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At all times during which any Bond remains outstand~ing and unpaid, the Registrar shall keep or cause t~bekep~ at its principal office books of registry for th~gistration, exchange and transfer of the Bonds. Upon presentation at its principal office for such purpose, the Registrar, under such reasonable regulations as it may prescribe, shall register, exchange, transfer, or cause to be registered, exchanged or transferred, on the books of registry the Bonds as herein set forth. The books of registry shall at all times be open for inspection by the City or any duly authorized officer thereof. Any Bond may be exchanged at the principal office of the Registrar for a like aggregate principal amount of such Bonds in other authorized principal amounts of the same interest rate and maturity. Any Bond may, in accordance with its terms, be transferred upon the book of registry by the person in whose name it is registered, in person or by his duly 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. All transfers or exchanges of Bonds shall be made without expense to the holder of such Bonds, except 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 respect to such transfer or exchange. All Bonds surrendered for t~ansfer 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, 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 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 1~ of the