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~%¢~ per a~mm payaoie semiannually on ~e £irst a~' of hpril and C~tober <br />L, each year, al%er date, ~tit r~atu~ity, upon s~rrenaer of t.~e ~nexed <br />coupons as they severally becc~e due, or if ~his bond be registered as vo <br />ootl~ principal mud ~terest, to t~e ref:Lste~md holder hereof. 8otb principal <br />a~xd interest of tl~s bond are psy~qole h~ lawful currency of the United States <br />of ~r~erica, at 'fne Chase MemJ'~attan B~ank, N. A. ~ New York~ ~4ew ~ork. <br /> <br /> This bond raay be registered as 50 principal by the holder ~n his <br />n~'5e on the sooks of the City Auditor ~nd such re~$stration shall be noted <br />hereon, after ~gnich no wdld tre~]sfer he:.~of shall be made, except upon said <br />uooks, until after re~sistered tr&nsfer to bearer. Such registration shall <br />no-¢ affect the negotiability of couporm which Shall continue to pass by <br />Jeliver~y, fit the request of the holder, this b~d ~¢ill be registered as to <br />i~oth principal &nd interes5 ~%nd t.he coupons detached and cancelteo, and <br />thereafter Ooth principal and interes~ will be ps~yable to tb~ re~istered <br />holder. <br /> <br /> ~nis bond is one of a series a~5~fegating One M~lllon Dollars, smd <br />is issued for t~ purlPose of ~mak~ ~ing ccr~r~n ir~rovements, extensions s_nd <br />aaditions ~o the water works system o£ tnw City, under and pursusnt to and <br />Ln confor~f~ty with the Constitution and Statutes of tho State of VirgLnia, <br />inciudi~ Chapver 5 of Title 15.1 Df the Code of VirgL~ia, 1950, the Cnaruer <br />Df ~he City of ?ortsmouth auld an e!ectic¢~ of tt~e qualifiKd vosers of the <br />il~y neia on ~he seventh day of November, 1961, and pursuant to ordinances <br />2u-~y adop-0em by the Council of the City of Portsmouth on the seventeenth ds$~ <br />o2 ',.~tober, 19o1~ and tl~ eig~th ~%y of February~ 1966, udder said Cnapcer 5. <br /> <br /> it is hereby certified and recited that all acts, conditions ~nd <br />.... go ~mq'ui~ed by ~ne Ccx~stitution and Statutes of the State of Vir~jmla~ <br />to exist, to nave nappened~ anm 5o be performed precedent tO and in the <br />issus~ce of this bond~ exist, have happened and have been performed in due <br />oL~e~ for~ ac~d mar~er as requi~ed by iaw~ and that the issue of bonds of <br />which this is one, together with all other indebtedness of the City, is with- <br />in the othem-~se authorized indebtedness of said City, and is within eve~j <br />deb~ an~ other 1L~it prescribed by the Constitution and laws of the State of <br />Vir~a. <br /> <br /> The full faith end credit of the City of Portsmouth are hereby <br />irrevocauly ple~ed For the payment of the principal and interest of ~h~s <br />oo~d~ ~n~d ~he ney revenue of the water works system of the City is hereby <br />irm~vocably pledge~ to the paymen'6 of the principal and interest of this <br />~.ona~ and the fees~ ren~s ~mnd cha~es for the use of said system shail be <br />~:w¢intaLned at a level which will produce net revenue sufficient for the p~y- <br />~m3n~ of t[~ principal ~nd interes5 and for any reserve z%zad deemed necess~y <br />for ~he efficient adnLnistration of the system of water works~ and for ~he <br />i~rotaction of the holder of this bond and the other bonds issued pursuant to <br />sai~ ordinance. 'This bond is not subject to taxation by the City of Ports- <br />mouth and tl~ coupons hereto attached shaI1, a~¢ and after maturity~ be <br />received Lq pa~nt of all dues, ~axes and assessments due to the City. <br /> <br /> <br />