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Section 2. The full faith and credit of the City of Portsmouth <br />shall be pledged to the payment of the principal of and interest <br />on the Bonds as the same become due~ For the payment of such <br />principal and interest, the City of Portsmouth shall have power <br />and be obligated to levy ad valorem taxes without limitation <br />as to ra~e or amount on all the property subject to taxation <br />by the City. <br /> <br />Section 3. Full power and authority is hereby given to the <br />City Manager of the City of Portsmouth to prepare and issue <br />the Bonds in such form and for such sum as is authorized by <br />Section 1 hereof. The City Manager is authorized to cause to <br />be imprinted on the backs of each of the Bonds~ a copy of the <br />complete final legal opinion with respect to the Bonds, with <br />the name of the attorney or attorneys rendering same~ together <br />with a certification of the City Clerk evidenced by a facsimile <br />signature of that officer, to the effect that the copy is a <br />true and correct copy of the legal opinion which was dated as <br />of the date of delivery of and payment for the Bonds. Full <br />power and authority is hereby given the City ManaGer to sell <br />said bonds in such manner, either at public or private sale, <br />and at such time and place~ as the City Manager may determine; <br />provided~ however, that no sale shall be made without the <br />approval of the City Council. <br /> <br />Section 4. Ail resolutions or orders, or parts thereof, in <br />conflict with the provisions of this resolution, are to the <br />extent of such conflict hereby repealed. <br /> <br />Section 5. This resolution shall take effect from its passage. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held June 22~ 1976. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />6 <br /> <br /> <br />