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Hay 27~ 1980
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<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 hereof, the principal sum of Five Thousand Dollars ($5,000) on the first day of July
<br /> (subject to the right of prior redemption hereinafter mentioned) upon the presenta=
<br />tion and surrender hereof, and to pay interest on said principal sum £~om the date hereof at
<br />the rate of per centum ( %) per annum, payable January 1, 1981, and
<br />semi-annually thereafter on July 1 and January 1 of each year.
<br />
<br /> This Bond may be registered by the holder as to principal only or as to both principal
<br />interest in accordance with the provisions for such registration endorsed hereon. If this
<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 Nor-
<br />folk, Virginia, or, at the option of the holder of this Bond, at the principal office of The
<br />Chase Manhattan Bank (National Association), in the City of New York, New York, the paying
<br />agents for this Bond, but only upon the presentation and surrender of the respective coupons
<br />annexed hereto representing such interest as the same become due and payable. The intezest
<br />on this Bond while registered as to both principal and interest shall be payable by the City
<br />by check or draft mailed to the registered owner at such owner's address as shown on the books
<br />of registry.
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<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 respective 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 Five Million Dollars ($5,000,000) in
<br />principal amount and issued for the purpose of providing funds to pay the cost of capital
<br />· mprovements, extensions and additions to the revenue producing water and sewerage system of
<br />the City under and pursuant to and in full compliance with the Constitution and statutes of
<br />Commonwealth of Virginia; including Article VII, Section lO(a)(2), of the Constitution of
<br />Virginia, Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended ,ithe same being
<br />Public Finance Act), and the Charter of the City, proceedings of the Council of the City duly
<br />adopted and taken under-said Chapner S and said Charter, and an election of the qualified
<br />voters of the City duly held pursuant to said Chapter 5 on November 4, 1975.
<br />
<br /> Th6 Bonds of the issue of which this Bond is one maturing on and after Jul)- 1, 1991, are
<br />subject to redemption at the option of the City prior to their stated maturities on or after
<br />July 1, 1990, in whole at any time, or in part from time to time on any interest payment date
<br />in any order determined by the City (except that if at any time less than all of the Bonds of
<br />maturity are called for redemption, the particular Bonds of such maturity to be redeemed shal]
<br />be selected by lot), upon payment of the principal amount of the Bonds to be redeemed
<br />with the interest accrued thereon to the date fixed for re-dsmption plus a premium of one-
<br />quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be redeemed for
<br />twelve (12) month period or fraction thereof between the date fixed for redemption and the
<br />stated maturity hereof.
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<br /> If this Bond is redeemable and shall be called for redemption, notice of the redemption
<br />hereof, specifying the date, number and maturity of this Bond, the date and place fixed for
<br />redemption and the premium, if any, payable upon such redemption shall be given by the City b
<br />publication of such notice once in a newspaper printed in the English language and customaril'
<br />published on each business day and of general circulation in the City and once in at least
<br />newspaper or financial publication printed in the English language and customarily published
<br />on each business day in the City of New York, New York, the date of publication of such
<br />in each case to be at least thirty days prior to the date fixed for redemption. If this Bond
<br />is then registered as to principal only or as to both principal and interest, notice of the
<br />redemption hereof shall be mailed not less than thirty days prior to the date fixed for
<br />by registered mail to the registered owner of this Bond at such owner's address as shown on
<br />the books of registry; provided, however, that if this Bond shall then be registered and
<br />notice of redemption is mailed as aforesaid, then notice of the redemption hereof need not be
<br />g±%~n by,publication, and if notice of redemption is given by publication as aforesaid, then
<br />if this Bond shall then be registered the failure to mail such notice as aforesaid or any
<br />defect in any notice so mailed shall not affect the sufficiency of the proceedings for the
<br />redemption hereof. If notice of the redemption of this Bond shall have been given as afore
<br />and payment of the principal amount of this Bond and of the accrued interest and premium, if
<br />any, payable upon such redemption shall have been duly made or provided for, interest hereon
<br />shall cease from and after the date so specified for the redemption hereof and any coupons
<br />representing such interest shall be void.
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<br /> It is hereby certi£ied, recited and declared that all acts, conditions and things re-
<br />quired to exist, happen or be performed precedent to and in the issuance of this Bond exist,
<br />have happened and have been performed in due time, form and manner as required by law, and
<br />that the amount of this Bond, together with all other indebtedness of the City, does not exce~
<br />any limitation of indebtedness prescribed by the Constitution or statutes of the Commonwealth
<br />of Virginia or the Charter of the City.
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<br /> The full faith and credit of the City are hereby irrevocably pledged for the payment of
<br />the principal of and interest on this Bond as the same become due. The principal hereof and
<br />interest hereon shall be payable from ad valorem taxes without limitation of rate or amount
<br />upon all property within the City subject to taxation by the City, if the revenues of the
<br />aforesaid water and sewerage system are insufficient for that purpose.
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