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This Bond is one of a series of $ General Obligation Public Utility <br /> Refunding Bonds, Series 2003 of the City, ("Bonds") of like date and tenor, except as to number, <br /> denomination, rate of interest and maturity, issued under the authority of and in full compliance <br /> with the Constitution and statutes of the Commonwealth of Virgin/a, and, more particularly, <br /> issued pursuant to the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Code of <br /> Virginia of 1950, as amended, Article VII, Section 10(a)(2) of the Constitution of Virginia and a <br /> Resolution adopted by the City Council on August 12, 2003 ("Resolution"). <br /> <br /> Bonds maturing on or before 1, 2013 are not subject to redemption before <br /> <br /> maturity. Bonds at the time outstanding which are stated to mature on or after 1, <br /> <br /> 2014 maybe redeemed before their maturities on or after 1, 2013 at the option of <br /> <br /> the City in whole or in part (in installments of $5,000) at any time or from time to time during <br /> the following redemption periods upon payment of the following redemption prices (expressed <br /> as a percentage of the principal amount to be redeemed) together with the interest accrued <br /> thereon to the date fixed for redemption: <br /> <br /> Redemption Period <br /> (both dates inclusive) Redemption Price <br /> <br /> 1, 2013 through 31, 2014 % <br /> 1, 2014 through 31, 2015 % <br /> i, 2015 and thereafter % <br /> <br /> If less than all of the Bonds are called for redemption, the maturities of the Bonds to be <br />redeemed shall be selected by the Chief Financial Officer of the City in such manner as such <br />officer may deem to be in the best interest of the City. If less than all of the Bonds of any <br />maturity are called for redemption, the Bonds or portions thereof to be redeemed within a <br />maturity shall be selected by The Depository Trust Company or any successor securities <br /> <br />-3- <br /> <br /> <br />