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{. <'. o. . . . without presentation of this Bond; provided that as long as Cede & Co. is the registered owner of this Bond, interest shall be paid by wire transfer. All interest payments shall be made to the registered owner as it appears on the registration books kept by the Bond Registrar on the fifteenth day of the month preceding each interest payment date. This Bond has been duly authorized by the City Council and is issued for the purpose of (i) financing the costs of various public improvements of the City; (ii) refunding certain outstanding general obligation bonds and notes of the City; (iii) refunding $ of the Industrial Development Authority of the City of Portsmouth, Virginia's $6,555,000 Variable Rate Demand Revenue Bonds, Series 1997 A (Fairwood Homes Project) and (iv) paying the costs of issuance of the Bonds. The full faith and credit of the City are irrevocably pledged for the payment of the principal of and premium, if any, and interest on this Bond in accordance with its terms. This Bond is one of a series of $ General Obligation and Refunding Bonds, Series 2005A of the City ("Bonds") of like date and tenor, except as to number, denomination, rate of interest and maturity, issued under the authority of and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, and, more particularly, issued pursuant to the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Code of Virginia of 1950, as amended, and an Ordinance adopted by the City Council on , 2005 ("Ordinance"). Bonds maturing on or before , 20_ are not subject to redemption before maturity. Bonds at the time outstanding which are stated to mature on or after , 20 may be redeemed before their maturities on or after , 20_ at the option of the City in whole or in part (in installments of $5,000) at any time or from time to time during the following -2-