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against the tax imposed by Chapter 1 ("Chapter 1 ") of the Code determined based on the Tax Credit Rate set forth below in accordance with Section 54A of the Code. "Tax Credit Allowance Date" means with respect to any of this Bond, (i) each March 15, June 15, September 15, and December 15, beginning on the first such date after the Dated Date and ending on the Maturity Date of this Bond, or such earlier date on which this Bond is redeemed in full. The Owner of this Bond on the Tax Credit Allowance Dates specified above shall be allowed a Tax Credit against the tax imposed by Chapter 1 of the Code in an amount equal to twenty five percent (25%) of the annual .credit deternined with respect to this Bond, being the product of: (i) the Tax Credit Rate of %, and (2) the outstanding face amount of this Bond. Notwithstanding the foregoing, Section 54A of the Code limits the Tax Credit allowed to the Owner of this Bond for any taxable year to an amount not to exceed the excess of (i) the sum of the regular tax liability (as defined in Section 26(b) of the Code) plus the tax imposed by Section 55 of the Code, over (ii) the sum of the credits allowable under Part 1 of Subtitle A, Chapter 1, Subchapter A of the Code (other than subparts C, I and J of Part 1). Section 54A(c)(2) of the Code permits the carryover of unused Tax Credits to the extent described therein.] The principal of this Bond is payable upon presentation and surrender hereof at the office of the Director of Finance of the City (the "Director of Finance"), as Bond Registrar and Paying Agent (the "Bond Registrar"). Interest on this Bond is payable by check or draft mailed to the registered owner hereof without presentation of this Bond at such owner's address as it appears on the registration books maintained by the Bond Registrar on the fifteenth day of the month preceding each interest payment date. [Interest on this Bond shall be computed on the basis of a year of 360 days and twelve 30- daymonths.] This Bond shall not be valid or obligatory for any purpose unless and until authenticated at the foot hereof by the Bond Registrar. This Bond is 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, Title 15.2 of the Code of Virginia of 1950, as amended, and a resolution adopted by the Council of the City (the "Council") on August 23, 2016 (the "Resolution"). The City is issuing the Bonds and using the proceeds of the sale thereof, along with other available City funds, to (i) finance a portion of the public school building rehabilitation and repair projects in the City's Long-Term Capital Improvement Program for the Portsmouth Public Schools and (ii) pay 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, premium, if any, and interest on this Bond in accordance with its terms. The Council is authorized to and shall levy and collect annually, at the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon all taxable property within the City, over and above all other taxes authorized or limited by law, and without limitation as to rate or A-2