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Bond, interest shall be paid by wire transfer. All interest payments shall be made to the registered owner as it appears on the registration books kept by the Bond Registrar on the fifteenth day of the month preceding each interest payment date. This Bond has been duly authorized by the City Council and is issued for the purpose of (i) paying a portion of the principal of the City's $28,000,000 General Obligation Public Improvement and Public Utility Bond Anticipation Note, Series 2001 in the amount of $20,000,000; (ii) financing the costs of capital improvements, extensions and additions to the revenue-producing water and sewer system of the City; and (iii) paying the costs of issuance of the Bonds. The full faith and credit of the City are irrevocably pledged for the payment of the principal of and premium, if any, and interest on this Bond in accordance with its terms. In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon all taxable property within the City, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if any, and interest on the Bonds, if funds available to the City, including the revenues of the water and sewer system, are inSufficient for that purpose. The Bonds are issued pursuant to Article VII, Section 10(a)(2) of the Constitution of Virgin/a, and are not be included in the limitation proscribed by Article VII, Section 10(a) of the Constitution of Virgin/a, but from and after five (5) years after the date of the election on the question of the issuance of the Bonds, whenever and for so long as such revenue-producing undertaking falls to produce sufficient revenue to pay for cost of operation and admln/stration (including interest on the Bonds) and the cost of insurance against loss by injury to persons or property, and an annual amount to be placed into a sinking fund sufficient to pay the Bonds, at or -2-