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whose name this Bond is registered upon the books of registry <br />kept by the Registrar, as of the close of business on the <br />fifteenth (15th) day (whether or not a business day) of the <br />calendar month next preceding each interest payment date. <br /> <br /> The principal of and premium, if any, on this Bond are <br />payable on presentation and surrender hereof at the office of <br />the Deputy City Manager for Finance of the City of Portsmouth, <br />Virginia, as Registrar, in the City of Portsmouth, Virginia. <br />The principal of and premium, if any, and interest on this Bond <br />are payable in such coin or currency of the United States of <br />America as at the respective dates of payment is legal tender <br />for public and private debts. <br /> <br /> This Bond is one of an issue of Bonds aggregating <br />$40,000,000.00 in principal amount and issued for the purpose <br />of providing funds to pay the cost of various public <br />improvement projects of and for the City, under and pursuant to <br />and in full compliance with the Constitution and statutes of <br />the Commonwealth of Virginia, including Chapter 5.1 of Title <br />15.1 of the Code of Virginia, 1950 (the same being the Public <br />Finance Act of 1991), the Charter of the City, and proceedings <br />of the Council of the City duly adopted and taken under such <br />Chapter 5.1 and such Charter. <br /> <br /> The Bonds of the series of which this Bond is one (or <br />portions of the principal amount thereof in installments of <br />$5,000.00) maturing on and after August 1, 2007 are subject to <br />redemption at the option of the City prior to their stated <br />maturities on or after August 1, 2006, in whole or in part at <br />any time on any date, in such order as shall be determined by <br />the City (except that if at any time less than all of the Bonds <br />of a given maturity are called for redemption, the particular <br />Bonds or portions thereof in installments of $5,000.00 of such <br />maturity to be redeemed shall be selected by lot), upon payment <br />of the following redemption prices (expressed as a percentage <br />of the principal amount of Bonds to be redeemed), together with <br />the interest accrued on the principal amount to be redeemed to <br />the date fixed for the redemption thereof: <br /> <br /> Redemption Prices <br /> Redemption Dates (Percentage of <br /> (Both Dates Inclusive) Principal Amount) <br /> <br />August 1, 2006 to July 31, 2007 101 % <br />August 1, 2007 to July 31, 2008 100 1/2 <br />August 1, 2008 and thereafter 100 <br /> <br /> <br /> <br /> <br />