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~ (d) Such Contracts contemplate the deveto_~ment of the Disposal System in two phases - the first phase- (herein called "Phase I") consisting of a new landfill, transfer stations, supporting equipment, rolling stock and a~cil!ary facilities and the second phase (herein called ~Phase II") consisting of a refuse derived fuel plant, additional transfer stations, supporting equipment, rolling stock and 'a~ciltary facilities to be operated in conjunction with Phase I (Phase I and Phase II herein collectively called the "Project"). (e) Chapter 544, Virginia Acts of Assembly, 1977 (herein called the "Special Act"), enacted pursuant to Article VII, Section 10 (a) (4) of the Constitution of V~-r.~inia, authorizes the cities of Norfolk, Chesapeake, Ports~outh, Franklin, Suffolk and Virginia Beach to contract obligations to provide payments over a period or periods of more th~n one year to guarantee the pa_.vment of all or any part of the principal of and the interest on bonds issue~ by tke Authority on account of the Disposal System and provides ~hat such payments shall be an excluded indebtedness within ~emeaning of and for the purposes of Article VII, Section 10 Ia) of 'the Constitution of Virginia. (f) The Authority adopted on Dece~er 21, 1983 a resolution (herein called the "Bond Resolution") pm~viding for the issuance of not exceeding ~enty-six ~!lio~ Dollars ($26,000,0002 Southeastern Public Service Authori%? of Virginia, Guaranteed Revenue Bonds, Serie~A (Regional Solid Waste Project)~(her~in called the "Bonds") for the ~urpose of providing funds for payment of the cost of constructing an~ p~acing into operation Phase I of the Disposal Syst~sm and of a part of the cost of certain engineering studies relating to Phase II of the Disposal System (Phase I and such Phase II studies herein collectively called the "Initial Project"). (.g) The cities of Norfolk, Chesapeake, Portsmouth and Franklin (~herein collectively called the "Guara~m~eeing Units") have determined that it is necessary and pr~laer and in their best interests to enter into a Guaranty Agreement [herein called the "Guaranty Agreement") and %o agree severally to make payments for the account of the Authority f~om time to time for deposit in the Reserve Account under tP~ Bond Resolution in order to maintain the balance to the credit thereof at any amount equal to ~he sum of the next ~cceedin~ interest payment and the next succeeding principal ~ayment scheduled to become due on the Bonds, whether by ma~rity or mandatory redemption, and thereby to guarantee tl~e payment of the principal of and the interest on the Bonds ~en due, whether at maturity or by redemption or otherwise.