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-7- UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH GENERAL OBLIGATION PUBLIC IMPROVEMF. NT RF, FUNDING BOND, SERIFS 1992 No. PIR-92- INTEREST RATE: MATURITY DATE: DATE OF BOND: CUSIP NO.: % NOVENIBER 1, APRIL 1, 1992 737237 REGISTERED OWNER: PRINCIPAL SUM: DOLLARS 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 on the first day of November, 1992 and semiannually on the first day of May and the first day of November of each year 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, tmless 'such date of authentication is an interest payment date, in which case, from such interest payment 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 to be paid until the maturity or redemption hereof at the Interest Rate (specified above) per annum, by check mailed by the Registrar hereinafter mentioned to the Registered Owner in whose name this Bond is registered upon the books of registry of the City kept by the Registrar as of the close of business on the fifteenth (15th) day (whether or not a business day) of the calendar month next preceding each interest payment date at his address as it appears on such books of registry. The principal of and premium, if any, on this Bond are payable on presentation and surrender hereof at the office of the Director of Finance of the City, as Registrar and Paying Agent for this Bond, in the City of Portsmouth, Virginia.