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upon presentation and surrender hereof on June 30, 1983, and to pay interest (computed on the basis of a 360-day year of~twelve 30-day months) on such principal amount from the date hereof at the rate of tea per centum ( t0 ~ %) per annum, payable at maturity. The principal of and interest on this Note are payable i~ such coin or currency of the United States of America ~s at the respective dates of payment is legal tender for public and private dgbts at the principal corporat~ trust office of Virginia National Bank, in Norfolk, Virginia,.or, at the option of the holder of this Note/ at the principaI corporate trust office of The Chase Manhattan Bank,'N.A., in New York, New York,~ the paying agents for this-Note, only upon the presentation and surrender hereof. .This Note is'~0ne~of an issue of Notes aggregating Three .~iliion Two HundEed Thousand Dollars ($3,200,000) in principal amount~issued ~y the City under and pursuant to and in ~hll c0mpliance with the constitution and statutes of . the CommQnwealth of, Virginia, including Chapter 5 of Title 15.1 of the Code of Virginia, 19.50, as amended (the same being the Publi~ FinanCe Act), and thelCharter of the City, as amended, and p~Oce~ings of the Council of the City duly ~ad0pted and taken ~nde~Chapter 5 and such Charter, ~including a resolution adopted by such Council on June 22, 1982 (the "Note ~eso!ution"!. The Notes of the issue of' which this'Notei~ One are issued for the purpose of paying -la portion of the costs of wastewater treatment works of and for the City in anticipation of the receipt by the City of revenues consisting of the proceeds of a grant from the h United states of America, acting by and throug the - Environmental~Protection Agency. This Note ~s not subject to redemption or prepayment prior to its stated maturity. :':~ This and ~he ' ' · ssue of whichlthis Note is one - are payable (i)as to interest from the pro.ceeds of sale of the Notes deposited in the Note Repayment Account created and established pursuant to, and to be~held in trust and administered by the City under, the Note Resolution; and '(ii) as to principal from the proceeds of the aforementioned grant to the extent the same shall exceed $1,204,020 which proceeds shall be deposited in the Note Repayment Account. There is hereby pledged to the payment of the principal of and interest on this Note as the same become due the proceeds of the aforementioned grant and the proceeds of the