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accordance Withthe provisions of this Resolution. The full.faith and credit of the City shall be and hereby are irrevocably pledged to the payment of the principal of and interest-on the Notes as the same become due. In each year while~the Notes, 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 J_nterest on the Notes as the same become due, if the amo~u~ts' deposited in the Note Repayment Account pursuant to this Resolution shall be insufficientto meet the obligatiQns'~herein setforth. ~ Sec=zon . proceeds of ~the Notes shall-be, applied t0't~e payment of a- portion.of the costs of wastewater'treatment works of and~forthe City, the same being definedin the recitals to Resolution as the Project. - section 5. use of the proceeds of the sale of the Notes which'Would cause the Notes to be "industrial.development bonds" or "arbitrage bonds" under Sectio~ 103 of the U. S..~Internal Revenue Code of 1954, as amended, and the City. shall comply with the applicable Treasury Regulations adopted under such Section 103 so long as any Note is outstanding.~ Section 6.~31-'-' The Notes shall b'e executed, for and on behalf of the City, by the manual of facsimile signatures of the Mayor andDirect0r of Finance Of the City, and the corporate s~ll.ofthe, City shall be impressed or a facsimile thereof imprinted.on the Notes and attested by the manual or a facsimit~ signature 'of the City Clerk of.the City; provided., however, that at least one of Such signatures on the Notes the Section 7. rte Notes fotlowingf01nn,.to-wit: -_i~'uNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH GRANT ANTICIPATION NOTE, SERIES OF 1982 Shall bei.'in substantially No. $ The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia (the "City"), hereby acknowledges itself indebted for value received and promises to pay to the bearer hereof, without privilege of registration, the principal amount of ($ )