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CHARTER Ch. 11, § 8 permitted by law now' o~ hereafter i~!..effe~t;' pr0~;~a~i,'however, that in determining this limitation to incur indebtedness, there shall not be:included the classes of indebtedness specifically provided for in Article VII, Section 10 (a) (1), (2), (3) and (4) of the Constitution of Virginia of nineteen hundred and seventy-one (1971). (Acts1981, Ch. 201, § 1) Sec. 7. Payment of principal and interest. Irrespective of the provisions of Chapter 1, § 2, paragraph (1) of this Charter relating to the tax limit on real and personal property, the full faith and credit of the City of Martinsville shall be deemed to be pledged for the punctual payment of the principal of aad,. int~elrest on every bond and note issued under this act [Charter], except the classes of indebtedness specifically provided for in Article VII, Section 10 (a) (1), (2), (3) and (4) of the Constitution of Virginia of nineteen hundred and seventy-one (1971). The council of the City of Martinsville shall have power to annually levy and collect a tax ad valorem upon all taxable property in the city, sufficient to pay the principal and the interest on all bonds issued under this act [Charter], as such principal and interest become due; provided, however, that such tax may be reduced by the amount of other moneys appropriated and actually available for said purposes. In the case of bonds pledging the full faith and credit of the City of Martinsville, the council may, if it deems prudent, annually set aside from the resources of the city a sum not less than one (1) per centum of the aggregate bonded indebtedness of the city pledging the full faith and credit thereof, not payable within one year, whether heretofore, or hereafter contracted, except that no sinking fund shall be required for bonds heretofore or hereafter issued in serial form or for revenue bonds or term bonds required to be redeemed by mandatory sinking fund redemption; provided, however, that nothing herein contained shall be construed. to authorize the council to discontinue any sinking fund which may be required for bonds issued pursuant to Clause B, Section 127 of the Constitution of Virginia of nineteen hundred and two; provided further, any such amounts required to be set aside for bonds heretofore issued, shall continue to be set aside until such. bonds have been paid or provided for. The fund thus set aside shall be called the sinking fund and shall be applied to the payment of the bonded indebtedness of said city, as it shall become due, and if no part be due and payable, the sinking fund may be invested as permitted by law now or hereafter in effect. (Acts 1954, Ch. 104; Acts 1981, Ch. 201, § 1) Sec. 8. Sinking fund commissioners. The sinking fund commission for the city shall be composed of the mayor, city commis- sioner of revenue and the city treasurer, whose duties shall be to take over annually from the treasurer, and invest the sinking fund as .herein provided; and shall annually submit a report to the council showing the condition and amount of the sinking fund. A bond with satiSfactory surety shall be required of the sinking fund commissioners, the amount of which. shall be fixed by ordinance. No fees nor commissions shall be paid to any officer for the handling and control of the sinking fund. 27