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entitled "A RESOLUTION TO AUTHORIZE THE ISSUANCE OF O~tE MILLION · DOLLARS OF BOARDS TO BE I~I0~'~%q AS UTILITY BO~DS, FOR TB~E PURPOSE OF MAKING IMPROIP~TS, EXTENSIONS A_hq) ADDITIONS TO TPJ~ tL~ENUE PRO- DUCING UNDERTJJZ. ING OF THE CITY CONSISTING OF ITS COMBINED WATER, ~' ~DISPOS~L SYSTW~Z~S, PURSUANT TO SECTION 127, SEWER, ~akrD StowAGE CI~iUSE (B), OF TP~ 'CONSTITUTION OF VIRGINIA, A~) CHAPTER 5 OF TITLE 15~.i OF TB~ CODE OF VIRGINLA~ i950, AhRD U.krDER AUTHORITY OF THE VOTE OF THE QUALIFIED VOTERS OF THE cITY OF PORTSMOUTH AT BN ELECTION HELD ON THE FIFTH DAY OF NOVt~fBEK, 1968, AND I~ING FRO- VISION FOR THE FOR~{ OF SAID BONDS AND FOR THE PAYi~ENT THEREOF . Said bonds, be issued in accordance wmth the~ provisions of the afore- said Resolution and this Resolution, and the City Manager is hereby authorized to complete the sale of said;bonds and the delivery of the same to the purchaser thereof upon the payment of the purchase price therefor. ' 2. There be, end there is hereby additionally pledged the net revenue of said revenue producing undertaking of the City, · consmst~_ng of the water, sewers, and sewage disposal systems: and said net revenues are hereby irrevocably pledged to the payment of the principal and interest of the Utility Bonds as they severally become due, and the fees, rents and charges for the use of said undertaking shall be maintained at a level which will produce net revenue sufficient for the payment of said principal and interest and for any reserve fund deemed necessary istration of said undertaking and for the of the Utility Bonds. for the efficient admin- prqtection of the holders A sufficient amount of the reVenue derived from the afore- said -~ndertaking, after deducting the cost of operation and admin- istration, including interest on the Utility Bonds and the cost of