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<br />FORM OF BOND <br /> <br />No. R- <br /> <br />UNITED STATES OF AMERICA <br />COMMONWEALTH OF VIRGINIA <br /> <br />CITY OF PORTSMOUTH <br /> <br />GENERAL OBLIGA nON PENSION OBLIGATION BOND <br />SERIES 2013 <br /> <br />MA TURITY DATE <br /> <br />INTEREST RATE <br /> <br />CUSIP <br /> <br />REGISTERED OWNER: <br />PRINCIP AL AMOUNT: <br /> <br />The CITY OF PORTSMOUTH, VIRGINIA ("City"), for value received, acknowledges <br /> <br />itself indebted and promises to pay to the registered owner of this Bond or legal representative, <br /> <br />the 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 specified above per annum, payable semiannually on <br /> <br />, beginning on <br /> <br />, 20_. This Bond shall bear interest <br /> <br />and <br /> <br />(a) from <br /> <br />, 20_, if this Bond is authenticated before <br /> <br />, 20_ or (b) otherwise <br /> <br />that is, or immediately precedes, the date on which this <br /> <br />from the <br /> <br />or <br /> <br />Bond is authenticated; provided that, if at the time of authentication of this Bond, interest on this <br /> <br />Bond is in default, 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 of the Chief Financial Officer of the City, as Registrar and Paying Agent ("Registrar"). <br /> <br />Interest on this Bond is payable by check or draft mailed to the registered owner hereof at its <br /> <br />address as it appears on the registration books maintained by the Registrar without presentation <br />