1984 Resolutions - Laserfiche WebLink

Home Browse Search

(h) The Bond Resolution will permit the issuance of revenue bonds under the Act and the incurring of other obligations, .with and without benefit of any guaranty comparable to the Guaranty Agreement and without limit~.~ion as to amount, with a claim to the revenues of the Disposal System superior to the claim of the Bonds, to finance facilities related to the Disposal System, including, without limitation, Phase II. (i) The City has determined that, taking account all the facts and circumstances surrounding Initial Project, including, without limitation, its benefits to the City, the location of the new landfill portion of Phase I in the City of Suffolk, the terms of the Contract between the Authority and the City of Suffolk as a Con~-ractin~ Unit and the anticipated volumes of waste to be general-ed by the County of Southampton as a Contracting Unit an~ Dy the County of Isle of wight should it become a Contrac~ing Unit, it is fair and equitable that the liability represented by the Guaranty Agreement be apportioned among the fouuc cities which are the Guaranteeing Units. (j) Having heretofore so determined in connection with the undertaking of contract payments pursuant to Special Act in respect of bond anticipation notes of Authority, the City hereby affirms its determination the relative population of the City, as set forth in?~e 1980 census of population of the Bureau of the Cens~ of the United States Department of Commerce, to the t~l popu- lation of the four Guaranteeing Units, as so set fc~, is a fair and equitable method to apportion, once and f~r all times, the liability assumed by the Guaranteeing Units in the Guaranty Agreement. ~k) It is in the best interests of the Circ.-to adopt this resolution and thereby authorize the Guarani] Agreement subject to the execution and delivery therefor by the other three Guaranteeing Units and to the issua~.ce by the Authority of Bonds meeting the criteria of Guaranty Agreement. 2. The City hereby approves the Guaranty Agreement, in substantially the form presented at this meeting, the Council hereby authorizes and directs the appropriate City officials to execute and deliver one or more cou~er- parts thereof, when and as requested by the Authority. 3. This resolution shall be in effect from an~ s~fter its adoption.