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CITY OF PORTSMOUTH, VERGINLA $12,000,000 GENERAL OBLI~ATif~N BONDS Sealed proposals for ~he 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, City Hall, 801 Crawford Street, Portsmouth, Virginia until ~welve o'clock noon, Virginia time, on Tuesday, June 17, 1980, at which time and place all proposals will be publicly o~ened. The bonds offered for sale (the "Bonds") consist of two issues of general obligation bonds: 1. $7,0G0,000 General Obligation Public Ir~rove/fent Bonds maturing in the principal amount of $350,000 on July 1 in each of the years 1981 through 2000. 2. $5,000,000 General Obligation Public Utility Bonds ma~u/ing in ~l~e principal amount of $250,000 on July 1 in each. of the years 1981 ~hrough 2000. The Bonds will be dated July 1, 1980; will be in cou~oon form registrable as to principal only or as to both principal and interest; will be of the denomination of $5,000 each; and will bear interest payable January 1, 1981, and semi-annually thereafter on July '1 and January 1 of each year. Both principal of and interest on ~he Bonds will be payable in such coin or currency of the United States of Awe/ica as at t/le respective dates of payment is legal tender for public and private debts, at the principal office of Virginia National B~nk, in Norfolk, Virginia, or, at the option of ~he holder of any Bond or coupon pertaining thereto, at the principal office of The Chase ~mmhatt~n Bamk (National Association), in the City of New York, New York, except that interest on any Bond while registered as to P~h principal and interest shall be.paid by the city. The Pounds of each issue maturing on and sfter July 1, 1991, shall be~ subject to redemption at the option of the City prior to their s[ated ~aturities on or after July 1, 1990, in whole at any time, or in par~ -frcm time to time on any interest payment date in any order determined --.by 'the City (except that if less th~n all of ~h~ Ronds of a maturity of such issue are called for redemption, ~he 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 redeeme~ together with the interest accrued thereon to the date fixed for rc~emption plus a premium of one-quarter of one percent (1/4 of 1%) of [he principal an~3t~nt of each Bond to be redeemed for each twelve (12) month period or fraction thereof be%ween the date fixed for redemption and the stated maturity date of such Bo~d. The Public Improvement Bonds are to be issued for the purpose of providing funds to pay the cost of various public improvement projects. The full faith and credLit of the City shall be pledged to the peym~nt of the principal of and interest on such Bonds as the smme become due. For the payment of such principal and interest, the City bas power and will be obligated to levy ad valorem taxes wi%tout l~mitation of rate or amount upon all property ~i~hin the City subject to taxa%ion by the City. 10