunder, require a subsequent public hearing be held and public approval be obtained; WHEREAS, on November 18, 2021, (1) such subsequent public hearing with respect to the Plan of Finance and the Bonds was held by the Authority in accordance with Section 147(f) of the Code and Section 15.2 -4906 of the Virginia Code, as applicable to housing authorities and (2) the Authority adopted a resolution confirming its authorization of the Bonds; WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution authorizing the issuance of the Bonds, subject to the terms to be agreed upon, a Fiscal Impact Statement complying with the requirements of Section 15.2 -4907 of the Virginia Code, as applicable to housing authorities, and a certificate of the public hearing have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA THAT: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Borrower, as required by Section 147(f) of the Code, Section 15.2 -4906, as applicable to housing authorities, of the Virginia Code and, to the extent applicable, Section 36 -19(9) of the Virginia Code, to permit the Authority to assist in the financing of the Plan of Finance. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Borrower. 3. The Bonds shall provide that (a) neither the Commonwealth of Virginia, the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged thereto, (b) neither the faith and credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority is pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto, and (c) neither the City, nor any of its elected representatives, officers, or employees, nor the commissioners, officers or employees of the Authority, shall be liable personally on the Bonds by reason of their issuance. 4. In adopting this resolution, the City, including its elected representatives, officers, employees and agents, shall not be liable for, and hereby disclaim all liability for, any damages to any person, direct or consequential, resulting from the Authority's failure to issue the Bonds for any reason. 5. This resolution shall take effect immediately upon its adoption.