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DATE OF PJ~ISTRA%~ION NB2,~ OF EEDISTERED HOLDER REGiSTerED BY . Section 2. Full o~er and authority is hereby given to the City M~ager of the City of Port~uouth to prepare and issue the said bonds in such form and for such sum as authorized by the preceding section. The said City ~er is authorized to cause to be imprinted~ on the back of each of said boris a copy of the complete fi~at legal opinion with respect to said bo~s, with the r~me of the attorney or attorneys rendari~g same, together with a certification os the Cm y Clerk, evidenced by a facsimile signature of t~t officer, to the effect tb~t the copy is a true and correct copy of ..... ~te of delivery and payment the legal opinion which ~.~s dated as o~ ol~= ~ of the bonds. Ful~ powar and authority is hereby given the City M~nager to make sale of the said bonds, ar~ in such manner, at such time and place as the said City M~aager may determine; provided, however, that the same shall not be sold upon a basis which ~,~1I cost the City of Portauouth inter- est at the rate of more than six per centum per annum, ar~ that no sale shall be made without the approval of the City Council. The said bonds s~all be sJoject to no taxation by the City of Portsmouth, and the said coupons shall . be ~eceived in payment of all dues, m~xes and assessments due to the said City. Section 3. The bonds autho~ razed by thl resolution shall not be included in dete~ the limitation dpon the power of the City to incur indebtedness under 'the provisions of Section One Hundred and Twenty-seven, Clause (b), of the Constitution of Virginia, but from and after Nova~ber 1973, whenever ar~ for so lorg as the revenue producing undertaking con- structed and Lmproved out of proceeds of said bonds fails to produce suffi- cient revenue to pay the cost of operation and admioistration, (includirg interest on bonds issued therefor, and the cost of ino~_~ar~e against loss or injuries to persoP~ and property), and an annual smount to be covered in=o a s~rg ~und sufficient to pay a~ or before maturity all bor~s is- sued on account of said revenue producirg undertakirg, all such bonds out- st~irg shall be included Ln determining the limitation upon the of the City of Portsmouth to incur indebtedness. Section 4. This resolution s~all take effect frmm its passage. Adopted by the Council of the City of~ Portsmouth, Virginia, at a ~eeting held on Decamber 17, 1968. Teste: City Clerk -6-