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coupon is receivable for all taxes, debts and demands due the City of Charlottesville, Issued January lst, 1924. City Treasurer COUPON NO. BOND NO. $25.00 THE CITY Or CHARLOTTESVILLE, VIRGINIA will pay on the lst day of January 1925 to the bearer hereof, at the office of the Treasurer of the said City, or at the National Park Bank of liew York, twenty five dollars in United States Currency, the Semi-annual installment of interest on the above "WATER IMPROVEMENT BOND, SERIES 1924" No _. This Coupon is receivable for all taxes, debts and demands due the City of Charlottesville. Issued January lst, 1924. City Treasurer. The said bond which bear the corporate seal of the City of Charlottesville shall be signed by the :Mayor, the Clerk of the Council and the Treausurer of said City and the coupons shall bo authenticated by the lithographed fac simile of the signature of the City Treasurer which is hereby declared to be in all respects equivalent to the manual signing thereof by said Treasurer. The proceeds of said bonds shall be used exclusively for procuring an ade- quate supply of pure water and enlarging the present filtration plant and dis- tributing system. Said bond shall be issued under the authority of section 127 of the Consitu- tion of Virginia, and section 3082 of the Code of Virginia, of 1919, as amended and said bonds shall not be included in determing the limitation of the power of the City to incur indebtedness as provided in the first paragrap# of section 127 of the Constitution because said bonds herein provided for come within the exception provided in sub -section B of section 127 of the Coostitution of Virginia as they have been approved by an affirmzitive vote of the majority of all qualified voters of the City of Char- lottesville voting upon the question of their issuance at an election held November 6th, 1923 and are for the purpose of supplying water from which the City will derive a revenue sufficient to pay for the costs of operation and administration, of main- taining the water supply including interest on the bonds and the cost of insurance against loss by injury to persons and property and an annual amount to be covered and paid into a sinking fund sufficient to pay at or before maturity all bonds issued on account, of said undertaking including those now outstanding as well as those to be issued in this series. The Council of the City of Charlottesville fixes five years from the date of said election November 6th, 1923 for determing whetrier or not, the revenue from such under- taking is sufficient to pay for the cost of operation and administration including interest on bonds issued therefor and the cost of insurance against loss by injury to persons or property and an annual amount to be covered and paid into a sinking fund sufficieht to pay at or before maturity all bond issued on account of said undertaking including those now outstanding as well as those to be issued, hereunder. While the said bonds or arty of them shall remain outstanding or unpaid there shall be levied and collected from the users of City Water a water rate sufficient to provide for the payment of tho principal and interest as the same become due and payable. Should the revenues from the water works plant be insufficient in any year to pay the coat of operation and administration of such plant (including interest on bonds issued therefor, and the cost of insurance against loss by injuries to persons or property, and an annual amount to be covered into a sinking fund sufficient to pay at or before maturity, all bonds issued on account of said undertaking, there ahll be annually levied upon all taxable property of said city such taxes as may be necessary to provide for the payment of the principal and interest of said bonds at maturity. That the Finance Committee of the amity be and is hereby authorized to to sell the whole of said issue or any part thereof and deliver tine same to The finance Committee is given absolute power to act in behalf of the City said bonds or any part thereof. Adopted by the Council January 21, 1924. Ayes, Broom, Morris, &. Joachim, Noes None. Clerk Signature President Signature