Laserfiche WebLink
presentation of this Bond; provided that as long as Cede & Co. is the registered owner of this <br />Bond, interest shall be paid by wire transfer. All interest payments shall be made to the <br />registered owner as it appears on the registration books kept by the Bond Registrar on the <br />fifteenth day of the month preceding each interest payment date. <br /> <br /> This Bond has been duly authorized by the City Council and is issued for the purpose of <br />refunding certain outstanding general obligation public utility bonds of the City and paying the <br />costs of issuance of the Bonds. The full faith and credit of the City are irrevocably pledged for <br />the payment of the principal of and premium, if any, and interest on tlfis Bond in accordance <br />with its terms. In each year while the Bonds, or any of them. are outstanding and unpaid, there <br />shall be assessed, levied and collected, at the same time and in the same manner as other taxes of <br />the City are assessed, levied and collected, a tax upon all taxable property within the City, over <br />and above all other taxes, authorized or limited by law and without limitation as to rate or <br />amount, sufficient to pay when due the principal of and premium, if any, and interest on the <br />Bonds, if funds available to the City, including the revenues of the water and sewer system, are <br />insufficient for tlmt purpose. The Bonds are issued pursuant to Article VII, Section t0(a)(2) of <br />the Constitution of Virginia, and are not be included in the limitation prescribed by Article VII, <br />Section 10(a) of the Constitution of Virginia, but from and after five (5) years after the date of <br />the election on the question of the issuance of the Bonds, whenever and for so long as such <br />revenue-producing undertaking fails to produce sufficient revenue to pay for cost of operation <br />and administration (including interest on the Bonds) and the cost of insurance against loss by <br />injury to persons or property, and an annual amount to be placed into a sinking fund sufficient to <br />pay the Bonds, at or before maturity, all outstanding Bonds issued on account of such revenue- <br /> <br /> <br />