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<br />7B <br /> <br />TUESDAY <br /> <br />JUNE 1 3, 1 967 <br /> <br />This bond is one of an issue of bonds of like date and tenor, <br />except as to rate of interest and maturity, authorized by an <br />ordinance duly adopted by the Council of the City on January 26, <br />1960, and approved by the affirmative vote of the majority of the <br />qualified voters of the City voting upon the question of their <br />issuance at a special election held for that purpose on March 1, <br />1960, in accordance with the provisions of Clause (b) of Section <br />127 of the Constitution of Virginia, and is issued pursuant to the <br />Public Finance Act of 1958 (Chapter 19.1 of Title 15 of the Code <br />of Virginia, 1950), to pay the cost of improving the sewage disposal <br />system maintained by the City. The City has covenanted that until <br />all of the bonds of said issue have been fully paid and discharged <br />ir accordance with their terms (1) the City shall operate its <br />sewage disposal system and shall charge rates or fees for service <br />furnished by such system; and (2) such rates or fees shall be <br />fixed and maintained at a level which will produce sufficient <br />revenues to pay for the cost of operation and administration of <br />said system (including interest on bonds issued therefor) and the <br />cost of insurance against loss by injury to persons and property, <br />and an annual amount to be covered into a sinking fund sufficient <br />to pay, at or before maturity, all bonds issued to finance said <br />system; and (3) the revenues which the City derives from said system <br />in each fiscal year shall, to the extent necessary, be first applied <br />to the payment of such cost of operation and administration during <br />the fiscal year and to the payment of such annual amount payable in <br />such year; and (4) the City shall segregate and keep segregated, from <br />all other funds, all revenues derived by the City from its operation <br />and ownership of said system. <br /> <br />It is hereby certified and recited that all conditions, acts and <br />tnings required by the Constitution or statutes of the Commonwealth <br />of Virginia to exist, be performed or happen precedent to or in the <br />issuance of this bond, exist, have been performed and have happened, <br />and that the issue of bonds of which this is one, together with all <br />other indebtedness of the City, is within every debt and other limit <br />prescribed by the Constitution or statutes of the Commonwealth of <br />Virginia, and that the full faith and credit of the City are hereby <br />pledged for the payment of the principal of and interest on this bond <br />in accordance with its terms. <br /> <br />IN WITNESS WHEREOF, the City has caused its corporate seal to <br />be affixed hereto or impressed hereon, and this bond to be signed by <br />its Mayor and attpstnd by its Clerk of Council, and the annexed <br />interest coupons to be authenticated by the facsimile signatures of <br />said Mayor and Clerk of Council, and this bond to be dated March 1,1967. <br /> <br />Mayor <br /> <br />ATTEST: <br /> <br />Clerk of Council <br />