1992 Resolutions - Laserfiche WebLink

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-5- The City wilt not be responsible or liable for sending transaction statements or for maintaining, supervising or reviewing records maintained by DTC, its participants or persons acting through such participants or for transmitting payments to, communicating with, notifying, or otherwise dealing with any beneficial owner of the Bonds. So long as the Bonds are in book-entry only form, the Director of Finance of the City will serve as Registrar and Paying Agent for the Bonds. The City reserves the right to designate a successor Registrar and Paying Agent for the Bonds ff the Bonds at any time cease to be in book-entry only form. So long as the Bonds are in book-entry only form, any notice of redemption will be given only to DTC or its nominee. The City shall not be responsible for providing any beneficial owner of the Bonds any notice of redemption. 3. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. 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 in the City are assessed, levied and collected, upon all property within the City subject to taxation by the City, ad valorem taxes, without limitation of rate or amount, sufficient to provide for the payment of the pr/nc/pal of and interest on the Bonds as the same become due, if the revenues of the aforesaid undertaking consisting of the water and sewerage system are insufficient to meet the obligations herein set forth. 4. The Bonds shall not be included in determining the limitation upon the power of the City to incur indebtedness under the provisions of Article VII, Section i0, of the Constitution of Virginia, but from and after November 6, 1989, whenever and for so long as the City's water and sewerage system fails to produce sufficient revenues to pay the cost of operation and administration (including interest on bonds issued therefor), the cost of insurance against loss or injuries to persons and property, and an annual amount to be placed into a sinking fund sufficient to pay at or before maturity all bonds (including the Bonds) issued on account of such system, all such bonds (including the Bonds) outstanding shall be included in determining the limitation upon the power of the City to incur indebtedness. 5. The City covenants and agrees to comply with the provisions of Section 103 and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder throughout the term of the Bonds. 6. The Bonds shall be sold in conjunction with the sale of the Public Improvement Refunding Bonds, Series 1992, and the Port Improvement Refunding Bonds, Series 1992, of the City authorized for sale by the Council at the meeting at which this resolution is being adopted.