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~-stem and such contract obligations shall be an excluded ~debtedness within the meaning of and for the purposes of Article VII, Section 10(a) (4) of the Constitution of Virginia; and ~4EREAS, it is in the best interests of the City of Portsmouth to provide for a pa!nment to the Autt~rity 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 bends; and WHEREAS, the City of Portsmouth has determined to contract an obligation to prcr~ide a payment to the Authority not earlier than tkree (3) years from the date h~_reof to guarantee t_h~ pa!nremt of Three Hundred Twenty-six Thousand ($326,000.) Dollars of the obligatiop~ to be incurred by t2~.e Authority by the issuance of said notes and in ~u~mclpatlon of the iss~3-~ce of its revenue bonds, such con*_ract obligations to be effective at such tL~e as contract obligations have been incurred by the cities of Franklin, Norfolk, Portsmouth, SuffoLk &nd Vd~ginia Beach to provide payments to the Authority in the amounts of $23~000, $837~O00, $326,000, $140;0OO snd $605~000, resPeCtively. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virgir~a: !. The City of Portsmouth hereby contrachs to pay the authority Three Hundred Twenty-six Thousand ($326,000.) Dollars no earlier than Three (3) years frc~ the date hereof to guarantee ~the palarent of Three Hundred Twenty-six Thousand ($326,000) Dollars of the principal ~mount of said notes to the authority without the payment of any interest thereon, such payment to be an excluded indebtedness within the r~eanir~ of and for the purposes of Article VII, Section lO(a) (~-) .Qf the Constitution of Virginia. .......... 2. ~--~ The~fu~t fs~th~and~ credit of the City of Ports~on~th ~haI1 be, ....... and hereby is, irrevocably pleadged to the payment of such contract obligation of Three Hund~re~ Twenty-six Thousand ($326,000.) Dollars, or any part thereof that may become due, and a t~x sufficient to provide for payment of such contract obligation shall be assesse~ levied and collected at the same time and in the same ~.~_nner as other taxes are ~assessed, levied and collected upon-- ~p~y-ef~ tb~ City-of p~ztsmouth ~subject to taxation~ ~ 3. For' the purpose ~1 funding s~b contract obtigatio-~, b°n~s of the City of Portsmouth arc. authorized to.be issusd~-to-be-kn~-~n-.~as C~nera! OblIgation Bond pursuant ~.~mo~.the provisions of ~n~ter 5~of. Title 15.1