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- 6 Ail transfers or exchanges of Bonds shall be made without expense to the holder of such Bonds, except as otherwise h~rein provided, and except that the Registrar shall require the payment by the holder of the Bond requesting such transfer or exchange of any tax or other governmental charges required to be paid with respect to such transfer or exchange. All Bonds surrendered for transfer or exchange shall be cancelled. 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 ~nile 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 subjec~ to taxation by the City, ad valorem taxes, without limitation of rate or amount, sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due. 4. The City covenants and agrees to comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, 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 Public Utility and Refunding Bonds, Series 1987, the Port Improvement Refunding Bonds, Series 1987, and the Port Improvement Refunding Bonds, 1987 Taxable Series, 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 seat 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 shall direct the Registrar for the Bonds to authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on each Bond shall have been manually executed by an authorized signator of the Registrar. Upon the authentication of any Bonds the Registrar shall inser~ in the certificate of authentication the date as of which such Bonds are authen- ticated as follows: (i) if the Bond is authenticated prior to the first interest payment date, the certificate shall be dated as of the date the Bonds are delivered to and paid for by the initial purchasers thereof; (ii) if the Bond is