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Registrar shall note in <br /> <br />bond is registered as to principal <br /> <br />DATE OF IN WHOSE <br />BN~-ISTP~T ION: REGISTERED <br /> <br />the registration blank belo¢,~ whether the <br /> only or payable to bearer. <br /> <br /> ~I~NRrER' OF SIGNATUP~E OF <br /> REGISTRATION: REGISTRAR <br /> <br />"SECTION 2. <br /> <br />The full faith and credit of the City of <br /> <br /> Portsmouth shsJll be pledged tO the payment of the principa! of and <br /> interest on the Utility Bonds. %he Utzlzty Bons shall be addition- <br /> ally secured by the net revenue of said revenue producing undertaking <br /> of the City, conaisting of the wat~er, sewers and sea, age disposal <br /> · ] <br /> system, and said net revenues are hereby zrrevocab._y pledged to the <br /> payment of the principal and interest of the Utility Bonds a§ they <br />____severally become due, and the fees, rents and charges for the use <br /> of said. undertaking shall be maintained .at a' level x~hich will <br /> produhe net revenue sufficient for the payment of said principal <br /> and interest and for any reserve fund deemed necessary for the <br /> efficient administration of said under~akzng and for the protection <br /> Of the holders of the Utility Bonds. ___~ <br /> <br /> A sufficient amount of~ the revenue derived from the <br /> aforesaid undertaking after deducting the cost of operation and <br /> ad~inistration, in~ludi..= znter~st on the Utility Bonds and the <br /> cost of insurance against the loss by injury to persons or property <br /> (if any)~ shall be set aside annually and covered 'into a s±nking <br /> fund to pay as they mature all bonds issued under the aforesaid <br /> ordinance'~ . <br /> <br /> Adopted by h Council of the City of Portsmouth~ Virginia, <br /> at a me~_t~g held November ~ 1969. <br /> <br />Teste: -~ <br /> <br /> <br />