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DA2w~ OF I=~Gi.~I~RATiON N~J~.' OF HEGISTEI{~O HOLDER REGISTERED BY Section 2. Full power and authority is hereby given to the City ;.tanager of the City of Portsmouth to prepare and issue the said bonds in .~c~ form and for such sum as authorized by the precedi~ section. The said City Manager is authorized to cause to be imprinted on the back of each of ~ ~i(i bonds a copy of the complete final legal opinion with respect to sai~ taus, with the name of the attorney or attorneys rendering sa~e, together ~v.~ a certification of the City Clerk, evidenced by a facsimile signature o~ t~mt officer~ ~o the effect thsfo the copy is a trde and correct copy of m~e legal opinion W~zich was dated as of the date of delivery and payment of tee bonds. Full power and autno_zty is hereby Wen the City M~mager ~o make sale of the said bonds~ and in SUCh mmmner, at such tinge and place as the sais City ~nager may determine; provided~ however~ that the same shall not oe sold upon a basis which ~ill cost the City of Portsmouth interest at the rate of more than six per centrum per a~mt~m, and that no sale shall be .v~de without the approval of the City Coancil. The said bonds shall be subject ~ ~o taxation by the City of Portsmouth, a~d the said coupons shall be received in paymmnt of all dues, taxes and assessments due to the said City. Section 3, The bonds authorized by this ordinance shall not be i~icluded in detenr.~ning the iim~tation 'upon the power of the City ~o inctur i~ldeste~neas under the previsions of Section One Hundred a~d Twenty-seven, 2[~ause (b), of the Constitution of Vir~nia, but from and after November 7~ ±~}6~, ~..~henever and for so lo~ as ~ne water works system constructed and im- prmved out of proceeds of said bonds fails to produce su£ficient revenue to psy the cos5 of operation and a~7~nistration, (including interes~ on bonds issued therefor, and the cost of insurance agaJ2nst loss or injuries to persons ~a~.~d property), and an annual amo'mat to be covered into a sinking fund suffi- client to pay at or before maturity all bonds issued on account of said water :j;orks system, all such bonds outstan~ting shall be included in determi~ ~ing the ~mitation upon the power of the City of Portsmouth to incur indebtedness. Section 4. ~nis ordinance be~--ng necessary for the preservation of t!~e Public morals, health and safety, an emergency is decla~ed'to exist and itI shall tske effect from its passage° -~ ' Amop~ea by ~he Councml o~ the Cmty of Portsmouth~ Virg~_nma, at a me~t~ng ne~a on , ebruary 8~ 1~6~. Teste: City Clerk -6-