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considered a debt for tb~ purpose of any-present or fu~e ~ <br />c-harbOrer limitation ~h the amount of-debt or bonds of, or the 7... <br />method of iR~urring debt or issuing bonds by, such <br />Participating Political Subdivisions; and <br /> <br /> WHEREAS, the City of Portsmouth, 'Virginia has <br />determined that it is necessary and proper and in its best <br />interest to guarantee up to $3,045,837 of Guaranteed Bonds, <br />including both principal and interest, subject to the <br />conditions hereinafter set forth in this Resolution. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> 1. That ~t does hereby agree to guarantee $1,631,308 <br />principal amount of the Guaranteed Bonds and to-guarantee <br />interest payments thereon not to exceed $1,414,529 and does~ <br />hereby specifically authorize the execulion of any <br />appropriate guaranty agreement (the Guaranty) by the Mayor <br />and the City Clerk upon and subject to the following <br />specific conditions: <br /> <br /> (a) The final form of the Guaranty shall have <br />been approved by the City Attorney. <br /> <br /> (b) The Council shall have received and approved <br />the written lease agreement (the Lease) between the <br />Authority and the Lessee. <br /> <br /> (c) The Guaranteed Bonds shall be determined to <br />be excluded indebtedness within the meaning and for the ~ <br />purposes of Article VII, Section 10 (a) (4) of the <br />Constitution of Virginia and shall not be considered a debt <br />for the purpose of any present or future limitation on the <br />amount of debt or Bonds of, or the method of incurrin~ debt <br />or issuing Bonds by the City. . <br /> <br /> (d) The other Participating Political- <br />Subdivisions shall have, by adoption of a resolution or <br />ordinance substantially similar to this Resolution, agreed <br />to guarantee their ~espective portions of the Guaranteed <br />Bonds allocated to them as set forth in the above recitals. <br /> <br /> _.(e) The kuthority shall have received from NASCAR <br />written assurances acceptable to the City that the Lessee <br />has been granted the ~ight to run at least two (2) <br />NASCAR-sanctioned races per year for each year the <br />Guaranteed Bonds are-o~tstand~ng and .that, in the event of a <br />default by the Lessee.under the ~ease or in the event the <br /> <br /> <br />