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200
<br />
<br />November 9, 1982
<br />
<br />by being transferred to bearer, after which this Bond shall be transferable by delivery, but
<br />this Bond may be again registered as before. The registration of this Bond as to principal
<br />shall not restrain the negotiability by delivery merely of the coupons appertaining hereto,
<br />but the coupons may be surrendered and the interest made payable only to the registered owner,
<br />in which event the Registrar shall note in the registration blank below that this Bond is
<br />registered as to interest as well as to principal. With the consent of the holder and the
<br />Registrar, this Bond when converted into a bond registered as to both principal and interest
<br />may be reconverted into a coupon bond and again converted into a bond registered as to both
<br />principal andinterest as hereinablove provided, but always at the expense of the holder. Upon
<br />reconversion of this Bond, when registered as to principal and interest, into a coupon bond,
<br />coupons representing the interest to accrue on this Bond to date of maturity shall be attached
<br />hereto by the Registrar, and the Registrar shall note in the registration blank below whether
<br />this Bond is registered as to principal only or payable to bearer.
<br />
<br />DATE OF
<br />RESIGTRATION:
<br />
<br />IN WHOSE NAME
<br />RESIGERED:
<br />
<br /> ..... -SIGNATURE OF
<br />MANNER OF
<br />REGISTARTION: REGISTRAR:
<br />
<br /> 10. The City Manager of the City is hereby authorized to publish and distribute a
<br />notice of sale of the Bonds, such publication to be made in The Bond Buyer, a financial news-
<br />paper published in the City of New York, New Yo~k, and in The Virginia Pilot, a newspaper of
<br />general circulation in the City, at least once in each such paper, with the date of the first
<br />publication to be at least seven (7) days prior to the date of sale of the Bonds. Such notice
<br />of sale shall be in substantially the following form:
<br />
<br />"NOTICE OF SALE~
<br />
<br />CITY OF PORTSMOUTH, VIRGINIA
<br />
<br />$30,000,000 GENERAL OBLIGATION BONDS
<br />
<br /> Sealed proposals for the purchase of $30,000,000 general obligation bonds herein-
<br />after described of the City of Portsmouth, Virginia, will be received at the office of City
<br />Manager, City Hall, 801 Crawford Street, Portsmouth, Virginia, until twelve o'clock noon,
<br />Virginia time, on Tuesday, November 23, 1982, at which time and place all proposals will be
<br />publicly opened.
<br />
<br />The bonds offered for sale (the 'Bonds") consist of general obligation bonds:
<br />
<br /> 1. $22,000,000 General Obligation Public Improvement Bonds maturing in the
<br />principal amount of $1,100,000 on De~ember 1 in each of the years 1983 through 2002.
<br />
<br /> 2. $8,000,000 General Obligation Public Utility Bonds maturing in the principal
<br />amount of $400,000 on December 1 in each of the years 1983 through 2002.
<br />
<br /> The Bonds will be dated December 1, 1982; will be in coupon form registrable as to
<br />principal only or as to both principal and interest; will be of the denomination of $5,000 each:
<br />and will bear interest payable June 1, 1982, and semiannually thereafter on December I and June
<br />1 of each year. Both principal of and interest on the Bonds will be payable in such coin or
<br />currency of the United States of America as at the respective dates of payment is legal tender
<br />for public and private debts, at the principal office of Virg{nia National Bank, in Norfolk,
<br />Virginia, or, at the option of the holder of any Bond or coupon appertaining thereto, at the
<br />principal office of The Chase Manhattan Bank (National Association), in New York, New York,
<br />except that interest on any Bond while registered as to both principal and interest shall be ~
<br />paid by the City.
<br />
<br /> The Bonds of each issue maturing on and after December 1, 1993 shall be subject to
<br />redemption at the option of the City prior to their stated maturities on or after December 1,
<br />1992, in whole at any time, or in part from time to time on any interest payment date in any
<br />order determined by the City (except that if less than all of the Bonds of a maturity of such
<br />issue are called for redemption, the particular Bonds of such maturity of such issue to be
<br />redeemed shall be selected by lot), upon payment of the principal amount of the Bonds to be
<br />redeemed together with the interest accrued thereon to the date fixed for redemption plus a
<br />premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be
<br />redeemed for each twelve (12) month period or fraction thereof between the date fixed for
<br />redemption and the stated maturity date of such Bond.
<br />
<br /> The Public Improvement Bonds are to be issued for the purpose of providing funds
<br />to pay the cost of various public improvement projects of and for the City. The full faith and
<br />credit of the City shall be pledged to the payment of ~he principal of and interest on such Bond
<br />as the same become due. For the payment of such principal Rnd interest, the City has power and
<br />will be obligated to levy ad valorem taxes without limitation of rate or amount upon all propert
<br />within the City subject to taxation by the City.
<br />
<br />
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