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-5- Registrar and Paving 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 g/yen 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, a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due, if the revenues of the undertaking consisting of the port improvements financed from the 1975 Port Improvement Bonds are insufficient for that purpose. 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 10, of the Constitution of Virgin/a, but from and after November 3, 1975, whenever and for so long as the aforesaid undertaking consisting of the port improvements financed from the 1975 Port Improvement Bonds 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. 4. The City covenants and agrees to comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder throughout the term of the Bonds. 5. The Bonds shall be sold in conjunction with the sale of the General Obligation Public Improvement Refunding Bonds, Series 1992, and the General Obligation Public Utility Refunding Bonds, Series 1992, of the City, authorized for sale by the Council at the meeting at which this resolution is being adopted. 6. The Bonds shall be executed, for and on behalf of the City, by the facsimile signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corporate seal of the City shall be imprinted on the Bonds and attested by the facsimile signature of the City Clerk of the City. The Director of Finance of the City, as Registrar for the Bonds shall authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose