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appears on such books of registry. Interest on this Bond shall <br />be calculated on the basis of a three hundred and sixty (360) <br />day year comprised of twelve (12) thirty (30) day months. The <br />principal of and premium, if any, on this Bond are payable on <br />presentation and surrender hereof at the office of the Deputy <br />City Manager for Finance of the City, as Registrar and Paying <br />Agent for this Bond, in the City of Portsmouth, Virginia. <br /> <br /> The principal of and premmum, if any, and interest on <br />this Bond are payable in such coin or currency of nhe United <br />States of America as at the respective dates of payment is legal <br />tender for public and private debts. <br /> <br />This Bond is one of an issue of Bonds aggregating _____________ <br />Dollars ($_________ ) in principal <br />amount and issued for the purpose of providing funds to pay the <br />costs to refund in advance of their stated maturities and redeem <br />certain outstanding general obligation public utility bonds <br />heretofore issued by the City to pay the cost of capital <br />improvements, extensions and additions to the revenue-producing <br />water and sewerage system of the City, under and pursuant to and <br />in full compliance with the Constitution of Virginia, including <br />Article VII, Section 10(c) (2) thereof, and the statutes of the <br />Commonwealth of Virginia, including Chapter 5.1 of Title 15.1 of <br />the Code of Virginia, 1950 (the same being the Public Finance <br />Act of 1991) and the Charter of the City, and proceedings of <br />the Council of the City duly adopted and taken under the Public <br />Finance Act of 1991 and such Charter. <br /> <br /> The Bonds of the issue of which this Bond is one <br />maturing on and after ________, _____ (or portions thereof in <br />installments of $5,000) are subject to redemption at the option <br />of the City prior to their stated maturities on or after ___________ <br />____, _____, in whole or in part from time no time on any date in <br />any order determined by the City (except that if at any time <br />less than all of the Bonds of a given maturity are called for <br />redemption, the particular Bonds of such maturity or portions <br />thereof in installments of $5,000 to be redeemed shall be <br />selected by lot), upon payment of the following redemption <br />prices (expressed as a percentage of the principal amount of the <br />Bonds to be redeemed), together with the interest accrued <br />thereon to the date fixed for the redemption thereof: <br /> <br /> Redemption Prices <br /> Redemption Dates (Percentage <br /> (Both Dates Inclusive) of Principal Amount) <br /> <br />_______ ___, _____to _______ ___, _____ % <br />_______ ___, _____to _______ ___, _____ % <br />_______ ___, _____to and thereafter % <br /> <br /> <br />