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O, DINANCE <br /> <br />AN ORDINANCE AUTHORIZING A GUARANTY AGREEMENT WHEREBY THE CITY <br />OF PORTSMOUTH WILL GUARANTEE 22% OF A NOT TO EXCEED <br />$7,000,000.00 HAMPTON ROADS REGIONAL JAIL AUTHORITY VARIABLE <br />RATE BOND ANTICIPATION GUARANTEED LINE OF CREDIT NOTE <br /> (HAMPTON ROADS REGIONAL JAIL PROJECT) SERIES 1995. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That the City of Portsmouth (hereinafter referred to as <br />the "City") has found and determined and does hereby declare <br />that: <br /> <br /> (a) The Hampton Roads Regional Jail Authority <br />(hereinafter referred to as the "Authority"), ms a public <br />instrumentality of the Commonwealth of Virginia created <br />pursuant no Article 3.1, Chapter 3, Title 53.1, Code of <br />Virginia of 1950, as amended {the "Act") by resolution duly <br />adopted by the City of Norfolk on November 23, 1993, the City <br />of Newport News on December 14, 1993, the City of Portsmouth on <br />October 12, 1993 and the City of Hampnon on November 10, 1993 <br />(collectively, hereinafter referred no as the "Guaranteezng <br />Units"), for the purpose of financing the acquisition, <br />construction and operation of a regional jail facility to be <br />located in the City of Portsmouth (hereinafter referred to as <br />the "Regional Jail") for the benefit of the Guaranteeing Units. <br /> <br /> (b) The Authority intends to adopu a resolution <br />(the "Resolution") providing for the ~issuance of its not to <br />exceed Seven Million Dollars ($7,000~000.00) Hampton Roads <br />Regional Jail Authority Variable Rate Bond Anticipation <br />Guaranteed Line of Credit Note (Hampton Roads Regional Jail <br />Project) Series 1995 (the "Note") for the purpose of providing <br />additional funds for payment of the cost of architectural, <br />engineering and other projec5 development expenses with respect <br />~o the Regional Jail (hereinafter referred to as the "Project") <br />and funds no pay the purchase price of the land upon which the <br />Projec5 will be constructed. <br /> <br /> (c) The Guaranteeing Units have determined that it is <br />necessary and proper and in their best interests to enter into <br />a Guaranty AgreemenE (the "Guaranty Agreemenn") and to agree <br />severally to guarannee pro rana the payment of the principal of <br />and the interest on the Note when due, whether at maturity or <br />by redemption or otherwise. <br /> <br /> (d) A public hearing on the Project and the City's <br />obligations under the Guaranty Agreement has been held and <br />notice thereof has been published in accordance with the <br /> <br /> <br />