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Section 3. 'Full power and authority is hereby given the City Manager to date the Utility Bonds as of any date within the current fiscal year~ and to sell the Utility 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 Utility 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 Manager i~ further authorized to sell the Utility 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 given to the City Manager of the City of Portsmouth to prepare and issue the Utility Bonds in such form and for such sum as authorized by Section 1 hereof. The said City Manager is authorized Vo cause to be imprinted on the back of each of said Utility Bonds a copy of the complete final legal opinion with respect to said bonds~ with name of the attorney or attorneys rendering same, together with a certification of the City Clerk, evidenced 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 Utility Bonds shall.not be subject to tax- ation by the City of Portsmouth~ and the coupons pertaining to said bonds, shall after the maturity of said coupons, be received in pay- ment of all dues, taxes, and assessments due to the City. ?' Section 5. The Utility Bonds authorize8 by this resolution shall not be included in determining the limitation upon the power of the City to incur indebtedness under the provisions of Section One Hundred. Twenty-seven, Clause (b), of the Constitution of Virginia, but from and after November 5, 1973, whenever and for so long as the rev.enue producing undertaking 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 therefor, and the cost of'insurance against loss or injuries ~ persons and property), and an annual amount to be covered into a sinking fund sufficient to pay at or before maturity all bonds issued on account of said revenue producing undertaking, all such bonds outstanding shall be included in determining the limitation upon the power of ~he City of Portsmouth to incur indebtedness. Eection 6. The resolution entitled A RESOLUTION TO AUTHORIZE THE ISSUANCE OF ONE MILLION DOLLARS OF BONDS TO BE KNOWN AS UTILITY BONDS FOR THE PURPOSE OF M~KING IMPROVEmeNTS, EXTENSIONS AND ADDITIONS TO THE REVENUE PRODUCING ~DERTAKING OF THE CITY CONSISTING OF ITS WATER, SEWER, AND SEWAGE DISPOSAL SYSTEM, PURSUANT TO SECTION 127, CLAUSE (B), OF THE CONSTITUTION OF VIRGINIAs AND CHAPTER 5 of TITLE 15.1 OF THE CODE OF VIRGINIA, 1950~ AND UNDER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERS OF THE CITY OF PORTSMOUTH AT AN ELECTION HELD ON THE FIFTH DAY OF NOVEmbER, 1968~ ~MD MAKING PROVISION FOR THE FO~ OF SAID BONDS AND FOR THE PAYMENT THEREFOR, adopted December 17, 1968 is hereby repealed. Ail other resolutions or orders, or parts thereof, in conflict with the provisions of thig resolution, are to the extent of such conflict hereby repealed, -6-