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Interest on the bonds shall be payable on February l <br />and August 1 of each year, commencing February 1, 1977. The <br />bonds shall be numbered from 1 upwards and shall be in <br />substantially the form hereinafter set forth. The bonds <br />shall be subject to redemption prior to maturity as set <br />forth in the form of bond hereinafter. The Utilities Commission <br />is hereby authorized to sell the bonds at public sale on <br />sealed bids, and the Utilities Commission is authorized <br />(upon consultation with the City's fiscal agent) to distribute <br />a notice of sale and other descriptive documents for the <br />purpose of effecting a sale of the bonds on the best terms <br />obtainable. The sale of the bonds shall be approved by <br />resolution of the City Council, which resolution shall set <br />forth the terms of the bonds as they are being issued, <br />including interest rates, semiannual interest requirements, <br />annual principal and interest requirements, bond numbers, <br />denominations and the designation of a trustee and paying <br />agent. <br />Section 4. The bonds shall be executed on behalf of the <br />City by the Mayor and City Clerk and shall have impressed <br />thereon the seal of the City. The bonds may be executed <br />by the facsimile signature of the Mayor and the interest <br />coupons attached to the bonds may be executed by the facsimile <br />signature of the Mayor. Any facsimile signature of the <br />Mayor shall have the same force and effect as if personally <br />signed by him. The bonds must be executed by the manual <br />signature of the City Clerk. The bonds, together with interest <br />thereon, shall be payable solely from the Water and Sewer <br />Refunding Bond Fund as hereinafter set forth, and shall be <br />a valid claim of the holders thereof only against such fund <br />and the revenues pledged to such fund, which revenues are <br />hereby pledged and mortgaged for the equal and ratable payment <br />