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shall be payable ~n such.~coin or currency of the United States of ~rica as at ,the respective 'dates of payment is legal tender for the payment of 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 of The Chase Manhattan Bank (National Association) in the City of New York, New York, as the paying agent for the 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 ~%~er at such owner's address as sh~n on the books of registry. The principal of and premium, if any, on the Bonds ere payable at the principal office of the said paying agent for the Bonds. 3. The full faith and credit of ~he City shall be and hereby is, irrevocably pledged to the payment of the principal of and interest on the BOnds as the same becc~e due. In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, .levied and collected, at the same time and in the same m~_ner as other taxes in the City are assessed, levied and collected, upon all property of the City subject te taxation by the City, a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same becc~ due, if the revenues of the aforesaid undertaking consisting of the water and sewerage system is insufficient to meet the obligations b~rein set forth. 4. The Bonds shall not be included in determining 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 fr~m and after November 4, 1980, whenever and for so long as the City's water and sewer 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 add property), and an annual ~mount te be covered into a sinking fund sufficient to pay at or before maturity all bonds issued on account of said syste~u, all such bonds outstanding shall be included in determining the limitation upon the tx~er of the City 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 "arbitrage bends" under Section 103(c) of the U. S. Interrk3f[ Revenue Code of 1954, as amended, and the City shall comply with the applicable regulations of the Internal Revenue Service adopted %Lnder said Section 103 (c) so long as any Bond is outstanding. 6. The Bonds shall be sold in conj%~nction with the sale of the $7,OGO,O00. General Obligation Bonds of the City authorized by this Council at the meeting at which this resolution is adopted. The notice of sale of the Bonds referred to in Section 10 hereof and the legal notice referred to in Section 11 hereof shall each contain provisions snitably recognizing and providing with respect to the foregoing. 4