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April 1, 1992
<br />
<br /> U1Niik~D STATES OF AMERICA
<br />
<br />COMMONWEALTH OF VIRGINIA
<br />
<br />crrY OF PORTSMOUTH
<br />
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT
<br /> ~ING BOND, SEI~r~.S 1992
<br />
<br />No. PIR-92-__ $
<br />
<br />INTEREST MATURITY
<br />RATE: DATE: DATE OF BOND: CUSIP NO.:
<br />
<br />% NOVEMBER 1, APRIL 1, 1992 737237__
<br />
<br />REGISTERED OWNER:
<br />
<br />PRINCIPAL SUI~
<br />
<br />DOLLARS
<br />
<br /> The City of Portsmouth, a municipal corporation of the Commonwealth of
<br />Virgiina (the "City"), for value received., acknowledges itself indebted and hereby promises
<br />to pay to the Registered Owner (named above), or registered as~gn% on the Maturity Date
<br />(specified above) unless tins Bond shall have bean duly called for previous redemptionand
<br />payment of the redemption price duly made or provided for, the Principal Sam (specified
<br />above) and to pay interest on such Principal Sum on the first day of November, 1992 and
<br />semiannually 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'S, from the date
<br />hereof or from 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 />paymem 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 paymeat date. in which case from such
<br />following interest payment date, such interest to be paid until the maturity or redemption
<br />hereof at the Interest Rate (specified above) per annum, by check mailed by the Registrar
<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 tne
<br />fifteenth (15th) day (whether or not a business flay) of the calendar month next preceding
<br />each interest payment date at Iris address as it appears on such books of registry. The
<br />principal of and premium, if 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 Agem
<br />for this Bond, in the City of Portsmouth, Virginia.
<br /> Thc principnl of and premium, if any, and interest on this Bond are payable
<br />in such coin or currency of the United States of America as at the ~l~e dates of
<br />payment is legal tender for public and private debts.
<br />
<br /> This Bond is one of an issue of Bonds aggregating Nine Million l~Tme l~ndred
<br />Sixty-Five Thousand Dollars ($9,965,000) in principal amount and issued fox the paxpnse of
<br />providing funds t6 refund in advance of their stated maturities and redeem certain
<br />outstanding public improvement bonds heretofore issued by the City to pay ~he costs of
<br />various public improvements of and for the City, under and pursuant l,o and in full
<br />compliance with the Constitution and statutes of the Commonwealth of xrag~ia, ianl~ding
<br />Chapter 5.1 of Tire 15.1 of the Code of Virginia, t950 (the same being the Public Finance
<br />Act of 1991), and the Charter of the City, and proceedings of the Council office City duly
<br />adopted and taken under .such Chapter 5.1 and such Charter.
<br />
<br /> The Bonds of the issue of which tins Bond is one mattalng on and after
<br />November t, 2002 (or portions thereof in installments of $5,000) are subject m xedamption
<br />at the option of the City prior to their stated maturities on or after Noveml~r ], 2001, in
<br />whole at any time, or in part from time to time on any interest payment dine ~n ~my order
<br />determined by the City (except that ff at any time less than alt of the Bonds of a given
<br />maturity are called for redemption, the particular Bonds of such maturity or portieres thereof
<br />in 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 amonm of~he Bonds
<br />to be redeemed), together with the interest accrued thereon to the date firmed for the
<br />redemption thereofi
<br />
<br /> Redemption Dates
<br />(Both Dates Inclusive)
<br />
<br />Redemption Prices
<br />(Percentage
<br />of Princioal Amoun0
<br />
<br />November 1, 2001 to October 31, 2002 102%
<br />November 1, 2002 to October 31, 2003 101
<br />NoVember 1, 2003 and thereafter ' 100
<br />
<br /> If this Bond is redeemable and this Bond (or any portion of ~ principal
<br />amount hereof in installments of $5,000) shall be railed for redemption, notice of the
<br />redemption hereof, speciOying 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 amount 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 mail, 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 />business on the forty-fifth (45th) day next preceding the date fi.xed for redemption. Ifncrtiee
<br />of the redemption of this Bond shall have been g~n as aforesaid, and payment of the
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