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of the Commonwealth of Virginia, and, more particularly, issued pursuant to the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Code of Virginia of 1950, as emended, a Resolution adopted by the City Council on January ,2001 ("Resolution"). Bonds maturing on or before , are not subject to redemption before mann/ry. Bonds at the time outstanding which are stated to mature on or after may be redeemed before their maturities on or after , at the option of the City in whole or in part (in installments of $5,000) at any time or fi:om time to time during the following redemption periods upon payment of the following redemption prices (expressed as percentage of the principal emoun~ to be redeemed) together with the interest accrued thereon the date fixed for redemption: Redemption Period (both dates inclusive) Redemption Price _____ __, _____ through _____ __, _____,. _____% _____ __, _____ through _____ __, _____, _____% _____ __, _____ and thereafter _____% If less than all of the Bonds are called for redemption, the maturities of the Bonds to be redeemed shall be selected by the Chief Financial Officer of the City in such manner as such officer may deem to be in the best interest of the City. If Iess than all of the Bonds of any maturity are called for redemption, the Bonds or portions thereof to be redeemed within a maturity shall be selected by The Depository Trust Company or any successor securities depository, or if the book-entry-only system is discontinued, by lot by the Bond Registrar, each portion of $5,000 principal emount being counted as one Bond for such purpose. If any of the Bonds or portions thereof are called for redemption the Bond Registrar shall send notice of the call for redemption identifying the Bonds by serial or CUSIP numbers, and in the case of partial redemption, identifying the principal amount to be redeemed, and identifying the redemption date and price and the place where Bonds are to be surrendered for payment, by facsimile transmission, registered or certified mail or overnight express delivery not less than 30 nor more than 60 days before the redemption date to the registered owner of each Bond to be redeemed at such owner's address as it appears on the registration books maintained by the Bond Registrar, but failure to mail such notice shall not affect the validity of the proceedings for redemption. Provided funds for their redemption are on deposit at the place of payment on the redemption date, all Bonds or portions thereof so called for redemption shall cease to bear interest on such date, shall no longer be secured by the Resolution and shall not be deemed to be outstanding. If a portion of this Bond shall be called for redemption, a new Bond in principal emount equal to the unredeemed portion hereof will be issued to the registered owner upon the surrender of this Bond. The Bonds are issuable as fully registered bonds in denominations of $5,000 and integral multiples thereof. Any Bond may be exchanged for a like aggregate principal emount of Bonds -2-