1987 Resolutions - Laserfiche WebLink

Home Browse Search

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 determin- ing the limitation upon the power of the City to incur indebtedness under the provisions of Article VII, Section 10, of the Constitution of Virginia, but from and after Novei~ber 6, 1989, whenever and for so long as the City's wate~ and? sewerage system fails to produce sufficient reve- nues to pay the cost of operation and administration ( ncludlng 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, as amended, 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 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. 7. 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 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 or_the Registrar. Upon the authentication of any Bonds the Registrar shall insert 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 authenticated upon an interest payment date, the certificate shall be dated as of such interest payment date; (iii) if