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directed to execute and deliver to the Bank the Guaranty for the account of Blue Ridge. The <br />Guaranty shall be in substantially the form presented to this meeting, which is hereby approved, <br />with such completions, omissions, insertions or changes not inconsistent with this Ordinance as <br />may be approved by the City Manager, the execution thereof by the City Manager to constitute <br />conclusive evidence of such officer's approval of such completions, omissions, insertions or <br />changes. It is fmther authorized that up to two additional current Blue Ridge constituent <br />municipal members may be added to this Guaranty with the sum of guaranty coverage for these <br />members not to exceed Nine Hundred Sixty One Thousand Dollars ($961,000) upon the <br />condition there be no increase in the amount of the City of Martinsville's loan guaranty. <br /> <br />2. Pledge of Full Faith and Credit. The full faith and credit of the City of Martinsville is <br />irrevocably pledged for the payments due under the Guaranty. Unless other funds am lawfully <br />available and appropriated for timely payment under the Guaranty, the Council shall levy and <br />collect an annual ad valorem tax, over and above all other taxes authorized or limited by law and <br />without limitation as to rate or amount, on all locally taxable property in the City of Martinsville <br />sufficient to pay when due the payments under the Guaranty. <br /> <br />Effective Date. An emergency exists and this Ordinance shall take effect immediately <br />upon its passage. <br /> <br /> s, ~le~k or'Co ~cil <br /> <br />Date Adopted Date Effective <br /> <br />2 <br /> <br /> <br />