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semi-annually-on the first day of. March and September in each year, after date, until maturity: upon surrender of the annexed coupons as they severally ~ become due, or if this bond be registered as to both principal and inter,st to the registered holder hereof. Both principal and interest of this bon~ are pa~vable in la~m~ul currency of the United States of Au~rica, at The Chase Msmhattan Bank (National Association), New York, New YOrk. This bond may be registered as to principal by the holder in his name~on the books of the City Auditor and such'registration shall be .nbted hereon, after vfaich no valid transfer hereof shall be made, except upon said bOOks, until after r?.gistered transfer ts be. arer. Such registration shall not affect the negotiability of coupons which shall continue to Pass by de!ivery~ At the request of the holder, this bond will be registered as to both principal and interest and the cou~ons detached and canceled; and thereafter both principal and interest will be payable to the registered holder. This bond is one of a series aggregating One Million Dollars, and is issued for the purpose of retaking certain improvements, extensions and ad- ditions to the revenue producing undertaking of the City consisting of its water, sewer, and sewage ,di. sposal syste~.~, under and pursuant to and ~ ~con~- fortuity with the Constitutzon and Statutes of the State of Virginia, in¢lum- lng 6?~pter 5 of Title 15.1 of the Cede of Virginia, 1950, of the Charter of the City of Portsmouth and an election of the Qualified voters of the City held on the fifth day of November, 1968, and pursuant to an ordinance duly adopted by the Council of the City of Portsmouth on the eighth day of October, 1968, and a resolution adopted on the seventeenth day of. December, 1968, under said Chapter 5. It is hereby certified and recited that all acts, conditions and things required by the Constitution and Statutes of the State of Virginia, to exist, to have happened, and to be performed precedent toand in the issuance of this bond, exist, have happened and have been performed in due tin~, form and mauner as required by law, and that the issue of bonds of which this is one, together ~ith all other indebtechness of the City, is within the otherwise authorized indebtedness of said City, and is within every debt and other limit prescribed by the Constitution end laws of the State of Virgihia. The full faith and credit of the City of Portsmouth are hereby irrevocably pledged for the payzaent of the princip~ and' interest of this bond, and the net revenue of the revenue producing undertakimg of the City is hereby irrevocably pledged to the payment of the principal mud interest of this bond, and the fees, rents and charges for the use of said under- taking shall be maintained at a level wb~Ich ~rtll produce net revenue suffi- cieht for the payment of the principal and interest and for any reserve fund deemed necessary for the efficient admihistration of the revenue pro- ducing undertaking, and for the protection of the holder of this bond and the other bonds issued pursuant to said o~dinance. This bond is not sub- Ject to taxation by t~e City of Portsmouth and the couoons hereto attached shall, at and after maturity, be received in payment of all dues, taxes and assessr~ents due to the City. ~