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April 1, 1992
<br />
<br />No. PUR-92-_
<br />nX~EREST
<br />
<br /> UNtieD STATES OF AMERICA
<br /> COMMO~TH OF V[RGIiNIA
<br />
<br /> UI'£Y OF POR'If'~OUTH
<br />
<br />GENERAL OBLIGATION PUBLIC UTILITY
<br />
<br />MATURFrY
<br />DATE:
<br />
<br />NOV]EMBER 1,
<br />
<br />REG1S 1ERED OWN~P,:
<br />PRINCIPAL SUM:
<br />
<br />DATE OF BOND:
<br />
<br />APRIL 1,-il992
<br />
<br />CUS~ NO.:
<br />
<br />737237
<br />
<br />DOLLARS
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of
<br />Virginia (the "Cig'), for value received, acknowledges itself indebted and hereby promises
<br />to pay to the Registered Owner [named above), or registered assigns, on'the Maturity Date
<br />(specified above) unless this Bond shall have been duly called for previous redemption and
<br />payment of the redemption price duly made or provided for, the Principal Sum [specified
<br />above) and to pay interest on such Principal Sam on the flint day of November. 1992 and
<br />sem~aunually on the first day of May and the first day of November of each year thereafter
<br />(each such date is hereinafter referred to as an "interest payment date"), from the date
<br />hereof or [rom the interest payment date next preceding the date of authentication hereof
<br />to which interest shall have been paid, unless such date of authentication, is an interest
<br />payment date, in which case, from such interest payment date, or unless such date of
<br />authentication is within the period from the sixteenth (16th) day to the last day of the
<br />calendar month next preceding the following interest payment date, in which case from such
<br />following interest payment date. such interest to be paid until the maturity or redempfio~
<br />hereof at the Interest Rate (specified above) per annum, by check mailed by the Regixtrar
<br />hereinafter mentioned to the Registered Owner in whose name this Bond is registered upon
<br />the books of registry of the City kept by the Registrar as of the close of business on the
<br />fifteenth (15th) day (whether or not a business day) of the calendar month nero preceding
<br />each interest payment date at his address as it appears on such books of registry. The
<br />principal of and premium, ff any, on this Bond are payable on presentation and surrender
<br />hereof at the office of the Director of Finance of the City, as Registrar and Paying Agent
<br />for this Bond, in the City of Portsmouth, Virginia.
<br />
<br /> The principal of and premium, ff any, and interest on this Bond are payable
<br />in such coin or currency of the United States of America as at the respective dates of
<br />payment is legal tender for public and private debts.
<br />
<br /> This Bond is one of an issue of Bonds aggregating Four Million Eight Hundred
<br />Thirty Thousand Donars ($4,830,000) in principal amount and issued for the purpose of
<br />providing funds to refund in advance of their stated maturities and redeem certain
<br />outstanding general obligation public utility bonds heretofore issued by the City to pay the
<br />cost of capital improvements, extensions and additions to the revenue-producing water and
<br />sewerage system of the City, under and pursuant re and ia full compliance with the
<br />Constitution and statutes of the Commonwealth of Virginia, including Article VII, Section
<br />10(a)(2), of the Constitution of Vkginla, Chapter 5.1 of Tire 15.1 of the Code of Virginia.
<br />1950 (the same being the Public Finance Act of 1991), and the Charter of the City,
<br />proceedings of the Council of the City duly adopted and taken under such Chapter 5.1 and
<br />such Charter.
<br />
<br /> The Bonds of the issue of which this Bond is one maturing on and after
<br />November 1, 2002 [or portions thereof in installments of $5,000) are subject to redemption
<br />at the option of the City prior to their stated maturities on or after November 1, 2001, in
<br />whole at any time, or in part from time to time on any ~nteresl payment date in any order
<br />determined by the City (except that if at any time less than all of the Bonds of a g/yen
<br />mmurity are called for redemption, the particular Bonds of such maturity or portions thereof
<br />m installments of $5.000 to be redeemed shall be selected by lot), upon payment of the
<br />following redemption prices (expressed as a percentage of the principal amount of Bonds
<br />to be redeemed), together with the interest acceded thereon to the date fixed for the
<br />redemption thereof:.
<br />
<br /> Redemption Dates
<br />(Both Dates Inclusive)
<br />
<br />November 1, 2001 to October 31, 2002
<br />November L 2002 to October 31, 2003
<br />November 1, 2003 and thereafmr
<br />
<br />Redemption Prices
<br />(Percentage
<br />of PrincinaI Amount)
<br />
<br /> If this Bond is redeemable and this Bond (or any por~ion of the prinmp~l
<br />amount hereof in installments of $5.000) shall be called for redemption, notice of the
<br />redemption hereof, specifying the date. number and maturity of this Bond, the date and
<br />place or places fixed for its redemption, the premium, if any, payable upon such redemption,
<br />and if less than the entire principal amount of this Bond is to be redeemed, that this Bond
<br />must be surrendered in exchange for the principal amount hereof to be redeemed and a new
<br />Bond or Bonds issued equalling in principal amoum that portion of the principal amount
<br />hereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date
<br />fixed for redemption by first class maii, postage prepaid, to the Registered Owner hereof at
<br />his address as it appears on the books of registry kept by the Registrar as of the close of
<br />
<br />307
<br />
<br />
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