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[FORM OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND, SERIES 1996] UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND SERIES 1996 REGISTERED REGISTERED No. PIR-____ $ INTEREST MATURITY DATE OF RATE : DATE : BOND : CUSIP: % - AUGUST 1, ________ JANUARY 1, 1996 REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to the Registered Owner (named above), or registered assigns, on the Maturity Date (specified above) unless this Bond shall have been duly called for previous redemption and payment of the redemption price duly made or provided for, the Principal Sum (specified above) and to pay interest on such Principal Sum until payment of such Principal Sum in full, at the Interest Rate (specified above) per annum, on August 1, 1996 and semiannually on each February 1st and August 1st thereafter (each such date is hereinafter referred to as an "interest payment date"), from the date hereof or from the interest payment date next preceding the date of authentication hereof to which interest shall have been paid, unless such date of authentication is an interest payment date, in which case from such interest payment date if interest shall have been paid to such date, or unless such date of authentication is within the period from the sixteenth (16th) day to the last day of the calendar month next preceding the following interest payment date, in which case from such following interest payment date. Such interest is payable by check or draft mailed by the Registrar hereinafter mentioned to the Registered Owner in