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- 5 - Constitution of Virginia, but from and after November 2, 1987, whenever and for so long as the City's water and sewera~ system fails to produce sufficient revenues to pay t~e"cost of o~eration and administration (including intere~~on bonds issued therefor, and 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 issued on account of such system, all such bonds outstanding shall be included in determining the limitation upon the power of the City to incur indebtedness. 5. The City shall make no use of the proceeds of th~ sale of the Bonds which would cause the Bonds to be "industrial development bonds" or "arbitrage bonds" under Section 103 of the U.S. Internal Revenue Code of 1954, as amended, and the City shall comply with the applicable regulations of the Internal Revenue Service adopted under such Section 103 so long as any Bond is outstanding. 6. The Bonds shall be sold in conjunction with the sale of the $20,150,000 General Obligation Public Improvement Bonds of the City authorized by the Council at the meeting at which this resolution is adopted. The notice of sale of the Bonds referred to in paragraph 10 and the legal notice refe~re~ to in paragraph 11 shall each contain provisions suitably recognizing and providing with respect to the foregoing. 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 ~r the Bonds to authenticate such Bonds and no such Bond shall be valid or obligatory for any ~urpose 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 insert in the certificate of authentication the date as of which such Bonds are authenticated as follows: (i) ~f ~he Bond is authenticated prior to the first interest paymen~t date, the certificate shall be dated as of the date of t~ Bonds are delivered to and paid for by the initial purch~sers thereof; (ii) if the Bond is authenticated upon an inter, st payment date, the certificate shall be dated as of such interest payment date~ (iii) if the Bond is authenticate~ after the fifteenth (15th) day of the calendar month next preceding an interest payment date and prior to such interest payment date, the certificate shall be dated as of such interest payment date; and (iv) in all other instances t~e certificate shall be dated as of the interest payment dat~ next preceding the date upon which the Bond is authenticated.