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Any Bond may be exchanged at the principal corporate trust office of the Registrar for a like aggregate principal amount of such Bonds in other authorized principal ~oun~s of the same interest rate and maturity. Any Bond may, in accordance with its te~ms, be transferred upon the books of registry by the person in whose name it is registered, in person or by his du~y authorized agent, upon surrender of such Bond to the Registrar for cancellation, accompanied by a written instrument of transfer duly executed by the registered holder in person or his duly authorized agent, in form satisfactory to the Registrar. Ail transfers or exchanges of Bonds shall be made withou~ expense to the holder of such Bonds, excep~ as otherwise herein 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 respec~ to such ~ransfer 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 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 principal of and interest on the Bonds as the same become due, if the revenues of the aforesaid undertaking consisting of port improvements are insufficient to ~eet the obligations herein set forth. 4 undertaking wit, the po be included · The Bonds are being issued for a specific from which the City may derive a revenue, to rt improvements of the City. The Bonds shall not 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 Virginia, but from and after November 3, 1975, whenever and for so long as such undertaking consisting of port improvements of the City fails to produce sufficient revenue 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 ~nount to be placed into a sinking fund sufficient to pay at or before maturity all bonds (including the Bonds) issued for such undertaking, all bonds (including the Bonds) shall be