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t <br />• <br />1. The City Council of the City of Charlottesville, <br />Virginia, approves the issuance of the Bonds by the Industrial <br />Development Authority of the City of Charlottesville, Virginia, <br />for the benefit of East Market Square, Ltd., to the extent <br />required by Section 103(k), to permit the Authority to assist <br />in the financing of the Project. <br />2. The approval of the issuance of the Bonds, as <br />required by Section 103(k), does not constitute an endorsement <br />of the Bonds or the creditworthiness of the Company, but, as <br />required by Section 15.1-1380 of the Code of Virginia of 1950, <br />as amended, the Bonds shall provide that neither the City nor <br />• the Authority shall be obligated to pay the Bonds or the inter- <br />est thereon or other costs incident thereto except from the <br />revenues and moneys pledged therefor, and neither the faith or <br />credit nor the taxing power of the Commonwealth, the City nor <br />the Authority shall be pledged thereto. <br />3. This resolution shall take effect immediately upon <br />its adoption. <br />Approved by Council <br />October 3, 1983 <br />r< of Council <br />• -2- <br />