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The interest on any Bond while registered as 5o ~oth principal and interest shall be payable by the City by check or draft mai~ed to the registered owner at such o%a~er's add~ess as shown on the books of registry. The principal of and premium, if any, on the Bonds are 'payable at the principal office of either of said paying agents' for the Bonds. 3. R~ne full faith and credit of the City shall ~e and hereby is irrevocably pledged to the payment of the principal of ~nd interest on the Bonds as the same become due. In each~vear while· the B~nds, or any of them, are outstandim_g and ~npaid, there shall be assessed, levied and collected, at the ss_m~ time amd ~na the same manner as other taxes in the City are assessed, levied and collected, upon all Dro_n~rty_ within t~he Citv subject to taxation by the City, a tax sufficient ~o provide for the - payment of the principal of amd interest on the Bonds ms the same become due, if the revenues of the aforesaid undertaking consisting of the water and sewerage system is ir~ufficient to meet the obligations-herein set forth. 4. ~ne Bonds shall not be included in determining the limitation upon the .p~wer of the City to incur indebtedness und~r the provisions of Article %rfI, Section 10, of the Constitution of Virgi~nia, but from and after Nc~sem.~r 4, 1980, whenever and for so long as the City's water ~nd sewerage system fails to produce sufficient revenue to pay the cost of Operation and administration (including interest on bonds issued therefor, and the cost of insurance against loss or injuries 'to persons and oroperhy), and an annual amount to be placed into a sinking fund sufficient t-o pay at or before maturity all bonds issued on account of said system, all such bends outst~u.iing s~hall be included in dete~3 the- limitation upon the _Dower of the Cjit- to incur indebtedness. 5. The City shall P~ke no use of the proceeds of the sale of the Bonds v_gnich %~ul.d cause the Bond~ to be "industrial development bonds" or "arbitrage bends" ~nder Sec+~ion 103 of the U. S. Internal Revenue Code of 1954~ as ~e~nded~ ~nd the City shall comply with the ~ppticable regulations of the /-nternal Revenue Service adopted under said Se~e_ion 103 so ton~ as aR¥ Bond is outstanding. 6. The ~onds shall be sold in conjunction with the sale of the $7,000,~oO General Obligation Public Improvement Bonds of t_he City authorized by this Council at the meeting at which bP~s resoluti~ is adopted~ The notice of sale of the Bonds referred to in Section 10 hereof and the legal notice referred to in Section It hereof shall each contain provisions suitably recognizing and providing with respect to the foregoing. 7. The Bonds shall be executed, for and on be~balf of the City, bv the manual or facsJ~miie signatures of the M~yor and Director of F~ of the City, ~nd the corporate seal of the CIR,; shall ]De impressed or a facsimile thereof imprinted on the Bonds ~nd attested by the manual or facsimile signature of the City Clerk of the City; provided that at