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WHEREAS, by its duly adopted resolution, a certified copy of which has been filed with the City and receipt of which is hereby ackno~ledged, the Authority has determined to provide for the issuance at this time of its notes in the aggregate princlpal ~oun~ of $3,840,000 for the purpose of providing funds for paying the Notes, Series 1981, at their maturity and for paying a part of the cost of planning and design of a garbage and refuse collection and disposal system; and WHER~S~ the Councils of the cities of Chesapeake, Franklin, Norfolk, Portsmouth, Suffolk and Virginia Beach, have dete-v/uined that in order to enhance the market ability of said notes to be issued by the Authority on account of such garbage and refuse collection disposal system, said Councils would require the power to contract obligations to provide pa~ents over a period or periods of more than one (i) year to the Authority to guarantee the payment of all or any part of the principal of and the interest on notes issued from time to time by the Authority which contract obligations ~ould be exciude~ indebtedness within the meaning of and for .the purpose of Article VII, Section !0 (a) (4) of the Constitution of Virginia; and WHE~AS, the General Assembly of Virginia by Chapter 544 of the Acts of Assembly of 1977 authorized the cities of Chesapeake, Franklin, Norfolk, Portsraouth, Suffolk and Virginia Beach from tL~.e u© time or at any time to contract obligations to provide pageants over a period or periods of more than one (1) year to the Authority to guarantee the payment of all or any part of the principal of and the interest on notes issued from time to time by the Authority on account of its garbage and re~use collection and disposal system and such contract obligations shall be an excluded indebtedness within the meaning of and for the purpose of Article VII, Section 10 (a) (4) of the Constitution of Virginia; and W~q~REAS, it is in the best interest o~ this City to pro- vide for a pag~ent to the Authority to guarantee the payment of a part of tke obligations of the Authority to be incurred by the issuance of said notes and in anticipation cf the issuance of its revenue bonds; and WHEREAS~ the City has determined to contract an obligation to provide a pa~ent to the Authority not earlier than two (2) years from the date hereof to guarantee the payment of $560,000 of the obligations to be incurred by the Authority by the issuance of said notes and in anticipation.of the issuance of its revenue bonds.