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CIT~ OF PORTSMOUTH, VLRGINIA $12,O00,O00 GENERAL OBLIGATION BONDS Sealed proposals for the purchase of $12,000,000 general obligation bonds hereinafter described of the City of Portsmouth, Virginia, will be received at the office of the City Manager, -_Nknlicipal Building, Portsmouth, Virginia until twelve o'clock Noon, Virginia time, on ~hursday, February 28, 1980, at which time and place all preposals will be publicly _opened. The bends offered for sale (the "Bonds") consist of two issues of general obligation bonds: 1. $7,000,OO0 General Obligation Public Improvemem_t B~nds m~tnring in the principal amount of $350,000 on March 1 in each of the years 1981 h~rough 2COO. 2. $5,000,000 General Obligation P~blic Utility Bonds maturing in the principal amount of $250,0OO on March 1 in each of th~ years 1981 and 2000. The Bonds will be dated March 1, 1980; will be in coupon form registrable as to prJ~ncipal only or as to both principal and interest; will be of the denominat/on of $5,000 each; and will bear interest _payable September 1, 1980, and semi-annually thereafter on March 1 and September 1 of each year. Both p mnclpal of and interest on the Bonds will be payable in .such coin or currency of the United States of ~eriea as at the respective dates of _!knyment 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 Bonds or coupon pertaining %hereto at the pz.,-nclpal office of The Chase ~imqhattan Bank (National Association), in the City of New while registered as to both principal and interest shall be paid bv the City. - The Bonds of each issue maturing on and after ~.~rch 1, 1991, shall be subjech~ to redem~ption at the option of the Ci%~_j prior to their stated maturities on or after ~ch 1, 1990, in whole at a~y time, or in Dart from t~e to iL_me 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 pr~--ncipat amount of the Bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption plue a premium of one-quarter of one percent (1/4 of 1%) of the principal a~ount of each Bond to be redeemed for each twelve (12) month period or fraction thereof bet~,een the date fixed for redemption and the stated maturity date of such Bond. ~e Public Improv~nent Bonds are to be issued for the puzpose of providing funds ho pay %he cost of various public improvement projects. The full faith ~nd credit of the Cit-y shall be pledged to the paymen~ of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, the Ciqy has Dower and will be obligated to levy ad valorem taxes vgithout limitation ~f rate or amount upon all property within the City subject to ~nxation by the City. 10