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392
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<br /> This bond may be registered as to principal only in the name of the holder on the
<br />books of registry to be kept by the Director of Finance of the City of Portsmouth, Virginia,
<br />as Registrar, such registration being noted hereon by the Registrar in the registration
<br />blank below, after which no transfer shall be effective against the Registrar, the City
<br />of Portsmouth and the paying agent for this bond unless made on said books by the registered
<br />owner or attorney duly authorized and similarly noted by the Registrar in the registration
<br />blank below; but it may be discharged from such registration by being transferred to bearer,
<br />after which it shall be transferable by delivery but it may be gistered as before, The
<br />registration of this bond as to principal shall not restrain the negotiability by delivery
<br />merely of the coupons pertaining hereto, but the coupons may be surrendered and the interest
<br />made payable only to the registered owner, in which event the Registrar shall note in the
<br />registration blank below that this bond is registered as to interest as well as to principal.
<br />W~hhthe consent of the holder and the Registrar, this bond when converted into a bond
<br />registered as to both principal and interest may be reconverted into a coupon bond and
<br />again converted into a bond registered as to both principal and interest as hereinabove
<br />provided, but always at the expense of the holder. Upon reconversion of this bond, when
<br />registered as to principal and interest, into a coupon bond, coupons representing the interesl
<br />to accrue on this bond to date of maturity shall be attached thereto by the Registrar,
<br />and the Registrar shall note in the registration blank below whether the bond is registered
<br />as to principal only or payable to bearer.
<br />
<br /> DATE OF IN WHOSE NAME MANNER OF SIGNATURE OF
<br /> REGISTRATION: REGISTERED: REGISTRATION: REGISTRAR:
<br />
<br /> 9. The City Manager of the City is hereby authorized to publish and distribute a
<br />[otice of sale of the Bonds, such publication to be made in The Daily Bond Buyer, a financial
<br />newspaper published in the City of New York, New York, and in Virginian-Pilot ,
<br />a newspaper of general circulation in the City, at least once in each such paper, with
<br />the date of the first publication to be at least seven (7) days prior to the date of sale
<br />of the Bonds. Such notice of sale shall be in substantially the following form:
<br />
<br />'NOTICE OF SALE
<br />
<br />CITY OF PORTSMOUTH
<br /> VIRGINIA
<br />
<br />$10,000,~000
<br />
<br />GENERAL OBLIGATION BONDS
<br />
<br /> Sealed proposals for the purchase of $10,000,0OO principal amount of General Obligation
<br />Bolds.of the~ity of Portsmouth, Virginia, will be received at the office of the City Manager,
<br />M~:~a~gB~l%ding, Portsmouth, Virginia, until twelve o'clock Noon, Virginia time, on Thursda
<br />July 29, 1976, at which time and place all proposals will be publicly opened.
<br /> The bonds will be dated August 1, 1976; will be in coupon form registrable as to principa
<br />only or as to both principal and interest; will be of the denomination of $S,000 each; will
<br />bear interest payable semi-annually on February 1 and August 1 commencing February 1, 1977;
<br />and will mature serially in numerical order in the principal amount of $$00,OOO on August
<br />1 in each of the years 1977 through 1996. Both principal of and interest on the bonds will
<br />be payable in such coin or currency of the United States of America as at the respective
<br />dates of payment is legal tender for the payment of public and private debts, at the principal
<br />office of The Chase Manhattan Bank (National Association) in the City of New York, New York,
<br />except that interest on any bonds while registered as to both principal and interest shall
<br />be paid by the City.
<br /> The bonds maturing cn and after August 1, 1987, shall be subject to redemption at the
<br /> option of the City prior to their stated maturities on or after August 1, 1986, in whole
<br /> at any time, or in part from time to time on any interest payment date in any order determine~
<br /> by the City (except that if less than all of the bonds of a maturity are called for redemption
<br /> the particular bonds of such maturity to be redeemed shall be selected by lot), upon payment
<br /> of the principal amount of the bonds to be redeemed together with the interest accrued thereon
<br /> to the date fixed for redemption plus a premium of one-half of one percent of the principal
<br /> amount of each bond to be redeemed for each six month period or fraction thereof between
<br /> the date fixed for redemption and the stated maturity date of such bond, such premium in
<br /> any event not to exceed three percent of such principal amount.
<br /> The bonds shall be general obligations of the City. The full faith and credit of the
<br /> City shall be pledged to the payment of the principal of and interest on the bonds as the
<br /> same become due. For the payment of such principal and interest, the City has power and
<br /> will be obligated to levy ad valorem taxes without limitation as to rate or amount on-all
<br /> the property subject to taxation by the City.
<br /> Bidders shall specify the rate or rates of interest per annum to be borne by the bonds,
<br /> to be expressed in multiples of one-eighth or one-twentieth of one percent. Bidders shall
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