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(b) The shall'~e <br />time, or a part thereof time <br />each issue shall be payable ~ ~. ~ee~.,~ *wcnty-fi-¥e <br />said bonds shall bear interesi at a rate or rates to be <br />the City Council, upon the sale of said bonds, provided that <br />interest shall not exceed six per centum.per annum. <br /> <br />one <br /> and <br /> <br />rate of <br /> <br /> (c) The principal and interest of said bonds shall be ~ ~ ad <br />valorem taxes without limitation of rate. or amount, if the <br />disposal system is insufficient for that purpose, and i ~ be issued <br />pursuant to Section One Hundred and Twenty-seven, clause <br />of Virginia, and are not to be includefl ~n determining to <br /> <br />incur indebtedness within the limitation,prescribed by Section <br />Twenty-seven of the Constitution of Virginia, provided, however~ ~hat <br />after five years from the date of the et~ction authorizing the 'mnds~ whenever <br />and for so long as such sewage disposal :system fails to produce suffic!~9: <br /> ~:mcl~ g <br />~evenue to pay for the cost of its operation and administratior <br />interest on bonds issued therefor) and ~he cost of insurance a[ d~st {~Ss by <br />injury to persons or property; and an a;~;nual amount to be cove~ .~- intola[ sinking <br />fund sufficient to pay, at or before mat'~rity, all bonds i.~ued on account of <br />said sewage disp,osal system, thegn all s~zh bonds outstanding -mh~ll be included <br />in determining the limitation o~ the power of the Citl* to incur indebt~dness~ <br /> <br /> Section 2: (a) No bonds shall be issued under this <br />and until this ordinance shall have been approved by ~he <br />majority of the qualified voters of the City of Portsmouth <br />question of their issuance under the applicable _provis <br />a~d acts amendatory thereof and supplemental thereto. Should <br />issued they shall be subject to no taxation by the City <br />coupons shall be received in payment of all dues, taxes and <br />the said City. <br /> <br /> inia, <br />be <br /> <br /> (b) The not'revenue of said sewage disposal system <br />pledged to the payment of the principal and interest of <br />s~verally become ~ue, and the fees, rents and charges for <br />sliall be maintained at a level which will produce net <br />payment of said principal and interest and for any reserve fund deemed <br />~or the efficient administration of said system and for the prdtectib~ <br />holders o~ said bends. <br /> ~c) · ~ ~' <br /> A sufficient amount of the revenue derived from the said <br /> <br />the <br /> <br /> in- <br /> <br />~red <br /> <br /> <br />