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received, with interest at the rate of annu~ from date hereof until ~aymento This note is given pursuant to an ordinance adopted by the City Council on December 8, 1959, pursuant to Section 15- 666.64 of the Code of Virginia, 1950, as amended, and the pro- ceeds of the sale of $$,800,000. General Obligation Bonds of said City, ~o be dated January 1, 1960, are hereby irrevocably pledged to the payment of principal and interest hereon. Not- withstanding the foregoing pledge, this note shall be a general obligation of the City of Portsmouth, Virginia, payable fro~ ~axes which may be levied, without limitation of rate or amount° Attest: THE CITY OF PORTSMOUTH, VIRGINIA By City Clerk City Treasurer Section 2. That the proceeds of the above-described noZe, together with other funds properly associated with s~id zssue of $6,800,000. General Obligation Bonds~ be deposited in The Chase ~anhattan Bank to the account of the City of Portsmouth, Virginia, Annexation Bond Fund Account. Section 3. That the proceeds of the sale of said $0,800~000. General Obli- gation Bonds are hereby irrevocably pledged to the payment of princil~al and in- terest on said note, and to the extent not required to satisfy same, shall be deposited in the said ~ank account° Section 4o That Annie E. Perkins, City Treasurer, and Ro D. Ottavio, City Auditor, and their successors in office, are hereby directed and authorized joint- ly to draw checks on said bank account in satisfaction of lawful obligations of the City, or as otherwise directed by proper authority. Section 5. This ordinance being necessary for the preservation of the public morals, health and safs~y, an emergency is declared 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 December 8, 1959. Teste: -2- City Clerk