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The Bon~s may be redeemable, or not redeemable, as the City Manager may determine, and if redeemable, shall be redeemable at such times and prices as he may determine within the limits of the Public Fi- nance Act of 1958. The date, interest payment dates~ interest rate or rates, maturities and redemption terms and prices, if any, of the Bonds shall be submitted to the City coUncil for its approval prior to the issuance and-delivery of the Bonds. The proceeds aris- ing from the sale of the Utility Bonds shall be applied to the pay- ment of the costs of acquiring, cofistructing~reconstructing~ improv- ing, extending or enlarging~the' revenue producing undertakin~ of the Cit~, consisting of its water, seWer and ~ewage disposal system Of the City and to-no other pur0oSe.;[The:Utility.Bonds shall be issued in coupon'form, registrable cipal and interest in accordan~:~ith the form~of r~gistratisn thereof hereinafter set forth. ,The Utility Bonds shall be si City Treasurer of the City ofP5 upon the Utility Bonds.may be a simile of the seal of the on, attested by the facsimile attached to the Utility Bonds ture of the ~ity Treasurer. thereto shall be substantially ..... ?¼ ........ UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF POETSMOUTH the Mayor~ and by the f W~ose signatures A f~c~ [ ~e impri~ted?there,~ · The UTILITY BOND No.__ $5,000.00 The City of Portsmouth, a municipal corporation of the Com- monwealth of Virginia, hereby acknowledges itseif indebted for Value received and promises to pay to the b~arer, or if this bond be regis- tered, to the registered holder hereof~ on the day of l~ , the sum of Five Thousand. Dollars, upon the surrender hereof~ and to pay interest at the rate of per centum per annum payable semi-annually on the day of and in each year, after date, until maturity, upon surrender of the an- .nexed co~pons as they severally become'due, or if this Bond be regis- tered as to both principal and interest, to the' registered holder hereof. Both principal and interest oF this bond are payable in law- ful currency of the United States of America, at The Chase Manhattan Bank, N.A.,-N~w York~ New York. This bond may be registered by the holder as to principal or as to both principal and interest in accordance with the provisions for such registration endorsed hereon. This bond is one of a serie~ aggregating One Million Five :Hundred Thousand Dollars, and is issued for the purpose 'of making