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(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 shal.1 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 six per centum per annum. (c) The principal and interest of said bonds, shall be payable from ad valorem taxes without lin~tation of rate or amount, if the revenues of the undertaking consisting of the water, sewer, and se~age disposal systems are insufficient for that purpose, and ~said bonds are to be issued pursuant to Section One Hundred and Twenty-seven, clause (b), of the Constitution of Vir- ginia, and are not to be included in detenmini~g the power of the City to in- cur indebtedness within the limitation prescribed by Section One Hundred and Twenty-seven of the Constitution of Virgir_ia, 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 pro- duce sufficient revenue to pay for cost of operation and administration, (in- cluding interest on bonds issued therefor) and the cost of insurance against loss by injury to persons or property and au 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 outstauding 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 ordir~nce u~less 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 Cede of Virginia, and acts amendatory thereof and supplemental thereto. Section 3: The City Attorney be ~nd he is hereby directed to oresent to the Court of Hustings for the City of Portsmouth, or to the Judge %hereof in vacation, a duly certified copy of this ordinsnce and to take such steps as may be necessary and proper to cause to be submitted to the qualified voters of the City the question of whether the bonds provided for in this ordir~nce shall be issued. Section 4: Au emergency is 'decl~ed to exist, and this ordinance shall take effect from its passage. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on October 8, 1968. Teste: City Clerk