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(f) A public hearing has been held with respect to the adoption of this resolution on August 12, 1997, as required by and in accordance with Section 15.1-227.8.A of the Code of Virginia, 1950. Section 2. Authorization of Issuance of General Obligation Guarantee. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), and the Charter of the City, there are hereby authorized to be issued Seven Million Dollars ($7,000,000) aggregate prlncipal amount of general obligations of the City in the form of a general obligation guarantee of the principal of and interest on the Authority Bonds to be issued by the Authority to provide funds to pay the cost of acquisition of two parcels of land (Parcels 1 and 2) within the area of the City known as the "Fairwood Homes Property" for the public purpose of eliminating blight and stimulating economic development in the City, such Parcels 1 and 2 to be held by the Authority for development for commercial and light industrial uses. Such guarantee may be in the form of a Development Agreement by and between the City and the Authority and may contain such terms and conditions as the City and the Authority shall agree and shall be approved as to form and substance by the City Manager and the City Attorney prior to the execution thereof. Such guarantee shall provide that the City shall guarantee the payment when due of the principal of and interest on the Authority Bonds. Section 3. Pledge of Full Faith and Credit. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the obligations of the City under such guarantee as the same become due. In each year while such guarantee, or any portion thereof, is in effect, there shall be assessed, levied and collected, upon all property within the City subject to taxation by the City a tax, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the obligations of the City under such guarantee the extent other funds of the City are not lawfully available and appropriated for such purpose. Section 4 Filinq of Resolution with Circuit Court. The City Attorney of the City shall file a copy of this resolution, certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City of Portsmouth, Virginia, in accordance with Section 15.1-227.9 of the Code of Virginia, 1950.