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under and pursuant to and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, including Chapter 5.1 of Title 15.1 of the Code of Virginias 1950 (the same being the Public Finance Act of 1991), the Charter and Code of the City, and proceedings of the Council of the City duly adopted and taken under such Chapter 5.1 and such Charter and Code. This Note is issued in anticipation of the issuance of a like principal amount of general obligation public improvement bonds authorized to be issued by resolutions adopted by the Council of the City on November 10, 1992 and November 9, 1993, and receipt of the proceeds of sale of such bonds. This Note is subject to redemption at the option of the City prior to its stated maturity on or after October 17, 1995, in whole at any time, at a redemption price equal to 100% of the principal amount of this Note, together with the interest accrued hereon to the date fixed for the redemption hereof. If this Note shall be called for redemption, notice of the redemption hereof, specifying the date, number and maturity of this Note, the date and place or places fixed for its redemption, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail, postage prepaid, to the Registered Owner of this Note at its address as it appears on the books of registry kept by the Director of Finance of the City. If notice of the redemption of this Note shall have been given as aforesaid, and payment of the redemption price of this Note payable upon such redemption shall have been duly made or provided for, interest on this Note shall cease to accrue from and after the date so specified for the redemption hereof. The full faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on this Note as the same respectively become due and payable. In each year while this Note is outstanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, levied and collected, an ad valorem tax upon all property subject to taxation by the City, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on this Note as the same respectively become due and payable to the extent such principal and interest shall not be paid from the proceeds of sale of the general obligation public improvement bonds of the City in anticipation of which this Note is issued.