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WHEREAS, pursuant to Section 103 (n) of the Code and <br />Executive Order 54 (85) (Revised) of the Governor of Virginia <br />• (the "Order") the Authority may not Issue the Bonds for <br />Facilities located in the City until $950,000 of the State <br />Reserve, as defined in the Order is allocated to the issuance of <br />those Bonds; <br />• <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. The Council approves the proposed issuance of the Bonds <br />by the Authority for the benefit of the Applicants, to the extent <br />required by the federal and state laws referred to above, to <br />permit the Authority to assist in the financing of the <br />Facilities. <br />2. The foregoing approval of the proposed issuance of the <br />Bonds does not constitute an endorsement of the Bonds, the <br />financial viability of the Facilities or the creditworthiness of <br />the Applicants. As required by the Code of Virginia of 1950, as <br />amended, the Bonds shall provide that neither the Commonwealth of <br />Virginia, the City, the County nor the Authority shall be <br />obligated to pay the Bonds or the interest thereon or other costs <br />incident thereto except from the revenues and moneys pledged <br />therefor and neither the faith and credit nor the taxing power of <br />the Commonwealth, the City, the County or the Authority shall be <br />pledged thereto. <br />4 <br />