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NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia: <br /> <br /> Io That the City of Portsmouth hereby contracts to <br />provide a payment to the Authority of $560,000 not earlier <br />than two (2) years from the date hereof to guarantee the <br />payment of $560,000 of the principal amount of said notes <br />of the Authority without the payment of any interest thereon, <br />such payment to be an excluded indebtedness within the meaning <br />of and for the purpose of Article VI!, Section 10 (a) (4) of <br />the Constitution of Virginia. <br /> <br /> 2. That the contract obligations assumed herein by <br />the City shall be paid from an ad valorem tax upon all taxable <br />property in the City subject to local taxation sufficient in <br />amount to provide for the payment of said principal s~m as <br />said principal sum shall become duet which tax shall be in <br />addition to all other taxes authorized to be levied in the <br />City, and for the prompt payment of said principal sum, the <br />full faith and credit of the City are hereby irrevocably <br />pledged. <br /> <br /> 3. That simultaneously with the retirement of said <br />notes of the Authority the payment of a portion of which is <br />hereby guaranteed, or provision having been made for the <br />retirement of said notes, this resolution shall terminate <br />and be of no effect. <br /> <br /> 4. That this resolution shall take effect from the date <br />of its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held July 12, 1983. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />