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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 mount of $8,000,000; (ii) financing the costs of various public improvements for 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 ail taxable property within the City, over and above ail 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 are insufficient for such purpose. This Bond is one of a series of $22,300,000 General Obligation Public Improvement Bonds, Series 2001 of the City, ("Bonds") of like date and tenor, except as to number, denomination, rate of interest and maturity, issued under the authority of and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, and, more particularly, issued pursuant to the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Code of Virginia of 1950, as amended, Article VII, Section 10(a) of the Constitution of Virginia and a Resolution adopted by the City Council on May 22, 2001 ("Resolution").