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Section 2.05 Special Obligations. The Bonds are special, limited obligations of the Issuer
payable solely from the Trust Estate and any other revenues, funds and assets pledged under this Indenture
and not from any other revenues, funds or assets of the Issuer. The Bonds are not general obligations, debt
or bonded indebtedness of the Issuer, the Commonwealth, or any political subdivision thereof (other than
of the Issuer to the limited extent set forth in this Indenture) and the Holders of the Bonds do not have the
right to have any excises or taxes levied by the Issuer, the Commonwealth or any political subdivision
thereof for the payment of the principal of and any premium and interest on the Bonds. None of the Issuer,
the Commonwealth, or any political subdivision of the Commonwealth will be obligated to pay the principal
of and the interest on the Bonds or other costs incident thereto except from the Issuer Revenues pledged
under this Indenture.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY
FROM THE PLEDGED REVENUES (AS DEFINED IN THE INDENTURE) AND FROM
OTHER MONEY PLEDGED UNDER THE INDENTURE. NEITHER THE FAITH AND
CREDIT OF THE COMMONWEALTH OF VIRGINIA (THE “COMMONWEALTH”) NOR
THE FAITH AND CREDIT OF ANY POLITICAL SUBDIVISION THEREOF (INCLUDING
THE ISSUER AND THE CITY OF NEWPORT NEWS, VIRGINIA (THE “CITY”)) ARE
PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR THE INTEREST OR PREMIUM,
IF ANY, ON THE BONDS. THE ISSUANCE OF THE BONDS SHALL NOT DIRECTLY OR
INDIRECTLY OR CONTINGENTLY OBLIGATE THE COMMONWEALTH OR ANY
POLITICAL SUBDIVISION THEREOF (INCLUDING THE ISSUER AND THE CITY) TO
LEVY ANY TAXES WHATEVER THEREFOR OR TO MAKE ANY APPROPRIATION FOR
THEIR PAYMENT EXCEPT FROM THE FUNDS PLEDGED THEREFOR. THE ISSUER HAS
NO TAXING POWER.
ARTICLE III
TERMS OF BONDS GENERALLY
Section 3.01 Form of Bonds. The Bonds, the certificate of authentication and the form of
assignment shall be in the respective forms thereof set forth in EXHIBIT A attached hereto.
All Bonds, unless a Supplemental Indenture has been executed and delivered pursuant to
Section 8.02 hereof, shall be in fully registered form, and, except as provided in Section 3.05 hereof, the
Holder of a Bond shall be regarded as the absolute owner thereof for all purposes of this Indenture.
The Bonds shall be negotiable instruments in accordance with the Act, and shall express the
purpose for which they are issued and any other statements or legends which may be required by law. Each
Bond shall be of a single maturity.
Section 3.02 Execution and Authentication of Bonds. Each Bond shall be signed on behalf
of the Issuer by the Chairman of the Issuer and attested by the Secretary of the Issuer in their official
capacities (provided that signatures may be facsimiles). In case any officer whose signature or a facsimile
of whose signature shall appear on any Bond shall cease to be that officer before the issuance of the Bond,
his or her signature or the facsimile thereof nevertheless shall be valid and sufficient for all purposes, the
same as if such officer had remained in office until that time. Any Bond may be executed on behalf of the
Issuer by an officer who, on the date of execution is the proper officer, although on the date of the Bond
that person was not the proper officer.
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