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A RESOLUTION CONTRACTING TO PROVIDE A PAYmeNT TO T~E SOUTH- EASTERN PUBLIC SERVICE AUTHORITY OF VIRGINY-k TO GUARANTEE THE PAYmenT OP A PART OF A CERTAIN OBLIGATION OF TEAT AUTHORITY. WHEREAS~ the cmtle~ of Chesapeake, Franklin, Norfolk, Portsmouth, Suffolk and Virginia Beach, and the counties of Isle 'of Wight and Southampton have heretofore created the Southeastern ~ub!ic Service Authority of Virginia (the "Authority") Durs~ant to the provisions of the Virginia water and Sewer Authorities Act, being Chapter 28, Title i5.1, Code of Virginia, 1950, as amended, for the purpose of providing for the acquisition, financing, construction, operation and maintenance of a water system and a garbage and_refuse collection and disposal system, which will be ~p~bii~i~ owned and controlled regional projects within the meaning-of Article VII, ~10 (a) (4) of the Constitution of Virginia; and · WHEREAS, the Authority has heretofore issued its notes in~%he aggregate princi?a! ~mount of $I,931,000 for the purpose of providing funds for pa~ing a part of the cost of planning and design of a garbage and refuse collection and disposal system; and ~EREAS, said notes were deszgnat~d ~oues, Series t978", were dated April 26, 1978, bore interest at ttle rate of 4.43% per annumuntit their payment, such interest to the maturity thereof being payable semi-annually on April 26th and October 26th in each year, and was stated to mature~ subject ~to the right of prior redemption, on April 26, !98!~ and W~tEREAS, the Authority has heretofore issued its notes in the aggregate principal amount oz $ ,O10,000 for the purpose of providing funds for paying the Notes, Series 1978, at their maturity and for paying a part of the cost of pla~ming and design of a garbage and refuse collection and disposal system; and " WHEREAS, said notes are designated "No%es, Series 1981", are dated April 27~ 1981, bear interest at the rate of 9-3/8% per annura until their payment, such interest to the maturity thereof being payable semi-annually on April 27th and October 27th in each year, and are stated to mature subject to the right of prior redemption, on October 27, 1983; and ~ 48