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<br /> <br /> Exhibit B <br /> FORM OF BOND <br /> <br /> UNITED STATES OF AMERICA <br /> COMMONWEALTH OF VIRGINIA <br /> <br />No. R- CITY OF PORTSMOUTH <br /> <br /> GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND <br /> SERIES 2001 <br /> <br />MATURITY DATE INTEREST RATE CUSIP <br /> <br /> REGISTERED OWNER: <br /> <br /> PRINCIPAL AMOUNT: <br /> <br /> CITY OF PORTSMOUTH, VIRGINIA ("City"), for value received, acknowledges itself <br /> indebted and promises to pay to the registered owner of this Bond or legal representative, the <br /> principal mount stated above on the maturity date set forth above and to pay interest on the <br /> principal amount of this Bond at the rate specified above per annum, payable semiarmually on <br /> <br /> 1 and 1, beginning on 1, 2001. This Bond shall bear interest (a) <br /> <br />from __ _, 2001, if this Bond is authenticated before 1, 2001 or (b) otherw/se <br /> <br />from the 1 or 1 that is, or immediately precedes, the date on which this <br /> <br />Bond is authenticated; provided that, if at the time of authentication of this Bond, interest on this <br />Bond is in default, this Bond shall bear interest from the date to which interest has been paid. <br />Both principal of and interest on this Bond are payable in lawful money of the United States of <br />America. The principal of this Bond is payable upon presentation and surrender hereof at the <br /> <br />office of , as Bond Registrar and Paying Agent ('!Bond Registrar"). <br /> <br />Interest on this Bond is payable by check or draft mailed to the registered owner hereof at its <br />address as it appears on the registration books maintained by the Bond Registrar without <br />presentation of this Bond; provided that as long as Cede & Co. is the registered owner of this <br /> <br /> <br />