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1. The Council approves the issuance of the Bonds by the Authority, in one or more series at one time or from time to time, in an aggregate maximum stated principal amount of $10,000,000 for the benefit of the Borrower or a party related to the Borrower, as required by Section 147(f) of the Code, Section 15.2 -4906, as applicable to housing authorities, of the Code of Virginia of 1950, as amended (the "Virginia Code ") and 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 Plan of Finance 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 disclaims 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. ADOPTED by the Council of the City of Portsmouth, Virginia, at an electronic meeting held on January 12, 2021. Teste: City Clerk