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November 25. 1997 EXHIBIT B UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH GENERAL OBLIGATION PUBLIC UTILITY REFUNDING BOND, SERIES 1997B REGISTERED No. PUR-97B-__ INTEREST MATURITY RATE: DATE: DATE OFBOND: DECEMBER 1, 1997 REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: 289 RE( $. CUSIP NO.: 737237 The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to the Registered Owner (named above), or registered assigns, on the Maturity Date (specified above) unless this Bond shall have been duly called for previous redemption and payment of the redemption price duly made or provided for, the Principal Sum (specified above) and to pay interest on such Principal Sum on __, and semiannually on __ and _ of each year thereafter (each such date is hereinafter referred to as an "interest payment date"), from the date hereof or from the interest payment date next preceding the date of authentication hereof to which interest shall have been paid, unless such date of authentication is an interest payment date, in which case from such interest payment date, or unless such date of authentication is within the period from the sixteenth (16th) day to the last day of the calendar month next preceding the following interest payment date, in which case from such following interest payment date, such interest to be paid until the maturity or redemption hereof at the Interest Rate (specified above) per annum, by check mailed by the Registrar hereinafter mentioned to the Registered Owner in whose name this Bond is registered upon the books of registry of the City kept by the Registrar as of the close of business on the fifteenth [15th) day (whether or not a business day) of the calendar month next preceding each interest payment date at his address as it appears on such books of registry. Interest on this Bond shall be calculated on the basis of a three hundred and sixty (360) day year comprised of twelve (12) thirty (30) day months. The principal of and premium, if any, on this Bond are payable on presentation and surrender hereof at the office of the Deputy City Manager for Finance of the City, as Registrar and Paying Agent for this Bond, in the City of Portsmouth, Virginia. The principal of and premium, if any, and interest on this Bond are payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. This Bond is one of an issue of Bonds aggregating Dollars ($. ) in principal amount and issued for the purpose of providing funds to pay the costs to refund in advance of their stated maturities and redeem certain outstanding general obligation public utility bonds heretofore issued by the City to paythe cost of capital improvements, extensions and additions to the revenue-producing water and sewerage system of