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Section 2. The full faith and credit of the City of Forts- mouth shall be pledged to the payment of the principal of and'interest on the Water Bonds. Said Water Bonds~shalt be additionally secured by a pledge of the net revenues of the system of water works as set forth in Section II the aforesaid ordinance adopted October t7~ 1961. Section 3. Full power and authority is hereby given the Ciby Manager to date the Water Bonds as of any date within the current fiscal year, and to sell the Water Bonds in such manner, either at private or public sale and at such time and place, as the'City Manager may determine; provided, however, that the Water Bonds shall not be sold upon a-basis which will cost the City of Portsmouth interest on the money received therefor at the rate of more than six per'centum per annum, and that no sale shall be made without the approval of the City Council. The City Manager is further authorized to sell the Water Bonds either together with or separate from any other full faith and credit bonds of the City authorized for issuance. Full power and authority is hereby givsn to the City Manager of the City of Portsmouth to prepare and issue the Water Bonds in such form and for such sum as authorized by Section 1 hereof. The City Manager is authorized to cause to be imprinted on the back of each of the Water Bonds a copy of the complete final legal opinion with respect to said bonds~ with the name of the attorney or attorneys rendering same, together with a certi£ication of the City Clerk, evidencing by a facsimile signature of that officer, to the effect that the'copy is a-true and correct copy of the legal opinion which was dated as of the date of delivery and payment of the bonds. Section 4. The Water Bonds shall not be subject to taxa- tion by the City of Portsmouth, and the coupons pertaining to said bonds, shall after the maturity of said coupons, be received in payment of all dues, ta×es, and assessments due to the City. Section 5. The Water Bonds shall not be included in deter- mining the limitation upon the p~wer of the City to incur indebtedness ~nder the provisions of Section One Hundred Twenty-seven, Clause (b) of the Constitution of Virginia, but whenever and for so long as the water works system constructed and improved out of proceeds of said bonds fails to produce sufficient revenue to pay the cost of operation and administration (including interest on bonds issued therefore, and the cost of insurance against loss or injuries to persons and property), and an annual amount to be covered i~to.sinking fund sufficient to pay at or before maturity all bonds issued on account of said water works system, all~such bonds outstanding shall be in- cluded in determining the limitations upon the power of the City of Portsmouth to incur indebtedness. Section 6. The resolutions entitled "A RESOLUTION TO AUTHORIZE THE ISSUANCE OF ONE MILLION SIX HUNDRED THOUSAND DOLLARS OF BONDS TO BE KNOWN AS WATER BONDS, FOR THE PURPOSE OF MAKING IMPROVEmeNTS, EXTENSIONS AND ADDITIONS TO THE SYSTEM OF WATER WORKS