|
470
<br />
<br /> Janua~ 7~ IRgl
<br />
<br /> (g) All transfers or exchanges pur~utnt t~ thi~
<br />paragraph shall be made without expense to the regi~tered owner
<br />of such Bonds, except as otherwise herein provided, and except
<br />that the registrar shall require the payment by the registered
<br />owner of the Bond requesting such transfer or exchange of any tax
<br />or other governmental charges required to be paid with respec= to
<br />such transfer or exchange. All Bonds surrendered pursuant to
<br />this paragraph shall be canceled.
<br />
<br /> 4. The full faith and credit of the City sh~ll be and
<br />hereby is irrevocably pledged to the payment of the principal of
<br />and interest on the Bonds as the same respectively become due and
<br />payable. In each year while the Bonds, or any of the, are
<br />outstanding and unpaid, there shall be assessed, levie~ a,n~
<br />collected, at the time and in the same manner as other taxes in
<br />the City are assessed, levied and collected, an ad valorem tax
<br />upon all property subject to taxation by the City, without
<br />limitation as to rate or amount, sufficient to provide for the
<br />payment of the principal of and interest on the Bonds as the same
<br />respectively become due and payable, if the revenues of the
<br />aforesaid undertaking consisting of the wa=er and sewerage system
<br />are insufficient to meet the obligations herein set forth.
<br />
<br /> 5. CUSIP identification numbers may be printed on the
<br />Bonds, but no such number shall constitute or be deemed to be a
<br />part of the contract evidenced by the particular Bondupon which
<br />it is printed and no liability shall attach to the City or any
<br />officer or agent thereof (including any paying agent for the
<br />Bonds) by reason of such numbers or any use made thereof
<br />(including any use made thereof by the City, any such officer or
<br />any such agent) or by reason of any inaccuracy, error or omission
<br />with respect thereto or in much use. All expenses in relation to
<br />the printing of such numbers on the Bonds shall be paid by the
<br />
<br /> City including the CUSIP Service Bureau charge for the assignment
<br /> of such numbers.
<br />
<br /> 6. The City covenants that it shall comply with the
<br />provisions of Section 103 and 141-150 of the Internal Revenue
<br />Code of 1986, and the Treasury Requlations promulgated er
<br />proposed to be promulgated thereunder, applicable =o the Bonds,
<br />throughout the term of the Bonds.
<br />
<br /> 7. The Bonds shall not be included in determining the
<br />limitation upon the power of the City to incur indebtedness under
<br />the provisions of Article VII, Section 10, of the Constitution of
<br />Virginia, but from and after November 6, 1995, whenever and for
<br />so long as the City.s wa=er and sewerage system fails to produce
<br />sufficient revenues to pay the cost of operation and
<br />administration (including interest on bonds issued therefor), the
<br />cost of insurance against loss or injuries to persons and
<br />property, and an annual amount to be placed into a sinking fund
<br />sufficient to pay at or before maturity all bonds (including the
<br />Bonds) issued on account of such system, all such bonds
<br />(including the Bonds) outstanding shall be included in
<br />determining the limitation upon the power of the City to incur
<br />indebtedness.
<br />
<br /> 8. The Bonds shall be sold in one or more series in
<br />accordance with the provisions of paragraph 1 a= public or
<br />private sale, as determined by the City Manager, at such price
<br />and on such other terms and conditions as are determined by the
<br />City Manager. The sale and the definitive details of the Bonds
<br />shall be approved, ratified and confirmed by resolution of this
<br />Council. If the Bonds of any series are to be sold at public
<br />sale, the City Manager of the City is authorized to cause to be
<br />published and distributed a notice of sale of such series of the
<br />Bonds, or, in lieu of publishing the full text of such notice of
<br />sale, to publish a summary thereof, such publication to be made
<br />in The Bond Buyer, a financial newspaper published in the City of
<br />New York, New York, with the date of the first publicat/on to be
<br />at least seven (7) days prior to the date of sale of such series
<br />of the Bonds, and the City Manager is further authorized to cause
<br />to be prepared and distributed a preliminary and a final Official
<br />Statement relating to each series of the Bonds.
<br />
<br /> 9. The Bonds, the certificate of authentication of
<br />the registrar, and the assignment endorsed on the Bonds, shall be
<br />in substantially the forms set forth below with such changes in
<br />format as may be appropriate to conform with customs and
<br />practices applicable to comparable securities:
<br />
<br /> UNITED STATES OF AMERI(~
<br /> COM)IONWEALTB OF ~IRGINIA
<br />
<br />REGISTERED REGISTERED
<br />NO. R- $
<br />
<br /> The City of Portsmouth, a municipai corporation of the
<br />Commonwealth of Virginia (the "City"), for value received,
<br />
<br />Registered Owner (named above), or registered assigns, on the
<br />Maturity Date (specified above) unless this Bond shall have been
<br />
<br />
<br />
|