Minutes 04/14/1987 - Laserfiche WebLink

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26'6 April 14, 198- 3. The full faith and credit of the City shall be and hereby is irrevocably pledged to the pal;menu of the principal 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 s~e manner as other taxes in the City are assessed, levied and collected, upon all property within the City subject uo taxation by the City, ad valorem taxes, without limitation of ra~e or amount, sufficient to provide for the payment of the principal of and interest on the Bonds ss the same become due, if the revenues of the aforesa.id undertaking consisting of port improvements are i~sufficient to meet the obligations herein set forth. 4. The Bonds are being issued for a specific undertaking from which the City may derive a revenue, to wit, the port improvements of the City. The Bonds shall not be included in determining the limitation 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 3, 1975, whenever and for so long as such undertaking consisting of port improvements of the City fails to produce sufficient revenue to pay the cost of operation and administration (including interes5 on bonds issued therefor), the cosn of insurance against loss or injuries to persons and property, and an annual ~uount to be placed into a sinking fund sufficient ~o pay at or before m~turity all bonds (inalu~i~g-the'B~) is§ued ~or such u~dertaking, all bo~ds(i~cluding ~he Bonds) shall be ~imcI~ded in determining the limitation u~on the power of the City to incur lndebted~e~ss. 5.~ The City covenants ~nd~agrees~to ~mpty with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and ~he Treasury Regulations promulgated' thereunder throughout the term of the Series 1987 Bor~s. -6. The Bonds shall be SOld in conjunction with the sale of the Public Improvement and Refunding Bonds, Series 1987, and the Public Utility and Refunding Bonds, Series 1987, of the City, authorized for sale by the Council at the meeting at which this resolution is being adopted. 7. The Bonds shall he executed, for and on behalf of the City, by the facsimile signatures of the Mayor and the Director of Finance of the City, and a facsimile of the corpora=e seal of the City sha~l be ~mprinted on the Bonds and attested by the facaimile signature of the City Clerk of the City. The Director of Finance shall direc~ the Registrar for the Bonds to authenticate such Bonds and no such Bond shall be valid or obligatory for any purpose unless and ~ntil the certificate of authentication endorsed on each Bond shall have been manually executed by an authorized signator of the Registrar. Upon the authentication of any B6nds the Registrar shall insert in the certificate of authentication the date as of which such Bonds are authen- ticated as follows: (i) if the Bond is authenticated prior to the first interest payment date, the certificate shall be dated as of the date the Bonds are delivered to and paid for b~ the initial purchasers thereof; {ii) if the Bond is authenticated upon an interest payment date, the certificate shall be dated as of such interes= payment date; (iii) if the Bond is authenticated after the fifteenth (15th) day of the calendar month nex~ preceding an interest payment date and prior to such interest payment date, the certificate shall be dated as of such interes= payment date; and (iv) in all other instances the certificate shall be dated as of the interest payment date nex~ preceding the date upon which the Bond is authenticated. The execution of the Bonds in the manner above set forth is adopted as a due and sufficient authentication of the Bonds. 8. CUSIP identification numbers may be printed on the Bonds, but neither the failure ~o print any such ~umbe~ o~ any Bond nor any~=rror or omission with respe~ thereto shall constitute cause for failure or refusal by the Underwriters for the Bonds to accept delivery of and pay for the Bonds in accordance with the temns of the Bond Purchase