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(e) The City has determined that, taking into account all of the facts and <br />circumstances surrounding the Project, including, without limitation, its benefits to the City, <br />the location of the Project in the City of Portsmouth, and the anticipated service to be <br />provided by the Project, it is fair and equitable that the liability represented by the Note be <br />apportioned among the Guaranteeing Units. <br /> <br /> (f) The City has determined that the relative expected utilization by the <br />City of the Project, compared to the total utilization of the Project, by all Guaranteeing Units <br />as set forth in the Guaranty Agreement, is a fair and equitable method to apportion, once and <br />for all times, the liability assumed by the Guaranteeing Units in the Guaranty Agreement. <br /> <br /> (g) It is in the best interests of the City to adopt this ordinance and thereby <br />authorize the Guaranty Agreement subject to the execution and delivery thereof by the other <br />three Guaranteeing Units and to the issuance by the Authority of the Note meeting the <br />criteria of the Guaranty Agreement. <br /> <br /> Section 2. The City hereby approves the Guaranty Agreement, in substantially the <br />form presented at this meeting, and the Council hereby authorizes and directs the appropriate <br />City officials to execute and deliver one or more counterparts thereof, when and as requested <br />by the Authority. <br /> <br /> The full faith and credit of the City are irrevocably pledged to the City's obligation <br />under the Guaranty Agreement to pay its pro rata sham (22%) of the principal of, premium, <br />if any, and interest on the Authority's Note as the same become due and payable. The <br />Council shall levy an annual ad valorem tax upon all property in the City subject to local <br />taxation sufficient to pay such amounts on the Note unless other funds am lawfully available <br />and appropriated for timely payment. <br /> <br /> The Council irrevocably agrees that the final original aggregate principal amount of <br />the Note will be allocated for purposes of Section 265(b)(3)(C) of the Code to the City and <br />the other Guaranteeing Units on the basis of each Guaranteeing Unit's pro rata share of the <br />costs of the Project as follows: <br /> <br />City of Norfolk <br />City of Newport News <br />City of Portsmouth <br />City of Hampton <br /> <br />31% <br />25% <br />22% <br />22% <br /> <br />9/19/94 2 <br /> <br /> <br />