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April 1, 1992
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<br /> The principal 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 respective dates of
<br />paymem is legal tender for publle and private debts.
<br />
<br /> This Bond is one of an issue of Bonds aggregating Five Million Eight Hundred
<br />Thousand Dollars ($5,800,000) in principal amount and issued for the purpose of providing
<br />[unds to refund in advance of their stated maturities and redeem certain outstanding general
<br />port obligation improvement bonds heretofore issued by the City to pay the costs of port
<br />improvements of and for the City, which port improvements constitute a revenue-producing-
<br />undertaking of the City, under and pursuant to and in fail compliance with the Constitution
<br />and statntes of the Commonwealth of Virginia~ including Chapter 5.1 of Title 15.1 of the
<br />Code of V'n-ginia, 1950 (the same being the Public Finance Act of 1991), and the Charter
<br />of the City, and proceedings of the Council of the City duly adopted and taken under such
<br />Chapter 5.1 and such Charter.
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<br /> The Bonds of the issue of which this Bond is one maturing on and after
<br />November 1, 2002 (or portions thereof in iasmllments 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 m time on any interest payment date in any order
<br />determined by the City (except that if ar any time less than ail of the Bonds of a gwen
<br />mararity are called for redemption, the particular Bonds of sueh maturity or portions thereof
<br />in installments of $5,000 ro be redeemed shall be selected by lot), upon paymem of the
<br />following redemption prices (expressed as a percentage of the principal amount of the Bonds
<br />to be redeemed), together with the interest accrued thereon to the date fixed for the
<br />redemption thereof:
<br />
<br /> Redemption Dates
<br />(Both Dates Inclusive)
<br />
<br />Redemption Prices
<br />(Percentage
<br />of Pfincinal Amount)
<br />
<br />November 1, 2001 to October 31, 2002
<br />November 1, 2002 to October 31, 2003
<br />November 1, 2003 and thereafter
<br />
<br />102%
<br />101
<br />100
<br />
<br /> If this Bond is redeemable and this Bond (or any portion of the principal
<br />amount thereof 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 plaices 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 pnncipal amount thereof to be redeemed and a
<br />new Bonder Bonds issued equalling in principal amount that portion of the principal
<br />amount hereof not to be redeemed, shall be mailed not less than thirty (30) days prior to
<br />the date .fix.~d for redemption by first class marl, postage prepaid, to the Registered Owner
<br />hereof at hi,~ address' as i't appears on the books of regist~ kept by the Registrar as of the
<br />dose of business on the for¥fifth (45th) day next preceding the date fixed for redemption.
<br />Ii' notice .of [thc redemption offs Bond shall have been g~van as aforesaid, and paymem
<br />of the pnncipal amount of this Bond (or the portion of the principal amount hereof to be
<br />redeemed) and of the accruedinterest and premium, ff any, payab e upon such redemption
<br />aha[l, hflve'~een duly made or provided for, interest hereon shall cease to accrue from and
<br />meter the d~te so specified for the redemption hereof.
<br />
<br /> Subject to the limitations and upon payment of the charges, if any, provided
<br />in the proceedings authorizing the Bonds of the issue of which this Bond is one. this Bond
<br />may be exchanged at the office of the Registrar for a like aggregate principal amount of
<br />Bonds of other authorized pnncrpal amounts and of the same issue, interest rate and
<br />maturity. 'i'[his Bond is transferable by the Registered Owner hereof, in person or by his
<br />attorney duly authorized in writing, on the books of registry kept by the Registrar for such
<br />purpose at the office of the Registrar but only in the manner, subject to the limitations and
<br />upon paym at of the charges, ff any, provided in the proceedings authorizing the Bonds of
<br />the issue of vhich this Bond is one, and upon the surrender hereof for cancellation. Upon
<br />such transfer a new Bond or Bonds of authorized denominations and of the same aggregate
<br />principal m roan[ interest rate and maturity as the Bond surrendered, will be issued to the
<br />mmsferee n exchange herefor.
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<br /> The Bond shall not be valid or obligatory unless the certificate of
<br />authentica~ n hereon shall have been manually signed by oi' on behalf of the Registrar.
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<br /> The full faith and credit of the City are hereby irrevocably pledged to the
<br />payment of the principal of and interest on this Bond as the same become due. The
<br />principal hereof and interest hereon shall be payable from ad valorem taxes without
<br />limitation of rate or amount upon alt property within the City subject to taxation by the City,
<br />if and.to th~ extent the revenues of the aforesaid port improvements are insufficient for that
<br />purpose.
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<br /> It is hereby certified, recited and declared that all acts, conditions and things
<br />required to ~xist, happen or be performed precedent to and in the/ssuance of this Bond do
<br />exist, have l~.a. ppened and have been performed in due time, form and manner as required
<br />by law, and ~hat the amount of this Bond, together with all other indebtedness of the City,
<br />does not exceed any limitation of indebtedness prescribed by the Constitution or statutes of
<br />the CommOnwealth of Virginia or the Char~er of the City.
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