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The Bonds may be registered by the holder as to principal only or as to both principal and interest in accordance with the provisions for such registration to be endorsed thereon as set forth in Section 9. 2. The principal of and premium, if any, and interest on the Bonds shall be payable in such coin or currency of the United States of America as at the respec- tive dates of payment is legal tender for public and private debts. If any Bond shall not then be registered as to both principal and interest~ the interest thereon payable prior to maturity shall be payable at the principal office 6f Virginia Na~tional Bank, in Norfolk, Virginia, or, at the option Of ~he holder of such Bonds, at the principal office of The Chase Manhattan Bank (National Association), in the City of New York', New York, as the paying agents for th~ Bonds. The interest on any Bond while registered as to both principal and interest shall be payable by the City by check or draft mailed to the registered owner at such owner's address as shown on the books of registry. The principal of and premium, if any, on the Bonds are payable at the princi- pal office of either of such paying agents for the Bonds. 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 duel tn each year while the Bonds, or any of them, are outstandin§ 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 wa~er 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 November 6, 1984, whenever and for so long as the City's water and sewerage system fails to produce sufficient reve- nues to pay the cost of operation and administration (including interest on bonds issued therefor, and the cost of i~surance against loss or in3uries to persons and prop- erty), and an annual amount to be placed into a sinkin~ fund sufficient to pay at or ~efore maturity all bonds issued on account of said system, all such bonds outstanding shall be included in determining the limitation upon the power of the Cit~ to incur indebtedness. 5. The City shall make no use of the proceeds of the sale of the Bonds which would cause the Bonds to be