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May 14, 1985 <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Coucnil of the City of Portsmouth, Virginia, <br />approves the issuance of Industrial Development Revenue Bonds by PRHA for the "Company" <br />in an amount not to exceed Five Thousand Dollars ($5,000) to assist in the rehabilitation, <br />construction and quipping of commercial space in a commercial building the "Facility~' and <br />the allocation of $5,000 of the City's limit imposed pursuant to Executive Order No. 54(85) <br />to PRHA for usch purpose; said allocation being within said limit. <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by <br />the applicable federal and state laws does not constitute an endorsement of the Bonds, <br />financial viability of the "Project", or the credit worthiness of the "Company", but, as <br />required by the applicable provisions of the Code of Virginia, the Bonds shall provide that <br />neither the Commonwealth of Virginia, City of Portsmouth, nor the PRHA shall be obligated <br />to pay the Bonds or the interest thereon or other costs incident thereto except from the <br />revenues and monies pledged therefor, and neither the faith or the credit of the taxing <br />power of Commonwealth, the City, nor PRHA shall be pledged thereto. <br /> <br />This resolution shall take effect immediately upon its adoption." <br /> <br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, W~itlow, Holley <br />Nays: None <br /> <br /> <br />