Minutes 04/14/1987 - Laserfiche WebLink

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257 April 14, 1987 Any Bond may, in accordance with its terms, be transferred upon the books of registry by the person in whose name it is registered, in parson or hy his duly authorized agenn, upon surrender of such Bond to the Registrar for cancellation, accompanied by a written instrument of transfer duly executed by the registered holder in person or his dulv authorized agent, in form satisfactory to the Registrar.. All transfers Or exchanges of B~nds shrill be made without expense to the holder of such Bon~s, exc~p~ as oth?rwise ~herein provided, and except that the Reaistrar shall re. quire the payment by the holder of the Bo~d requesting such transfer or exchange of any tax or other governmental charges required to be paid with re ~pect ~o such transfer or exchange. All Bonds surrendere for transfer or exchange shall be cancelled. 3. The full faith and credit of the'i. ty shall be and hereby is irrevocably pledged to the paym ~nE of the principal of and interest on the Bonds as the s~le become due. In each year while the Bonds, or any of th,!m, 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 all property within the City subject to taxation_by ~he- City, ad valorem taxes, without limitatio~ of rate or ~, ~suff~icie~n~t to provide for the pal;~ent of the due, if the revenues of the aforesaid Undertakin~ consisting of the water and sewerage system are ins~ffici~n~ to meet the obligations herein set forth. 4. The BOnds shall not be included ir lng the limitation upon the power of the City to indebtedness under the provisions of Article VII, ~, of the Constitution of Virginia, but from and November 6, ~989, whenever and for so long as the water and sewerage system fails to produce suffic hues to pay the cost of operation and administrat (including interest on bonds issued therefor), th insurance against loss or injuries to persons and determin- incur Section &fter City's lent reve- ion ~ cost of property, and an annual emounn to be placed into a sinking fund sufficient to pay at or before maturity ail bonds (including the Bonds) issued on account of such system, all ~uch bonds (including the Bonds) outstanding shall be included in determining the limitation upon the power of the City to incur indebtedness. 5. The City covenants and agrees to cumply with the provisions of Section ~f13 and 141-~50 of the Intecnal Revenae Code of ]986, as amended, and the Treasur~ Regolations promulgated thereunder throughout the tem~:of the BOnds. 6. The Bonds shall be sold in conjunction with ~the.sale~o~.f th.e Public Improvement and Refunding Bonds, ~erles lm~, the Port Improvement Refunding Bonds~ Series ~987, and the Port Improvement Refundin~ B~ ~a~, ~ ~ · u~ ~ne uxny authorized for sale by the Council at the meeting at which this resolution is being adopted. 7. T~e Bonds shal-1 be executed, for arid on behalf of the City, by the facsimile signatures o~ the Ma or and the Director of Finance of the City ~nd a ~-'--'~ Y- the corporate seal of the City shall be imprinted on :the Bonds and attested by the facsimile signature of the City Clerk of the City. ~%~_e Director of Finance shall direct the Registrar for the Bo~ds to authenticate such Bonds and no such Bond shall be V~lid or obligatory for any-purpose unless and ~nt~l ~hc certificate of authentication .endorsed on each on shall ~ve been manually executed by an aluthoriZ~d signat ~he Registrar. Upon the authentication O~ any BOnds )%strar shall insert in the ce~tificat~ of authen' pn the ~ate as of which such Bdnds are authen ticate~ own- (i~ i .... - .. - , ~ ~ne Bond ms authenticated, prior to the payment date, the~ce~tificate ShEll be Bonds are delivered to aud paid fn~ s th~ ereof; (~)~f the Bo~] ~S =an in~e.rTest payment ~t~, t~e c~ficate ~ SUCh interest paymg~t ~te; (iii) if