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-5- Virginia, 1950 (the same being the Public Finance Act of 1991), and the Charter and Code of the City, an ordinance and other proceedings of the Council of the City duly adopted and taken under the Public Finance Act of 1991 and such Charter and Code and an election of the qualified voters of the City duly held pursuant to the Public Finance Act of 1991 on November 8, 1994. This Note is issued in anticipation of the issuance of a like principal amount of general obligation public utility bonds authorized to be issued by the ordinance adopted by the Council of the City on August 23, 1994 and approved at the aforementioned election held in the City on November 8, 1994, and receipt of the proceeds of sale of such bonds. This Note is subject to redemption at the option of the City prior to its stated maturity on or after March 1, 1999, in whole at any time, at a redemption price equal to 100% of the principal amount of this Note, together with the interest accrued hereon to the date fixed for the redemption hereof. If this Note shall be called for redemption, notice of the redemption hereof, specifying the date, number and maturity of this Note, the date and place or places fixed for its redemption, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail, postage prepaid, to the Registered Owner of this Note at its address as it appears on the books of registry kept by the Deputy City Manager for Finance of the City. If notice of the redemption of this Note shall have been given as aforesaid, and payment of the redemption price of this Note payable upon such redemption shall have been duly made or provided for, interest on this Note shall cease to accrue from and after the date so specified for the redemption hereof. The full faith and credit of the City is hereby irrevocably pledged to the punctual payment of the principal of and premium, if any, and interest on this Note as the same become due. In each year while this Note is 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 interest on this Note if and to the extent the revenues of the water and sewer system of the City are insufficient for that purpose. It is hereby certified, recited and declared that all acts, conditions and things required to have happened, to exist and to be performed precedent to and in the issuance of this Note and the issue of which it is a part have happened, do exist and have been performed in due time, form and manner as required by law, and that the mount of this Note, together with all other indebtedness of the City, does not exceed any limitation of indeb, tedness prescribed by the Constitution or statutes of the Commonwealth of Virginia or the Charter of the City.