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UNITED STATES OF AMERICA <br /> COMMONWEALTH OF VIRGINIA <br /> CITY OF PORTSMOUTH <br /> GENERAL OBLIGATION PUBLIC IMPROVEMENT <br /> AND PUBLIC UTILITY <br /> BOND ANTICIPATION NOTE <br /> SERIES 2001 <br /> <br />REGISTERED REGISTERED <br /> <br />No. N-1 <br /> <br />INTEREST MATURITY DATE OF <br /> RATE DATE NOTE <br /> <br />_____% _______, 200_ _______,2001 <br /> <br />REGISTERED OWNER: __________________________ <br /> <br />PRINCIPAL SUM: TWENTY-EIGHT MILLION DOLLARS ($28,000,000) <br /> <br /> The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia (the <br />"City"), for value received, acknowledges itself indebted and hereby promises to pay to the <br />Registered Owner (named above), or registered assigns, on the Maturity Date (specified above) <br />unless this Note shall have been duly called for previous redemption and payment of the <br />redemption price duly made or provided for, the Principal Sum (specified above) and to pay <br />interest on such Principal Sum payable at maturity, at the Interest Rate (specified above) per <br />annum, such interest to be calculated on the basis of a 360-day year and the actual days between <br />the date hereof and the stated maturity hereof. <br /> <br /> The principal of and interest on this Note are payable on presentation and surrender <br />hereof at the office of the Chief Financial Officer of the City of Portsmouth, Virginia, as <br />Registrar, in the City of Portsmouth, Virginia. The principal of and interest on this Note are <br />payable in such coin or currency of the United States of America as at the date of payment is <br />legal tender for public and private debts. <br /> <br /> This Note is issued for the purpose of refinancing the City of Portsmouth, Virginia <br />$28,000,000 General Obligation Public Improvement and Public Utility Bond Anticipation Note, <br />Series 2000. This Note is issued under and pursuant to and in full compliance with the <br />Constitution and statutes of the Commonwealth of Virginia, including Article VII, Section 10(a) <br />(includ'mg a portion issued under Section 10(a)(2)) of the Constitution of Virginia, Chapter 26 of <br />Title 15.2 of the Code of Virginia, I950 (the same being the Public Finance Act of 1991), and <br />the Charter and Code of the City, ordinances and resolutions and other proceedings of the <br />Council of the City duly adopted and taken under the Public Finance Act of 1991 and such <br /> <br /> <br />