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cant, to the extent required by the federal and state laws <br />referred to above, to permit the Authority to assist in <br />the financing of the Facility. <br />2. The foregoing approval of the proposed <br />issuance of the Bonds does not constitute an endorsement <br />of the Bonds, the financial viability of the Facility or <br />the creditworthiness of the Applicant. As required by <br />the Code of Virginia of 1950, as amended, the Bonds shall <br />provide that neither the Commonwealth of Virginia, the City <br />nor the Authority shall be obligated to pay the Bonds or <br />the interest thereon or other costs incident thereto except <br />from the revenues and moneys pledged therefor and neither <br />the faith and credit nor the taxing power of the Commonwealth, <br />the City or the Authority shall be pledged thereto. <br />3. The Council, pursuant to the Order, hereby <br />authorizes and directs the City Manager, on or before <br />August 15, 1985, to request $250,000 from the State <br />Reserve to be allocated to the issuance of the Bonds. <br />4. This Resolution shall take effect immediately. <br />upon its adoption. <br />Approved by Council <br />August 5, 1985 <br />• rc of Council <br />85-6-46 <br />-3- <br />