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267 extend required by Section 147(f) of the Code and Section 15.2-4906 of the Virginia Code, and concurs with the resolution adopted by the Issuer on February 15, 2002, to the extend required by Section 15.2-4905 of the Act. 2. The approval of the issuance of the Note does not constitute an endorsement of the Note or the creditworthiness of the Society. As required by Section 15.2- 4909 of the Act, the Note shall provide that neither the City, the Town nor the Issuer shall be obligated to pay the Note or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor, and neither the faith and credit nor the taxing power of the commonwealth of Virginia, the City, the Town, or the Issuer shall be pledged thereto. 3. This Resolution shall take effect immediately upon its adoption. g. RESOLUTION: Moral Obligation Resolution for Rivanna Solid Waste Authority Letter of Credit WHEREAS, the City of Charlottesville and the County of Albemarle formed the Rivanna Solid Waste Authority (the "Authority") in 1990 for the purpose of providing regional solid waste management; and WHEREAS, the continued successful operation of the Authority provides an important public service supported by the City; and WHEREAS, pursuant to certain amendments to Title 9 of the Virginia Administrative Code, Section 20-70 et. Seq. Governing the amount of cash or cash equivalents SOlid waste facilities must post in a financial assurance fund maintained by the Virginia Department of Environmental Quality ("DEQ"), the Authority is required to post an additional $1,000,000 to the fund; and WHEREAS, to enhance the financial strength and continued successful operation of the Authority, the Authority proposes to obtain a letter of credit in the amount of $1,000,000 (the "Letter of Credit") for the benefit of DEQ from the Bank ofAmerica~ N.A. (the "Lender") in lieu of cash to meet the financial assurance requirements of DEQ; and WItEREAS, the purpose of the Letter of Credit has been fully discussed with the City Council and the Council supports the appropriateness of the Letter of Credit; however, the Council does not wish to be legally obligated to appropriate funds to the Authority and believes the Authority should maintain is own financial credentials; and WHEREAS, although the Authority is an independent legal entity, the City has the power to appoint certain directors of the Authority; and WHEREAS, as a condition to providing the Letter of Credit on behalf of the Authority to DEQ, the Lender has requested that the City express its moral obligation to assist the Authority in repayment of the Authority's obligation under its Application and Agreement for Standby Letter of Credit (the "Reimbursement Agreement") with the Lender in the event DEQ makes a draw upon the Letter of Credit and the Authority is unable to repay such obligations; NOW, THEREFORE, BE IT RESOLVED that the Charlottesville City Council hereby pledges to the Authority and to the Lender the City's "moral obligation" to provide the Authority with sufficient funds for the Authority to make timely payments to the Lender as required by the Reimbursement Agreement; provided, however, that the Lender acknowledges that the City shall have no legal or enforceable obligation to provide such funds and the performance by the City of all undertakings for the payment of money by the City pursuant hereto is subject to and conditioned up9on approval and appropriation by the Council,; and that the approval of any money by the City pursuant hereto is solely for the fiscal year in which such appropriation is made and is further subject to