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<br />7li <br /> <br />TUESDAY <br /> <br />JUNE 1 3. 1967 <br /> <br />Interest on said bonds shall be payable semi-annually on March <br />and September 1, and the bonds shall bear interest as follows: <br />$ 50,000 due March 1, 1969, at 3.50%; and <br />$100,000 due March 1st in each of the years 1970 to 1974, <br />inclusive, at 3.50%. <br /> <br />(3) The moneys raised by the issuance of said bonds shall be <br />applied to the payment of the cost of improving the sewage disposal <br />system maintained by the City by constructing and equipping a <br />sewage treatment plant to be located on a suitable site, and by <br />constructing the intercepting sewers necessary to connect the <br />City's existing sewage disposal system with such sewage treatment <br />plant, and by constructing additional sewers needed for the <br />collection of sewage, and by acquiring the lands or rights in land <br />required for the making of such improvements. <br /> <br />(4) The bonds shall be coupon bonds, registrable at the option <br />of the holder as to principal only. Both principal of and interest <br />on the bonds shall be payable at the principal office of First <br />National City Bank, in the Borough of Manhattan, City and State of <br />New York, or, at the option of the holder, at The First National Bank <br />of Martinsville and Henry County, in the City of Martinsville, <br />Virginia, or at the Piedmont Trust Bank, in the City of Martinsville, <br />Virginia, in any coin or currency of the United States of America <br />which at the time of payment is legal tender for the payment of <br />public and private debts. <br /> <br />(5) The corporate seal of the City shall be affixed to or <br />impressed upon each of said bonds and each of said bonds shall be <br />signed by the Mayor of said City and shall be attested by the Clerk <br />of Council. Each of the interest coupons representing the interest <br />payable on such bonds shall be authenticated by the facsimile signa- <br />tures of such Mayor and Clerk of Council. <br /> <br />(6) Until all of said $550,000 Sewer Bonds, Series B, have been <br />fully paid and discharged in accordance with their terms, (1) the <br />City shall operate its sewage disposal system and will charge rates <br />or fees for service furnished by such system; and (2) such rates or <br />fees shall be fixed and maintained at a level which will produce <br />sufficient revenues to pay for the cost of operation and administration <br />of said system (including interest on bonds issued therefor) and the <br />cost of insurance against loss by injury to persons and property, and <br />an annual amount to be covered into a sinking fund sufficient to pay, <br />at or before maturity, all bonds issued to finance said system; and <br />(3) the revenues which the City derives from said system in each <br />fiscal year shall, to the extent necessary, be first applied to the <br />payment of such cost of operation and administration during the <br />fiscal year and to the payment of each annual amount payable in such <br />fiscal year; and (4) the City shall segregate and keep segregated, <br />from all other funds, all revenues derived by the City from its <br />operation and ownership of said system. In consideration of the <br />purchase and acceptance of said bonds by those who shall hold the <br />