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48 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF AN AMOUNT NOT TO <br />EXCEED THIRTY-EIGHT MILLION DOLLARS ($38,000,000) PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATIONS OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, IN THE FORM OF A GENERAL OBLIGATION GUARANTEE OF <br />CERTAIN DEBT OBLIGATIONS OF THE SPORTS AUTHORITY OF HAMPTON <br />ROADS, VIRGINIA. <br /> <br /> W~HEREAS, the Council (the "Council") of the City of <br />Portsmouth, Virginia (the "City"), has determined that it <br />would be in the best interest of the City for the City ko <br />guarantee certain debt obligations of the Sports Authority of <br />Hampton Roads (the "Authority") proposed to be issued by the <br />Authority for the purpose of building a horse race track and <br />ancillary structures and costs associated with the <br />establishment of a horse racing facility in the City (the <br />"Project"); and <br /> <br /> WI~EREAS, in the judgment of the Council, it is necessary <br />and expedient to authorize the issuance of general obligation <br />Bonds of the City in an aggregate principal amount of not to <br />exceed Thirty-Eight Million Dollars ($38,000,000) in the form <br />of a general obligation guarantee of debt obligations of the <br />Authority; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia: <br /> <br /> 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of <br />Virginia, 1950, as amended, the same being the Public Finance <br />Act of 1991, and the Charter of the City, for the purpose of <br />guaranteeing certain debt obligations of the Authority <br />proposed to be issued by the Authority for the purpose of <br />financing the Project, there are hereby authorized to be <br />issued Thirty-Eight Million Dollars ($38,000,000) of general <br />obligations of the City in the form of a general obligation <br />guarantee of debt obligations of the Authority (the <br />"Guarantee"). <br /> <br /> 2- The Guarantee shall be evidenced by a guarantee <br />agreement pursuant to which the City shall guarantee not to <br />exceed Thirty-Eight Million Dollars ($38,000,000) principal <br />amount of debt obligations of the Authority. Such guarantee <br />agreement may contain such terms and provisions as the City <br />and the Authority shall agree and shall be approved as to form <br />and substance by the Council prior to the execution and <br />delivery thereof. Such guarantee shall provide that the City <br />will guarantee prompt payment of the principal of and interest <br />on such debt obligations of the Authority. <br /> <br /> <br />