WHEREAS, the Issuer has held a public hearing on the issuance of the Bonds on November 15, 1999, in accordance with Section 15.2-4906 of the Code of Virginia of 1950, as amended (the “Virginia Code”), and in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”); and
WHEREAS, the Issuer has requested the City Council (the “City Council”) of the City of Alexandria, Virginia (the “City”), to approve the issuance of the Bonds to comply with Section 15.2-4906 of the Virginia Code and Section 147(f) of the Internal Revenue Code; and
WHEREAS, a copy of the Issuer’s November 1, 1999 inducement resolution approving the issuance of the Bonds, a fiscal impact statement and a reasonably detailed summary of the comments made at the November 15, 1999 public hearing have been presented to the City Council;
2. Approval of the issuance of the Bonds, as required by Section 147(f) of the Code and Section 15.2-4906 of the Virginia Code, does not constitute an endorsement of the Bonds or the creditworthiness of the Borrower. As required by Section 15.2-4909 of the Act, the Bonds shall provide that neither the City nor the Issuer shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia, the City or the Issuer shall be pledged thereto.
3. This resolution shall take effect immediately upon its adoption.