§ 7.07. Bond issues for revenue producing utilities.

The city is hereby empowered to issue from time to time, in the manner prescribed by Article VII, Section 10 of the Constitution of Virginia, bonds of the city, for the purpose of acquiring, establishing, constructing, improving or enlarging any sewage disposal system, waterworks, gas plant, electric plant, garbage and trash disposal system, incinerator, toll bridge, motor vehicle parking area or building, airport or other public utility, from which the city may derive a revenue, for the purpose of reimbursing the general fund or any other fund of the city for monies paid from such fund or funds for such purposes, and/or for the purpose of funding or refunding any existing indebtedness incurred for such purposes. Such bonds shall not be included in determining the power of the city to incur indebtedness within the limitation prescribed by Article VII, Section 10 of the Constitution of Virginia or § 7.03 hereof, but from and after a period to be determined by the council, not exceeding five years from the date of the election authorizing such bonds, whenever and for so long as any such revenue producing utility fails to produce sufficient revenue to pay for cost of operation and administration, including the interest and amortization of such bonds, and the cost of insurance against loss by injury to persons or property, all such bonds outstanding shall be included in determining the limitation of the power of the city to incur indebtedness under any provision of this Charter or under the provisions of Article VII, Section 10 of the Constitution of Virginia. The city may, however, issue bonds from time to time for any or all of such purposes, including reimbursement of funds and the funding or refunding of existing indebtedness, in the manner prescribed by Article VII, Section 10 of the Constitution of Virginia, the principal and interest of which bonds shall be payable exclusively from the revenue of such revenue producing utilities and for which payment of principal and interest the full faith and credit of the city shall not be deemed to be pledged, notwithstanding any other provision of this Charter, and such bonds shall never be included in determining the limitation of the power of the city to incur indebtedness under the provisions of this Charter or under the provisions of Article VII, Section 10 of the Constitution of Virginia.