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3. The full faith and credit of the City shall be and <br />hereby is irrevocably pledged to the punctual payment of its <br />obligations under the Guarantee as the same become due and <br />payable. In each year while the Guarantee is in effect, there <br />shall be assessed, levied and collected, at the same time and <br />in the same manner as other taxes in the City are assessed~ <br />levied and collected, an ad valorem tax upon all property <br />subject to taxation by the City, without limitation as to rate <br />or amount, sufficient to provide for the payment of such <br />obligations as the same become due and payable. <br /> <br /> 4. The City Attorney of the City is authorized and <br />directed to file a copy of this resolution, certified by <br />City Clerk of the City to be a true copy hereof, with the <br />Clerk of the Circuit Court of the City of Portsmouth, <br />Virginia. <br /> <br />the <br /> <br /> 5. The Mayor, the City Clerk, the City Manager, the <br />Director of Finance, the City Attorney and other appropriate <br />officers, employees and agents of the City are hereby <br />authorized and directed to take all such action and to execute <br />such instruments as shall be deemed by them to be necessary or <br />appropriate to effect the execution and the delivery of the <br />Guarantee in accordance with the terns of this resolution. <br /> <br /> 6. Ail actions and proceedings heretofore taken by this <br />Council, the City Manager and the other officers, employees, <br />agents and attorneys of the City in connection with the <br />authorization of the Guarantee, are hereby ratified, confirmed <br />and approved. <br /> <br /> 7. If any section, paragraph, clause or provision of <br />this resolution shall be held invalid or unenforceable for any <br />reason, the invalidity or unenforceability of such section, <br />paragraph, clause or provision shall not affect any of the <br />remaining portions of this resolution. <br /> <br /> 8. Ail ordinances, ~esolutions and proceedings in <br />conflict herein, to the extent of such conflict, are hereby <br />repealed. <br /> <br />9. This resolution shall take effect upon its adoption. <br /> <br /> Adopted by the City Council of the City of Portsmouthf <br />Virginia, at a meeting held on September 28, 1993o <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />