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( FOR/~ OF BOND) UNITED STATES OF ~ERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH PUBLIC IMPROVEMENT AND REFUNDING BOND, SERIES 1987 $ No. R- INTEREST MATURITY ORIGINAL RATE: DATE: ISSUE DATE: CUSIP: REGISTERED HOLDER: 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 Holder (named above), or registered assigns, on the Maturity Date (specified above) unless this Bond shall have been duly called for previous redemption and pa~ent 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, 1987 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, unless such date of authen- tication is an interest payment date,:'in which case, from such interest payment date, or unless such date of authen- tication 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 Holder 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 no5 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 principal corporate trust office of · as Registrar and Paying Agen~ for this Bond, in the City of , Virginia.