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hereof, the principal sum of Five ~nousand Dollars ($5,O00) on the first day of July (subject to ~he right of prior redemption hereinafter ~entioned) upon the presentation and surrender hereof, and 'to pay interest on said principal sum from the date hereof at the rate of per centum ( %) per annum, payable January 1, 1981, ~nd semi-armually thereafter on July 1 and January 1 of each year. This Bond may be registered by the holder as to principal only or as to both principal ~nd interest in accordance with the provisions for such registration endorsed hereon. If this Bond shall not than be - registered as to both principal and interest, the interest hereon payable prior to maturity shall be payable at ~_he principal office' of Virginia National Bank, in Norfolk, Virginia, or, at the option of the holder of this Bond, at the principal office of ~ne Chase Manhattan Bank (National Association), in %he City of New York, NeW York, the paying agants for this Bond, but only upon the presentation and surrander of the respective coupons a~exed hereto representing such interest as the sawe become due and payable. The interest on this B~nd %.~aile registered as to both principal and interest shall be payable by the City by check or draft mailed to the registered owner a% such ~mer's address as sho~n on the books of registry. The principal of and premium, if any, and interest on ~his Bond are payable in such coin or currency of the United States of America as ak the respective dates of payment is legal tender for public and private debts. Such principal and prammum are payable at the principal office of either of the aforesaid paying agents for ~%is Bond. This Bond is one of an issue of Bonds aggregatiD~g Five Million Dollars ($5~OOO,COO) in principal s_~ouet and issued for the purpose of providing funds to pay the cost of capi~aI improvements, extens%ons and additions %o the revenue producing water and sewerage system of the City under and p~rsuan% to and in full compliance with the Constitution and statutes Of ~laa ~Dr~ronwealth of VirgiD-~a, including Article ~VII, Section lO(a) (2), of the Constitution of Virginia, Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended (the s~re being the Public Finance Act), and t3ae Charter of the City, p_roceeclings of the Comncil of the City duly adopted ~md taken under said ~%apter 5 and said Charter, and an election of the qualified vo~rs of the City duly held pursuant to said Chapter 5 on N~vember 4, 1975. The Bonds of the issue of which this Bond is one meturing on and after July 1, 1991, are subject to red~rption a~ the option of the City prior to their stated maturities on or after July 1, 1990, in whole at ~ny tim~, or in part from time to time on any interest payment date in any order determined by the City {except that if at any time less than all of the Bonds of a maturity are called for redemption, the particular Bonds of such maturity to be redeemed shall be selected by lot), upon paya~nt of the principal ~mount of the Bonds ~o be redeawed 6