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<br />EXHIBIT B <br /> <br />[FORM OF TEMPORARY BOND] <br /> <br />NO. TR-l <br /> <br />$ <br /> <br />UNITED STATES OF AMERICA <br />COMMONWEAL TH OF VIRGINIA <br />CITY OF PORTSMOUTH <br />General Obligation School Bond <br />Series 2009 <br /> <br />The CITY OF PORTSMOUTH, VIRGINIA (the "City"), for value received, hereby <br />acknowledges itself indebted and promises to pay to the VIRGINIA PUBLIC SCHOOL <br />AUTHORITY ("VPSA") the principal amount of DOLLARS ($ ), <br />in annual installments in the amounts set forth on Schedule I attached hereto commencing on <br />September I, 20_ and continuing each September 1 thereafter to and including September I, <br />20_ (each a "Payment Date"), subject to redemption as hereinafter provided. This Bond shall <br />[not bear interest] [bear interest at a rate equal to _% per year]. The principal of and interest, <br />if any, and premium, if any, on this Bond are payable in lawful money of the United States of <br />America. <br /> <br />For as long as VPSA is the registered owner of this Bond, , as bond <br />registrar (the "Bond Registrar"), shall make all payments of the principal of and interest, if any, <br />and premium, if any, on this Bond, without the presentation or surrender hereof, to or at the <br />direction of VPSA, in immediately available funds at or before 11 :00 a.m. on the applicable <br />Payment Date or date fixed for redemption. If a Payment Date or date fixed for redemption is <br />not a business day for banks in the Commonwealth of Virginia or for the Commonwealth of <br />Virginia, then the payment of the principal of and interest, if any, and premium, if any, on this <br />Bond shall be made in immediately available funds at or before 11 :00 a.m. on the business day <br />next succeeding the scheduled Payment Date or date fixed for payment or redemption. Upon <br />receipt by the registered owner of this Bond of said payments, written acknowledgment of the <br />receipt thereof shall be given promptly to the Bond Registrar, and the City shall be fully <br />discharged of its obligation on this Bond to the extent of the payment so made. Upon final <br />payment, this Bond shall be surrendered to the Bond Registrar for cancellation. <br /> <br />The full faith and credit of the City are irrevocably pledged for the payment of the <br />principal of and interest, if any, and the premium, if any, on this Bond. The ordinance adopted <br />by the City Council of the City on October 13, 2009 (the "Local Ordinance"), authorizing the <br />issuance of this Bond provides, and Section 15.2-2624, Code of Virginia 1950, as amended (the <br />"Virginia Code"), requires, that there shall be levied and collected an annual tax upon all taxable <br />property in the City subject to local taxation sufficient to provide for the payment of the principal <br />of and interest, if any, and premium, if any, on this Bond as the same shall become due which tax <br />shall be without limitation as to rate or amount and shall be in addition to all other taxes <br />authorized to be levied in the City to the extent other funds of the City are not lawfully available <br />and appropriated for such purpose. <br /> <br />99841842 <br /> <br />McGuireWoods LLP Draft of 10/3/09 <br />