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.January 22, 1980
<br />
<br /> This Bond is one of an issue of Bonds aggregating Five Million Dollars ($5,OOO,OOO) in
<br />principal amount and issued for the purpose of providing funds to pay the cost of capital
<br />improvements, extensions and additions ~o 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 th~
<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 (the same being
<br />the Public Finance Act), and the Charter of the City, and proceedings of the Council of the
<br />City duly adopted and taken under said Chapter 5 and said Charter.
<br />
<br /> The Bonds of the issue of which this Bond is one maturing on and after March 1, 1991,
<br />are subject to redemption at the option of the City prior to their stated maturities on or
<br />after March 1, 1990, in whole at any time, or in part from time to time on any interest paymeD
<br />date in any order determined by the City (except that if at any time less than all of the
<br />Bonds of a maturity are called for redemption, the particular Bonds of such maturity to be-
<br />redeemed shall be selected hy 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 re-demption 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
<br />h'ereof,
<br />redemption and the premium, if any, payable upon such redemption shall be given by the City
<br />by publication of such notice once in a newspaper printed in the English language and customar
<br />published on each business day and of general circulation in the City and once ~n at least one
<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 notice
<br />in each case to be at least ~irty days prior to the date fixed for redemption. If this Bond
<br />is then r~gistered 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 redemp
<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 />given by publication, and if notice of redemption is given by publication as aforesaid, then
<br />if this'Bond'~hall 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 re-
<br />demption hereof. If notice of the redemption of this Bond shall have been given as aforesaid,
<br />and payment of the principal amount of this Bond and of the accrued interest and premium,
<br />if any, payable upon such redemption shall have been duly made or provided for, interest hereol
<br />shall cease from and after the date so specified for the redemption hereof and any coupons
<br />representing such interest shall be void.
<br />
<br />this Bond is redeemable and shall be called for redemption, notice of the redemption ~
<br />specifying the date, number and maturity of this Bond, the date and place fixed for it§
<br />
<br /> It is hereby certified, recited and declared that all acts, conditions and things require~
<br />to exist, happen or be performed precedent to and in the issuance of this Bond exist, have
<br />happened and have been performed in due time, form and manner as required by law, and that
<br />the amount of this Bond, together with all other indebtedness of the City, does not exceed
<br />any limitation of indebtedness prescribed by the Constitution or statutes of the Commonwealth
<br />of Virginia or the Charter of the City.
<br />
<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.
<br />
<br /> IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or fac-
<br />simile signatures of its Mayor and Director of Finance and the corporate seal of the City to
<br />be impressed or a facsimile thereof imprinted hereon and attested by the manual or facsimile
<br />signature of the City Clerk of the City (provided that one of such signatures hereon shall be
<br />a manual signature); the coupons pertaining hereto to be executed by the facsimile signature o
<br />the said Director of Finance; and this Bond to be dated as of the first day of March, 1980.
<br />
<br />~SEAZ~
<br />
<br />Mayor
<br />
<br />Attest¥
<br />
<br />City Clerk
<br />
<br />(Form of Coupon)
<br />
<br />Director of Finance
<br />
<br />NO.
<br />
<br /> On the first day of , , unless the Bond hereinafter mentioned
<br />shall have been duly called for previous redemption and payment of the redemption price duly
<br />made or provided for, the City of Portsmouth, Virginia, will pay to bearer upon the presentation
<br />
<br />zion
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