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obliqated to levy ad valorem taxes for the payment of such Bonds and the interest thereon upon all property ~ithJ~ the City, subject to taxation by the City, without limitation of rate or amount, it being understood that the rights of the holders of such Bonds and the enforceability thereof may-be subject to judicial discretion, to the valid exercise of the sovereign police powers of the Cc~anonwealth of Virginia and the Constitutional powers of the United S~-ates of An~rica, ~nd to valid bankruptcy, insolvency, reorganization, moratorium and other l~s for the relief of debtors, and will also state that the interest on such Bonds is exempt fr~n taxation by the United States of An~rica under existing, law and regulations and under the existing law of the Cc~aonwea!th of Virg~nia such interest is not includabl~ in computing the Virginia incc~e t~u~. A copy of the respective opinion ~ill be printed on the respecti%.~ Ponds. Requests for proposal forms, for the official state~e~lt pertm/ning to the Bonds and for further information should be addressed to Mr. Roy W. Cherry, Director of Finance, City of Portsmouth, P. O. Box 820, Portsmou~+_h~ Virginia 23705. Proposal forms ~nd the official statement rL~y also ~ obtained at %~he office of ~essrs. Wood & Daw~son, 48 Wall Street, N~ York, New York 10005. Robert T. Williams City Manager portsmouth, Virginia 11. The City Attorney of the City shall and is hereby directed to file a cop_y of this resolution, certified by the City Clerk of the City to be a ~rue copy hereof~ with the Circuit Court of the City of P_orts- mouth, Vi~ginia, a~nd said City Clerk shall and is hereby directed to publish once withJ_n~ tan (10) days of the date of such filing a notice in ~he Virg.~.~ian Pilot, a newspa_Der of general circulation in the City, in accordance wit/q Section 15.1-199 of the Cede of Virginia, 1950, as am~nd~d. ~ach notice shall be in substantially the following fo~: N~aice is ber~r~.f givan pursuant to Section 15.1-199 of the Code of Virginia, 1950, as a~ended, that the Council of the City of Portsmouth, Virginia, adopted on January 22, 1980, resolutions authorizing the issuance of $7,000,O00 principal amount of General Obligation Public /mprovement Ponds e~nd $5,000,000 prLncipal amount of General Obligation Public utility Bonds of said City and caused certified copies of said resolutions to be filed in ~ Circuit Court of the City of Portsmouth on ~qe Droceeds of sale of said General Obligation Ronds shall be applied t~ the payment of the costs of the following public improvement projects in subs~ntially the following respective amounts: 12