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EXHIBIT A UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA No. N-1 CITY OF PORTSMOUTH REVENUE ANTICIPATION NOTE, SERIES 2001 CITY OF PORTSMOUTH, VIRGINIA ("City"), for value received, acknowledges itself indebted and promises to pay to ___________________ (the "Bank") as the registered owner of this Note, its successors or assigns, the principal amount of Ten Million Dollars ($10,000,000), at maturity on June 30, 2002, subject to prior redemption, and to pay interest on the outstanding balance of this Note at maturity at the annual rate of ______%. The outstanding principal balance of this Note shall bear interest from the date hereof. Both principal of and interest on this Note are payable in lawful money of the United States of America upon presentation and surrender hereof at the office of the Bank, as Registrar ("Registrar"). Interest shall be calculated on the basis of a 365-day year and paid for the actual number of days elapsed. This Note has been duly authorized by the City Council and is issued in anticipation of the collection of taxes and revenues of the City. This Note is issued under the authority of and in full compliance with the Constitution and statutes of the Commonwealth of Virginia. and, more particularly, issued pursuant to Section 15.2-2629 of the Public Finance Act of 1991. Chapter 26 of Title 15.2 of the Code of Virginia of 1950. as ameuded, and a resolution adopted by the City Council on December 11, 2001 ("Resolution"). This Note is subiect to prepayment in whole or in part, in increments of $1,000,000, at any time or from time to time at the option of the City without penalty or premium, provided that the City gives at least 15 days prior written notice to the registered owner hereof of such prepayment. This Note is issued as a single fully registered note in a single denomination equal to the principal amount hereof. This Note may be transferred only by an assignment duly executed by the registered owner hereof or such owner's attorney or legal representative in a form satisfactory to the Registrar. Such transfer shall be made in the registration books kept by the Registrar upon presentation and surrender hereof and the City shall execute anew Note having an equal aggregate principal amount of the same form and maturity, bearing interest at the same rate, and registered in the name as requested by the then registered owner hereof or such owner's attorney or legal representative. Any such exchange shall be at the expense of the City, except that the Registrar may charge the person requesting such exchange the amount of any tax or other governmental charge required to be paid with respect thereto. -3-