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286
<br />
<br />Sept~mh~ ~7~ 3~77
<br />
<br />(FORm of Bond)
<br />
<br />UNITED STATES OF ~viERICA
<br />
<br />COMMOb2¥EALTH OF VIRGINIA
<br />
<br />CITY OF PORTSMOUTH
<br />
<br />GENERAL OBLIGATION BOND
<br />
<br />No. $5,000
<br />
<br /> The City of Portsmouth, (the "City"), a municipal corporation of the Commonwealth of
<br />Virginia, hereby acknowledges itself indebted for value received and promises to pay to the
<br />bearer hereof, or, if this bond then be registered as herein provided, to the then registered
<br />owner hereof, the principal amount of Five Thousand Dollars ($5,000.) on the first day of
<br />January 19 , (subject to the right of prior redemption hereinafter mentioned) upon the
<br />presentation and surrender hereof, and to pay interest on said principal sum from the date
<br />hereof at the rate of percentum ( %) per annum, payable July 1, 1978, and semi-
<br />annually thereafter on January 1 and July 1 of each year.
<br />
<br /> This bond may be registered by the holder as to principal only or as to both principal
<br />and interest in accordance with the provisions for such registration endorsed hereon. If
<br />this bond shall not then be registered as to both principal and interest the interest hereon
<br />payable prior to maturity shall be payable at the principal office of The Chase Manhattan
<br />Bank (National Association) in the City of New York, New York, the paying agent for this
<br />bond, but only upon the presentation and surrender of the respective coupons annexed hereto
<br />representing such interest as the same become due and payable. The interest on this bond
<br />while registered as to both principal and interest shall be payable by the City by check
<br />or draft mailed to the registered owner at such owner's address as shown on the books of
<br />registry.
<br />
<br /> The principal of and premium, if any, and interest on this bond are payable in such
<br />coin or currency of the United States of America as at the respective dates of payment is
<br />legal tender for the payment of public and private debts. Such principal and premium are
<br />payable at the principal office of the aforesaid paying agent for'this bond.
<br />
<br /> This bond is one of an issue of bonds aggregating Seven Million Dollars ($7,000,000.)
<br />in principal amount and issued for the purpose of providing funds to pay the cost of various
<br />public improvement projects of the City under and pursuant to and in full compliance with
<br />the Constitution and statutes of the Commonwealth of Virginia, including Ckapter 5 of Title
<br />15.1 of the Code of Virginia, 1950, as amended (the same being the Public Finance Act), the
<br />Charter of the City and proceedings of the Council of the City duly adopted and taken under
<br />said Chapter 5.
<br />
<br /> The bonds of the issue of which this bond is one maturing on and after January 1, 1989,
<br />are subject to redemption at the option of the City prior to their stated maturities on or
<br />'after January 1, 1DSB, in whole at any time, or in part from time to time on any interest
<br />payment date in any order determined by the City (except that if at any time less than all
<br />of the bonds of a maturity are called for redemption, the particular bonds of such maturity
<br />to be redeemed shall be selected by lot), upon payment of the principal amount of the bonds
<br />to be redeemed together with the interest accrued thereon to the date fixed for redemption
<br />plus a premium of one-half of one percent of the principal amount of.each bond to be redeemed
<br />for each six month period or fraction thereof between the date fixed for redemption and the
<br />stated maturity hereof, such premium in any event not to exceed three percent of such principal
<br />amount.
<br />
<br /> If this bond is redeemable and shall be called for redemption, notice of the redemption
<br />hereof, specifying the date, number and maturity of this bond, the date and place fixed for
<br />its redemption and the premium, if any, payable upon such redemption shall be given by the
<br />City by publication of such notice once in a newspaper printed in the English language and
<br />customarily published on each business day and of general circulation in the City, and once
<br />in at least one newspaper or financial publication printed in the English language and custom-
<br />arily published on each business day in the City of New York, New York, the date of publicatio:
<br />of such notice in each case to be at least thirty days prior to the date fixed for redemption.
<br />If this bond is then registered as to principal only or as to both principal and interest,
<br />notice of the redemption hereof shall be mailed not less than thirty days prior to the date
<br />fixed for redemption by registered mail to the registered owner of this bond at such owner's
<br />address as shown on the books of registry; provided, however, that if this bond shall then
<br />be registered and notice of redemption is mailed as aforesaid, then notice of the redemption
<br />hereof need not be given by publication, and if notice of redemption is given by publication
<br />as aforesaid, then if this bond shall then be registered the failure to mail such notice
<br />as aforesaid or any defect in any notice so mailed shall not affect the sufficiency of the
<br />proceedings for the redemption hereof. If notice of the redemption of this bond shall have
<br />been given as aforesaid, and payment of the principal amount of this bond and of the accrued
<br />interest and premium, if any, payable upon such redemption shall have been duly made or provided
<br />for, interest hereon shall cease from and after the date so specified for the redemption /
<br />hereof and~any coupons representing such interest shall be void.
<br />
<br /> It is hereby certified, recited and declared that all acts, conditions and things require
<br />to exist, happen or be performed precedent to and in the issuance of this bond exist, have
<br />happened and have been performed in due time, form and manner as required by law, and that
<br />the amount of this bond, together with all other indebtedness of the City, does not exceed
<br />
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