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$5,000 each; and will bear interest payable June 1, 1983, and semiannually thereafter on December 1 and June 1 of each year. Both principal of and interest on the Bonds will be 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, at the principal office of Virginia National Bank, in Norfolk, Virginia, or, at the option of the holder of any Bond or coupon appertaining thereto, at the principal office of The Chase Manhattan Bank (National Association), in New York, New York, except that interest on any Bond while registered as to both principal and interest shall be paid by the City. The Bonds of each issue maturing on and after December I, 1993 shall be subject to redemption at the option of the City prior to their stated maturities on after December 1, 1992, 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 maturity of such issue are called for redemption, the particular Bonds of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be red%emed together with the interest accrued thereon to 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 redeemed for each twelve (12) month period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond. The Public Improvement Bonds are to be issued-for the purpose of providing funds to pay the cost of various public improvement projects of and for the City. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation of rate or amount upon all property within the City subject to taxation by the City. The Public Utility Bonds are to be issued for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system. The full faith and credit of the City shall be pledged to pay the principal of and interest on such Bonds as the above become due. For the payment of such principal and interest, the City has power and will be obligated to levv ad valorem taxes without limitation of rate or amount upon ~11 proper~y within the City subject to taxation by the City, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufficient for that purpose. 11