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A RESOLUTION AUTHORIZING A GUARANTY AGREF~ENT~SqEREBY CITY O~ PORTSMOUTH WILL GUARANTEE INDIRECTLY 21% O~ TF~DEBT' SERVICE-ON NOT EXCEEDING $26,000,000 GUARA/~TRED RE~A~Vu~ BONDS (REGIONAL SOLID WASTE PROJECT) OF THE SOUT~EASTER~ PI/BLIC SERVICE AUTHORITY OF VIRGINIA. BE IT RESOLVED by the Council of the City of ~orts~outh, Virginia: 1. That the City of Portsmouth (herein called the "City") has found and determined and does hereby ~.eclare that: (a) The cities of Chesapeake, Franklin~ ~orfolk~ Portsmouth, Suffolk and Virginia Beach and ~e cc~ties of Isle of Wight and Southampton, Virginia (herein ~ollec%ivety called the "Units") have heretofore created the ~heastern Public Service Authority of Virginia (herein ca~e~ "Authority") pursuant to the provisions of the ~r~inia Water and Sewer Authorities Act, bein~ Chap~e~-- 2~ of Virginia, 1950, as amended (herein calle~ the "Ac%~}, for the purpose of providing for the acquisition, construction, operation and maintenance of a water system and a garbage and refuse collection and disposal syste~, which will be publicly owned and controlled regional projects within the meaning of Article VII, Section 1~ (a) ~4~ of the Constitution of Virginia. (b) ~he Authority intends to prov~d~ and ~o operate a regional system for the reception, transfer~ processing and disposal of solid waste. (c) Each of the cities of Norfolk, C~esapeake, Portsmouth, Franklin and Suffolk and the CounL~ of Soul--hampton, Virginia, has entered into an agreement with %~e A~hority for the acquisition, construction and operatio~ ~ the Authority of a regional solid waste recep%ion~ transfer~ processing and disposal system (herein called %he "Disposal System", such cities, such county and any ot~er ~a~nicipal cornoration and county which enter into such an ag-£ee~a~nt wit~ the Authority herein ccllectively called "Con%rac~cing Units" and each such agreement herein called a pursuant to which the Authority has agreed to construc~c in two nhases and operate such a system and each~of the Contracting Units has agreed to deliver or cause to be delivered to the Disposal System substantially all of the solid ~aste ~e~cluding hazardous solid waste) under fha control of such Unit and, subject to certain exceptions, to pay the Authority tipping fees for its disposal of such solid waste.