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<br />Exhibit B <br />FORM OF BOND <br /> <br />UNITED STATES OF AMERICA <br />COMMONWEALTH OF VIRGINIA <br /> <br />No. T- <br /> <br />CITY OF PORTSMOUTH <br /> <br />TAXABLE GENERAL OBLIGATION REFUNDING BOND <br />SERIES 2006B <br /> <br />;vIAIL:RIlY DATE <br /> <br />INTEREST RATE <br /> <br />CUSIP <br /> <br />REGISTERED OWNER: <br /> <br />PRINCIPAL AMOUNT: <br /> <br />CITY OF PORTSMOUTH, VIRGINIA ("City"), for value received, acknowledges itself <br /> <br />indebted and promises to pay to the registered owner of this Bond or legal representative, the <br /> <br />principal amount stated above on the maturity date set forth above and to pay interest on the <br /> <br />principal amount of this Bond at the rate specitied above per annum, payable semiannually on <br /> <br />and , bcginning on <br />~~-- --'~ <br /> <br />, 200_. This Bond shall bear interest <br /> <br />(al from <br /> <br />.200_. if this Bond is authenticated before <br /> <br />, 200_ or (b) otherwise <br /> <br />tr"111 the <br /> <br />or <br /> <br />that is, or immediately precedes, the date on which this <br /> <br />Bond is authenticatcd; provided that, if at the time of authentication of this Bond, intcrest on this <br /> <br />Bond is in dcfault, this Bond shall bear interest from the date to which interest has been paid. <br /> <br />Both principal of and interest on this Bond are payable in lawful money of the United States of <br /> <br />America. The principal of this Bond is payable upon presentation and surrender hereof at the <br /> <br />office uf thc Chief Financial Omcer of the City, as Registrar and Paying Agent ("Registrar"). <br /> <br />Interest ,1I1 this Bond is payable by check or drati mailed to the registered owncr hereof at its <br /> <br />address as it appears on the registration books maintaincd by the Registrar without presentation <br /> <br />uf this I>ond: provided that as long as Cede & Co. is the registered owner of this Bond. interest <br />