Minutes 04/01/1992 - Laserfiche WebLink

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April 1, 1992 3. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the pnncipal of and interest on the Bonds as the same become due. In each year while the Bonds, or any of them. are outstanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, levied and collected, upon ail properuj within the City subject m taxation by the City, ad valorem taxes, without limitation of rote or amount, suffident to provide for the payment of the principal of and interest on the Bonds as the same become due, if the revenues of the aforesaid undertaking cons/sting of the water and sewerage system are insufficient to meet the obl/gations herein set forth. 4. Tlae Bonds shall not be included in determining the l~mitafion upon the power of the City to incur indebtedness under the provisions of Article VII, Section 10, of the Constitution of Virginia, but from and after November 6, 1989, whenever and for so long as the City's water and sewerage system fails to produce sufficient revenues to pay the cost of operation and admiaistraUon (including interest on bonds issued therefor), the cost of inserance against loss or injuries to persons and property, and an annual amount to be placed into a sinking fund sufficient to pay at or before maturity all bonds (including the Bonfls~ issued on account of suer system, all sanh bonds (including the Bonds) outstanding shall be inelnded in determining the limitation upon the power of the City to incur indebtedness. 5. The City covenants and agrees to comply with the provisions of Section 103 and 141-150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated thereunder throughout the mrm of the Bonds. 6. The Bonds shall be sold in conjunction with the sale of the Public improvement Refunding Bonds, Series 1992, and the Port Improvement Refunding Bonds, Series 199Z of the City authorized for sale by the Council at the meeting at which this resolution is being adopted. 7. The Bonds shall be executed, for and on behalf of the City, by the facsion'ie signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corporate seal of the City shall be imprinted on the Bonds and attested by the facsimile signature o the City Clerk of the City. The Director of Finance of the City, as the Registrar for the Bonds, shall authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and until the certificate of authentication endorsed on each Bond shall have been manually executed by or on behalf of the Registrar. Upon the authentication of any Bonds the Registrar shall insert in the certificate of authentication the date as of which such Bonds are authenticated as follows: (i) if the Bond is authenticated prior to the first interest pa.~unt date. the certificate shall be dated as of the date the Bonds are delivered to and paid for by the initial purchasers thereof; (ii) if the Bond is authenticated upon un interest payment date, the certificate shall be dated as of sud'/~interest payment date; (ih') if ~:~ Bond is authenticated after the fifteenth (I5th) day of the calendar month next preceding an mterast payment date and prior to such interest payment date, the certificate shall be dated as of such interest payment date: and (iv) in all other instances the certificate shall be dated as of the interest payment date next preceding the date upon wi'rich the Bond is authenticated. The execafion of the Bonds in the manner above set forth is adopted as a due and sufficient authentication of the Bonds. CUSIP identification numbers may be printed on the Bonds, but neither the failure to print any such number on any Bond nor any error or omission with respect thereto shall constitute cause for failure or refusal by the Underwriter of the Bonds ro accept delivery of and pay for the Bonds in accordance with the terms of the Purchase Coutract. No such number shall constitute or be deemed to be a part, of any Bond or a part of the contract evidenced thereby and no liability shall attach to the City of any of its officers or agents because of or on account of any such number or any use made thereof. All expenses in relation to the printing of such numbers on the Bonds shall be paid by the City, including the CUSIP Sen, ice Bureau charge for the assignment of such numbers. A copy of the complete final legal opinion with respect to the Bonds, with the name of the attorney or attorneys rendering same, together with a certification of the City Clerk. executed by a facsimile signature of that officer, to the effect that such copy ts a trn~ and correct copy of the legal opinion which was dated as o[ the date of delivery of and payment for the Bonds. may be printed on the Bonds. 8. The Bonds shall be in substantially the following form: