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(Fora of Coupon) On the first day of , , unless the Bond hereinafter mentioned shall have been duly called for previous r~emphion and payment of the red~p_tion price duly made or provided for, ~he City of portsmouth, Virginia, will pay to bearer upon the presentation and surrender hereof the amount sho~m hereon in such coin or currency of the United States of America as at the date of payment hereof is legal tender for t-he payment of public and private debts, at the principal office of Virginia National Bank, ~n Norfolk, ¥irgi~a, or, at t/ne option of the bearer, at the principal office of ~ne Chase Manhattan. Bank (National Association), in the City of New York, New York, being interest then due on its General Obligahion Public Improvement Bond, dated as of July 1, i980, and n~bered No. Director of Finance (Form of Provisions for Registration) This Bond may be registered as to principal only in the name of the holder on the books of regis%ml; to be kept by the D~ector of Finance of the City of PoL~>uth, Virginia, as Registrar, such registration to be noted by the Registrar J~ the registration blar~k below. After such r~is- tration, no transfer hereof shall be effective agains~ the Regis~r~3c, the City of Portsmouth ~nd the paying agents for ~nis Bond unless made on said books by the registered c~ner or attorney duly authorized and similarly noted hereon, but %his Bond may be discharged from such registration by being transferred to bearer, after which this Bond shall be transferable by delivery, but this Bond may be again registered as before. The regis- tra~ion of ~kis Bond as to principal shall not restrain the negotiabili~ ~f delivery n~_rely of the coupons pert~ng .~reto, b,at %b~ coupons may be surrendered and the interest made palrabte only to the registered owner, in which event the Registrar shall note in the registration blank below that this Bond is registered as to interest as %~ell as to principal. With the consent of the holder and the Registrar, hhis Bond %.~n converted into a bond registered as to beth principal end interest may be reconverted into a coupon bond and again converted into a bend registered as to both principal and interest as hereinabove provided, but always at the ex~pense of the~ holder. Upon reconversion of this Bond, when regishered as ~o principal and interest, into a coupon bond, coupons representing the interest to accrue on ~his Pond to date of maturity shall be at~ached hereto b.y the Registrar, and %he Registrar shall note in the registration bla~k below whether ~his Bond is registered as to principal only or payebte to bearer.