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of the City, the City of Portsmouth shall borrow the sum of Eight ~illion Two Hundred Thousand Dollars, and there shall be issued in the name of and on behalf of the City of Portsmouth, Virginia, Eight Million Two Hundred Thousand Dollars of Port Im- provement Bonds, and the proceeds arising from the sale of said bonds, or any of them, shall be applied to the pak~ent of the costs of such acquisition and construction, and to no other purpose. (b) The said bonds shall be issued at one time, or a part thereof from time to time as the City Council shall direct, and each issue shall be payable not exceeding forty years from its date and said bonds shall bear interest at the rate or rates to be hereafter determined by the City Council, upon the sale of said bonds, provided that the maximum rate of interest shall not exceed the maximum rate of interest authorized by law at the time of sale of the bonds. (c) The principal and interest of said bonds shall be payable from ad valorem taxes without limitation of rate or amount, if the revenues of the undertaking consisting of port improvements of the City are insufficient for that purpose, and said bonds are to be issued pursuant to Section 127, Clause (b), of the Constitution of Virginia, and are not to be included in determining the power of the City to incur indebtedness within the limitation prescribed by Section 127 of the Constitution of Virginia, but from and after five years from the date of the election on the question of the issuance of said bonds, whenever and for so long as such revenue producing undertaking fails to produce sufficient revenue to pay for cost of operation and ad- ministration (including interest on bonds issued therefor) and the cost of insurance against loss by injury to persons or pro- perty and an annual amount to be covered into a sinking fund sufficient to pay~ at or before maturity, all bonds issued on account of said undertaking, all such bonds outstanding shall be included in determining the limitation of the power of the City to incur indebtedness. Section 2. No bonds shall be issued under this ordi- nance unless and until their issuance shall have been approved by the affirmative vote of a majority of the qualified voters of the City of Portsmouth, voting upon the question of their issuance under the applicable provisions of the Code of Vir- ginia, and acts amendatory thereof and supplemental thereto. Section 3. The City Attorney be and he is hereby directed to present to the Court of Hustings for the City of Portsmouth, or to the Judge thereof in vacation, a duly certi- fied copy of this ordinance and to take such steps as may be necessary and proper to cause to be submitted to the qualified