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November 9~;~ 1983
<br />
<br />(Form~of Bon~)
<br />
<br />UNITED STATES OF ~4ERICA
<br />
<br />COMMONWEALTH OF VIRGINIA
<br />
<br />GENERAL
<br />
<br /> CITY OE PORTSMOUTH
<br />
<br />OBLIGATION PUBLIC IMPROVEMENT BOND
<br />
<br /> ~ $5,000
<br />No. -~
<br />
<br /> The City of Portsmouth (the "City"), a municipal corporation of the Commonwealth of
<br />Virginia, hereby acknowledges itself indebted for value received and promises to pay to the
<br />bearer hereof, or, if this Bond then be registered as herein provided, to the then registered
<br />owner her~of~ ~he principal amount of Five Thousand Dollars ($5,000) on the first day of
<br />December, (subject to the right of prior redemption hereinafter mentioned) upon the pre-
<br />sentation an--fi-d--surrender hereof, and to pay interest on such principal sum from the date hereof
<br />at the rate of per centum (% ) per annum, payable June 1, 1983, and semiannually there-
<br />after on December 1 ,and June 1 of each year.
<br />
<br /> This Bond may ~e registered by the holder as to principal only or as to both principal an<
<br />interest in accordance with the provisions for such registration endorsed hereon. If this Bond
<br />shall not then be registered as to both principal and interest, the interest hereon payable
<br />prior to maturity shall be payable at the principal office of Virginia National Bank, in Norfol
<br />Virginia, or, at the option of the holde~ of this Bond, at the principal office of The Chase
<br />Manhattan Bank (National Association), in New York, New York, the paying agents for this Bond,
<br />but only upon the presentation and surrender of the respective coupons annexed hereto repre~
<br />senting such interest as the same become due and payable. The interest on this Bond while
<br />registered as to both principal and interest shall be payable by the City by check or draft
<br />mailed to the registered owner at such owner's address as shown on the books of registry.
<br />
<br /> The principal of and premium, if any, and interest on this Bond are payable in such coin
<br /> or currency of the United States of America as at the respec.tive dates of payment is legal
<br /> tender for public and private debts. Such principal and premium are payable at the principal
<br /> office of either of the aforesaid paying agents for this Bond.
<br />
<br /> This Bond is one of an issue of Bonds aggregating Twenty-Two Million Dollars ($22,000,000)
<br />in principal amount and issued for the purpose of providing funds to pay the cost of various
<br />public improvement projects of and for the City under and pursuant to and in full compliance
<br />with the Constftution and statutes of the Commonwealth of Virginia including Chapter 5 of Title
<br />}5.1 of the Code of Virginia, 1950, as amended (the same being the Public Finance Act), and the
<br />Charter of the CitE, and proceedings of the Council of the City duly adopted and taken under
<br />such Chapter $ and such Charter.
<br />
<br /> 'The Bonds of the issue of which this Bond is one maturing on and after December 1, 1993
<br /> are subject to redumption at the option of the City prior to their stated maturities on or
<br /> after December 1,.,1,992, in whole at any time, or in part from time to time on any interest
<br /> payment 4~e in any order determined by the City (except that if at any time less than all of
<br /> the Bond5 of a maturity are called for redemption, the particular Bonds of such maturity to be
<br /> redeemed sha%% 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 hereof.
<br />
<br /> If this Bqnd.is redeemable and.shall be called for redemption, notice of the redemption
<br />· sher'eo~, specifying the date, number and maturity of this Bond, the date and place fixed for its
<br />-'redemptioff and the premium, if any, payable upon such redemption shall be given by the City by
<br />publication of suchmotice once in a newspaper printed in the English language and customarily
<br />published on each business day and of general circulation in the City, and once in at leas~ one
<br />newspaper or financial publication printed in the English language and customarily published o~
<br />each business day in New York, New York, the date of publication of such notice in each case tc
<br />be at least thirty days prior to the date fixed for redemption. If this Bond is then registere
<br />as to principal Only or as to both principal and interest, notice of the redemption hereof
<br />shall be mailed not less than thirty days prior to the date fixed for redemption by registered
<br />~ail to the registered owner of this bond at such owner's address as shown on the books of
<br />registry; provfded, however, that if this Bond shall then be registered and notice of redemptic
<br />is mailed as aforesaid, then notice of the redemption hereof need not be given by publication,
<br />and if notice of..redemption is given by publication as aforesaid, then if this bond shall then
<br />be registered the failure to mail such notice as aforesaid or any defect in any notice so
<br />mailed shall not affect the sufficiency of the proceedings for the redemption hereof, If notic
<br />of the redemption of this Bond shall ha~e been given as aforesaid, and payment of the principal
<br />amount of this Bong and of the accrued interest and premium, if any, payable upon such redempti
<br />shall.have been duly made or provided for, interest hereon shall cease from and after the date
<br />so speci~ for redemption hereof and any coupons representing such interest shall be void.
<br /> If is hereby certified, recited and declared that all acts, conditions and things required
<br /> to exist, happen 0% be performed precedent to and in the issuance of this Bond exist, have
<br /> happened and have [een performed in due time, form and manner as required by law, and that the
<br /> amount:of this Bond, together with all other indebtedness of the City, does not exceed any
<br /> limitation of indebtedness prescribed by the Constitution or statutes of the Commonwealth of
<br /> Virginia or the Charter of the City. The full faith and credit of the City are hereby irrevoc-
<br /> ably pledged to the payment of the principal of and interest on this Bond as the same become do
<br />
<br />
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