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(FORM OF COUPON)
<br />
<br />No.
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of Virginig, will
<br />pay to bearer on the day of , 19 , the sum of
<br />in lawful currency of the United States of America at The Chase Manhattan Bank, N.A.,
<br />NewYork, New York, being six months' interest then due on its General Obligati~mn Bond
<br />dated , 19
<br />No.
<br />
<br />City Treasurer
<br />
<br />(FORM OF REGISTRATION)
<br />
<br /> This bond may be registered in the name of the holder on the books kept by the
<br />City Auditor of the City of Portsmouth, Virginia, as Registrar, as to principal only, such
<br />registration being n.oted hereon by the Registrar in the registration blank below, after which
<br />no transfer shall be effective against the Registrar, the City of Portsmouth and the paying
<br />agents for this bond unless made on said books by the registered holder or attorney duly autho
<br />and similarly noted by the Registrar in the registration blank below; but it may be discharged
<br />from such registration by being transferred to bearer, after which it shall be transferable
<br />by delivery, but it may be again registered as before. The registration of this bond as to
<br />principal shall not restraintthe negotiability by delivery merely of the coupons pertaining
<br />hereto, but the coupons may be surrendered and the interest made payable only to the registere
<br />holder, in which event the Registrar shall note in the registration blank below that the bond
<br />is registered as to interest as well as to principal. With the consent of the holder and
<br />the City of Portsmouth, this bond when converted into bond registered as to both principal
<br />and interest may be reconverted into a coupon bond and again converted into a bond registered
<br />as re both principal and interest, as hereinabove provided, but always at the expense of the
<br />holder. Upon reconversion of this bond, when registered as to principal and interest, into
<br />a coupon bond, coupons representing the interest to accrue on this bond to date of maturity
<br />shall be attached thereto by the Registrar, and the Registrar shall note in the registration
<br />blank below whether the bond is registered 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 /> Section 2. The full faith and credit of the City of Portsmouth shall be pledged to the
<br />paymen of the principal of and interest on the Bonds as the same become due. For the payment
<br />of such principal and interest, the City of Portsmouth shall have power and be obligated to
<br />levy ad valorem taxes without limitation as to rate or amount on all the property subject
<br />to taxation by the City.
<br />
<br /> section s. Full power and authority is hereby given the City Manager to date the Bonds
<br />as of any date within the current fiscal year, and to sell the Bonds in such manner, either
<br />at private or public sale, and at such time and place, as the City Manager may determine;
<br />provided, however, that no sale shall be made without the approval of the City Council. The
<br />City Manager is further authorized to sell the Bonds either together with or separate from
<br />any other full faith and credit bonds of the City authorized for issuance.
<br />
<br /> Full power and authority is hereby given to the City Manager of the City of Portsmouth
<br />to prepare and issue the Bonds in such form and for such sum as is authorized by Section 1
<br />hereof. The City Man-ager is authorized to cause to be imprinted on the back of each of the
<br />Bonds, a copy of the complete final legal opinion with respect to the Bonds, with the name
<br />of the attorney or attorneys rendering same, to-gether with a certification of the City Clerk,
<br />evidenced by a facsimile signature of that officer, to the effect that the copy is a true
<br />and correct copy of the legal opinion which was dated as of the date of delivery and payment
<br />of the Bonds.
<br />
<br /> Section 4. The Bonds shall not be subject to
<br />the coupons pertaining to said Bonds, shall after
<br />in payment of all dues, taxes, and assessments due
<br />
<br />taxation by the City of Portsmouth, and
<br />the maturity of said coupons, be received
<br />to the City.
<br />
<br />ized
<br />
<br /> Section 5. The proceeds arising from the sale of said Bonds shall be applied to}~Srm se~ers,
<br />payment of the costs for the construction of schools, certain other public buildings,/and
<br />streets; for the purchase of property for governmental, recreational, and port development
<br />purposes; for the purchase of equipment; for urban re-newal purposes; and to pay certain annexa:i
<br />ation costs pursuant to the order entered in the Circuit Court of the City of Chesapeake,
<br />Virginia, on October 2, 1967, annexing certain territory to the City of Portsmouth, effective
<br />January 1, 1968; including the retirement of Bond Anticipation Notes heretofore issued in
<br />anticipation of the sale of said Bonds.
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