|
January 14, 1992
<br />
<br />REGI:~TI~RED OWNER:
<br />
<br />PR]NC]PAL SUM:
<br />
<br /> The City of Portsmouth. a municipal corporation of the Commonwealth of
<br /> Virginia (the "City"), for ~'~lue receivec, acknowledges itself indebted and hereby promises
<br /> to pay to the Registered O~'~vner (named above), or registered assigns, on the Maturity Date
<br /> (specified above) unless this Bond shall have been duly called for previons redemption and
<br /> payment of the redemption price duly made or provided fan the Principal Sum (specified
<br /> above) and to pay interest on such Principal Sum until payment of such Principal Sum in
<br /> full. at the Interest Rate (specified above) per annurm on ,19__ and semiannually
<br /> on each and thereafter (each such dateis hereinafter
<br />referrec/ to as an "interest payment date"), ,from the date hereof or fa'om the interest
<br />payment date next preceding the date of authentication hereof to which interest shall have
<br />been paid, unless such date of authentication is an interest payment date. in which case from
<br />such interest payment date if interest shall have paid to such 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 fram such
<br />following interest payment dam. Such interest~ is payable by check or draft mailed by the
<br />Registrar hereinafter mentioned to the Registered O~,naer in whose name this Bond is
<br />registered upon the books of regist~ kept by the Registrar. as of the cla~e of business on
<br />the fifteenth (15th) day (whether or not a business day) of the calendar month next
<br />preceding each interest payment date.
<br />
<br /> The principal of and premium, if any, on this Bond are payable on
<br /> presentation and surrender hereof at the pnncipal office of , as
<br /> Registrar, in of , . The principal
<br />of and premium, if any, and interest on this Bond are payable in such ~n or currency of
<br />the United States of America as at the respective dates of payment is legal tender for public
<br />and private debts.
<br />
<br /> This Bond is one of an issue of Bonds aggregating Twenty-Three Million
<br />Thirty-Five Thousand Dollars ($23,035,000) in principal amount and isled for the purpose
<br />of providing funds to pay the cost of various public improvement pr~eCts of and for the
<br />ClW, under and pursuant to and in full compliance with the Constitution and statutes of the
<br />Commonwenlth of Vh'ginia. including Chapter 5.1 of Tire 15.1 of the Code of Virginia. 1950
<br />(the same being the Public Finance Act of 1991), '~he Charter of the City, and proceedings
<br />of the Council of the City duty adopted and taken under such Chapter 5.1.
<br />
<br /> The Bonds of the series of which this Bond is one (or porI~ons of the principal
<br />amouar thereof in installments of $5.000) maturing on and after are subject
<br />to redemption at the option of the Ci~ prior to their stated ma~unties on or after
<br /> , in whole at any time or in parr on any interest payment date in such
<br />order as shall be determined by the City (except that if at any time less than all of the Bonds
<br />of a given maturity are called for redemption, the particular Bonds of such maturity to be
<br />redeemed shall be selected by lot), upon payment of the principal amount of the Bonds (or
<br />portions of the principal amount thereof in installments of $5.000) to be redeemed, together
<br />with the interest accrued thereon to the date fixed for redemption, plus a premmm of
<br />[INSERT REDEMPTION PREMIUMS].
<br />
<br /> If this Bon~ ~is redeemable and this Bond [or any portion of the principal
<br /> amount hereof) shall be called for redemption, notice of the redemption hereof, specifying
<br /> the date. number and maturity of this Bond. the date and place or places fixed for its
<br /> redemption, the premium, if any, payable upon such redemption, and if tass than the entire
<br /> principal amount of this Bond is to be redeeme6., that this Bond must b~ surrendered in
<br /> exchange for the principal amount hereof to be redeemed and the issuance of a new Bond
<br /> or Bonds equalling in principal amount that portion of the principal amount hereof not
<br /> redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for
<br /> redemption by first class mall, postage prepaid, to the Registered Owner of this Bond at his
<br /> 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 fixed for redemption. If notice
<br /> of the redemption of this Bond (or the portion of the principal amount hereof to be
<br /> redeemed) shall have been given as aforesaid, and payment of the principal amount of this
<br /> Bond (or the portion of the principal amount hereof to be redeemedl and of the accrued
<br /> interest and premium, if any, payable upon such redemption shall have been duly made or
<br /> provided fat. interest on this Bond (or on the portion of the principal amount hereof to be
<br /> redeemed~ shall cease to accrue from and after the date so specified for the redemption
<br /> hereof.
<br />
<br /> Subject to the limitations and upon payment of the charges, if any, provided
<br /> in the proceedings aathorizing the Bonds of the series of which this Bond is one. this Bond
<br /> may be exchanged at the principal office of the Registrar for a like aggregate principal
<br /> amoum of Bonds of other authorized ~rincipal amounts and of the series of which this Bond
<br /> is one. This Bond is transferable by the Registered Owner hereof, ha person or by his
<br /> attorney duly authorized in writing, on the books of registry kept by tl~ Registrar for such
<br /> purpose at the principal office of the Registrar but only in the merrier, subject to the
<br /> limitations and upon payment of the charges, if any, provided in the progeed~ngs authorizing
<br /> the Bands of the series of which this Bond is one. and upon the s~ender hereof for
<br /> cancellation. Upon such transfer a new Bond or Bonds of authorized denominations and
<br /> of the same aggregate pnncipal amount, series, imerest rate and maturi~ as the Bond
<br /> surrendered, will be issued to the transferee in exchange herefor.
<br />
<br /> The full faith and credit of the City are hereby irrevocably pledged to the
<br /> punctual payment of the prinopel of and interest on this Bond as the same respectively
<br /> become due and payable. In each year while this Bond is outstanding and unpaid, there
<br /> shall be assessed, levied and collected, at the same time and in the same manner as other
<br /> taxes in the City are assessed, levied and collected, an ad valorem tax upon all property,
<br /> subject to taxation by the City, without limitation as to rate or amount, sufficient to provide
<br /> for the paymem of the princxpal of and interest on this Bond as the same respectively
<br /> became due and payable.
<br />
<br />
<br />
|