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Principal of and premium, if any, on the Bonds will be payable at the principal office of Bank of Virginia Trust Company, in the City of Richmond, Virginia, as Registrar for the Bonds (the "Registrar"). Interest on the Bonds will be payable by check mailed by the Registra~ to the holders of record of the Bonds as of the fifteenth (15th) day of the calendar month next preceding each interest payment date at their addresses as such addresses appear on the books of registry of the City kept by the Registrar. The Bonds of each issue maturing on and after November 1, 1996 (or portions thereof in installments of $5,000) shall be subject to redemption at the option of the City prio~ to their stated maturities on or after November 1, 1995, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the Bonds of a given maturity of either issue are called for redemption, the particular Bonds or portions thereof in installments of $5,000 of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or portions thereof in installments of $5,000) to be redeemed, together with the interest accrued thereon the date fixed for redemption, plus a premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be ~edeemed for each twelve (12) month period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond. If any Bond (or any portion of the principal amount thereof in installments of S5,000) shall be called for redemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange for the p~incipal amount thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail to the registered holder of such Bond at his address as it appears on the books of registry kept by the Registra~ for the Bonds as of the close of business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the principal amount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and p~emium, if any, payable upon such -13-