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WHEREAS, the General Assembly of Virginia by Chapter 544 of the Acts of Assmebly, 1977, authorized said local jurisdictions from time to time or at any time to contract obligations to provide payments 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-~o~ime_~by~t.he A~th~o~ity _~..~ on account of its garbage and refuse collection and disposal system and such contract obligations shall be an excluded indebtedness within the meaning of, and for the purposes of, Article VII, Section lO(a) (4) of the Constitution of Virginia; and WHEREAS, it is in the best interest of the City of Portsmouth to provide for a payment to the Authorit~ to guarantee the payment of a part of the obligations of the Authority to be incurred by the issuance of said notes and in anticipation of the issuance of its revenue bonds; and WHEREAS, the City of Portsmouth has determined to contract an obligation to provide a payment to the Authority not earlier than thirty (30) months from the date hereof to guarantee the payment of $508,000. 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, such contract obligations to be effective at such time as the contract obligations have been incurred by the cities of Franklin, Norfolk, Portsmouth, Suffolk, and Virginia Beach to provide payments to the Authority in the amounts of $36,000., 1,305,0OO., $508,.000., $218,O00. and $943,O00., respectively. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the City of Portsmouth hereby contracts to pay the Authority $508,000. no earlier than thirty (30) months from the date hereof to guarantee the payment of $508,000. of the principal amount of said notes to the Authority without the payment of any interest thereon, such payment to be an excluded indebtedness within the meaning of, and for the purposes of, Article VII, Section 10 (a~ (4) of the Constitution of Virginia. 2. That the full faith and credit of the City of Portsmouth shall be, and hereby is, irrevocably pledged to the pa_gment of such contract~obligation of $508,000., or any part thereof that may become due, and'-a tax sufficient to provide for payment of s~ch contract obligations shall be assessed, levied and collected at the same time and in the same manner as other taxes are assessed, levied and collected ~pon the property in the'City of Portsmouth subject to taxation.