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on the first day of M~rch and September ~n each year, after date, until maturity, upon surrender of the annexed coupons as the)- severally becmme due, or if this bond be reg~istered as to both principal and interest, to the registered holder hereof. Both principal and interest of this bond are payable in lawful currency of the United States of America,~ at The Chase ~wb_r~nattan Bank (National Association), New York, New York.- Th_is bond may be registered as to principal by .the holder ~_n his name on the books of the City Auditor and such registratmon shall be noted hereon, after which no valid transfer hereof shall be made, except upon said books, until after registered transfer to bearer. Such registration shall not affect the negotiability of coupons which shall continue to pass by delivery. At the request of .the holder, this bond will be registered as to both principal and interest and the coupons detached and cancelled, and thereafter both principal and interest will be payable to the register- ed holder. This bond is one of a series aggregating One Million Six Hundred Thousand Dollars, and is issued for the purpose of making certain improve- ments, extensions and additions to the ~ter works systam of the City, under and pursuant to and in conformity with the Constitution and Statutes of the State of Virginia, including Chapter 5 of Title 15.1 of the Code of Virginia, 1950, the Charter of the City of Portsmouth and an election of the qualified voters of the City held on the seventh day of November, 1961, and pursuant to an ordinance duly adopted by the Cou_ucil of the City of Portsmouth on the seventeenth da)- of October, 1961, and a resolution duly adopted by the Council of the City of Portsmouth on the seventeenth day of December, 1968, under said Chapter 5. It is hereby certified and recited that all acts, conditions and thiD~s required by the Constitution and Statutes of the State of Virginia, to exist, to have happened, and to be performed precedent to and in the is- suance of this bond, exist, have happened and b~ve been perfomed Ln due time, form and manner as required by law, and that the issue of bonds of which this is one, together with all other indebtedness of the City, is within the othe~rise authorized indebtedness of said City, and is within every debt and other limit prescribed by the Constitution and laws of the State of Virginia. The full faith and credit of the City of Portsmouth are hereby irravocably pledged for the payment oF the principal and interest of this bond, and the net rever~e of the w~ter works system of the City is hereby irrevocably pledged to the payment Of the prinicpal and interest of this bond, and the fees, rents and charges for the use of said system shall be maintained at a level which will oroduce net revenue sufficient for the payment of the principal and interest and for any reserve fun~ deemed necessary for the efficient a&~inistration of the system of water works, ar~ for the protection of the holder of this bond and the other bonds is- sued pursuant to said ordinance. This bond is not subject to taxation by the City of Portsmouth and the coupons hereto attached s~hall, at and after maturity~ be received in pa~nent of all dues~ taxes ~ assessments due to the City. --4-- _