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including Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the same being the Public Finance Act of 199!), the Charter and Code of the City, and proceedings of the Council of the City duly adopted and taken under such Chapter 5.1 and such Charter and Code. This Note is issued in anticipation of the issuance of a like principal amount of general obligation public improvement bonds authorized to be issued by resolutions adopted by the Council of the City on November 10, 1992 and November 9, 1993, and receipt of the proceeds of sale of such bonds. The full faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on this Note as the same respectively become due and payable. 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 in the City are assessed, levied and collected, an ad valorem tax upon all property subject to taxation by the City, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on this Note as the same respectively become due and payable to the extent such principal and interest shall not be paid from the proceeds of sale of the general obligation public improvement bonds of the City in anticipation of which this Note is issued. 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 amount of this Note, together with all other indebtedness of the City, does not exceed any limitation of indebtedness prescribed by the Constitution or statutes of the Commonwealth of Virginia or the Charter of the City. IN WITNESS WI{EREOF, the City has caused this Note to be executed by the manual signature of its Treasurer, and this Note to be dated June 28, 1995. CITY OF PORTSMOUTH, VIRGINIA __________________________________ Treasurer