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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 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 May, 1986 and semiannually on the first day of November and the first day of May 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 authentication is an interest payment date, in which cas~, from such interest payment date, or unless such date of authentication is within the period from the sixteenth (l~th) 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 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 principal office of Bank of Virginia Trust Company, as Registrar, in the City of Richmond, Virginia. The principal of and premium, if any, and interest on this Bond are payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. This Bond is one of an issue of Bonds aggregating N~e Million Eight Hundred Fifty Thousand Dollars ($9,850,008) in principal amount and issued for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the revenue-producing water and sewerage system of the City under and pursuant to and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, including Article UII, Section 10(a)(2), of the Constitution of Virginia, Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended (the same being the Public Finance Ac~), and the Charter of the City, proceedings of the Council of the City duly adopted and taken under such Chapter 5 and such Charter, and an election of the qualified voters of the City duly held pursuant to such Chapter 5 on November 2, 1982.