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358
<br />
<br />January 22, 1980
<br />
<br />(Form of Bond)
<br />
<br />UNITED STATES OF AMERICA
<br />
<br />COMMONWEALTH OF VIRGINIA
<br />CITY OF PORTSMOUTH
<br />
<br />GEN~RL OBLIGATION PUBLIC
<br />
<br />IMPROVEMENT BOND
<br />
<br />No. $5,000
<br />
<br /> The City of Portsmouth (the "City), a municipal corporation of the Commonwealth of VirgiBia,
<br />hereby ackno.wledges itself indebted for value received and promises to pay to the bearer here~
<br />o~,~ or, i£~thi.s-Bond then be registered as herein provided, to the then registered owner here~
<br />of, the principal amount of Five Thousand Dollars (65,000) on the first day of March
<br />(subjec% t.? ~h~. r~ght of prior redemption hereinafter mentioned) upon the presentation and
<br />surrender ~e~of, and to pay interest on said principal sum from the date hereof at the raze
<br />of per centum (% ) per annum, payable September 1, 1980, and semi-annually there-
<br />after on March 1 and September 1 of each year.
<br />
<br /> This Bond may be registered by the holder as to principal only or as to both principal az
<br />interest in accordance with the provisions for such registrazion endorsed hereon. If this
<br />Bond shall not then be registered as to both principal and interest, the interest hereon paya~
<br />prior to maturity shall be payable at the principal office of Virginia National Bank, in Notre
<br />Virginia, or, at the option of the holder of this Bond, at the principal office of The Chase
<br />Manhmttan Bank (National Association), in the City of New York, New York, the paying agents f¢
<br />this Bond, but only upon the presentation and surrender of the respective coupons annexed
<br />hereto representing such interest as the same become due and payable. The interest on this
<br />Bond while registered as to both principal and interest shall be payable by the City by check
<br />or draft mailed to the registered owner at such owner's address as shown on the books of
<br />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 Janerica 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.
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<br /> This Bond is one of an issue of Bonds aggregating Seven Million Dollars ($7,000,000)
<br />in principal amount and issued for the purpose of providing funds to pay the cost of various
<br />public improvement projects of the City under and pursuant to and in full compliance with
<br />t~he Constitut&on and statutes of the Commonwealth of Virginia, including Chapter S of Title
<br />15.1 of the Code of Virginia, 1950, as amended the same being the Public Finance Act), and
<br />the Charter of the City, and proceedings of the Council of the City duly adopted and taken
<br />under said C~pter 5 and said Charter.
<br />
<br /> The Bonds of the issue of which this Bond ms one maturing on and after March 1, 1991,
<br />are subject to redemption a~ the option of the City prior to their stated maturities on or
<br />a£te~ March 1, 1990, in whole at any time, or in part from time to time on any interest
<br />payment date in any order determined by the City (except that if at any time less than all
<br />of the Bonds of a maturity are called for redemption, the particular Bonds of such maturity
<br />to be redeemed shall be selected by lot), upon Fayment of the principal amount of the Bonds
<br />to be redeemed together with the interest accrued thereon to the da%e fixed for redemption
<br />plus a premium of one-quarter of one percent (1/4 of 1%) of the principal amount of each
<br />Bond to be~r.edeemed for each twelve (12) month period or fraction thereof between the date
<br />fixed fo'r redemption and the stated maturity hereof.
<br />
<br /> h re em tlon
<br /> If this Bond is redeemable and shall be called for redemption, notice of t e d p '
<br />hereof, specifying the date, number an~ maturity of this Bond, the date and pla~e fixed for i~s
<br />rede~pti~ ,anR 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 custom-~
<br />arily published on each business day and of general circulation mn the City, and once in at
<br />least one newspaper or financial publication printed in the English language and customarily
<br />published on each business day in the City of New York, New York, the date of publication
<br />of such notice in each case to be at least thirty days prior to the date fixed for redemption
<br />If this Bond is then registered as to principal only or as to both principal and interest,
<br />notice of the redemption hereof shall be mailed not less than thirty days prior to the date
<br />fixed for redemption by registered mail to the registered owner of this Bond at such owner's
<br />address as shown on the books of registry; provided, however, that if this Bond shall then
<br />be registered and notice of redemption is mailed as aforesaid, then notice of the redemption
<br />hereof need not be given by publication, and if notice of redemption is given by publication
<br />as aforesaid, then if this Bond shall then be registered the failure to mail such notice
<br />as aforesaid or any defect in any notice so mailed shall not affect the sufficiency of the
<br /> proceedings for the redemption hereof. If notice of the redemption of this Bond shall have
<br />been given as aforesaid, and payment of the principal amount of this Bond and o£ the accrued
<br />interest and premium, if any, payable upon such redemption shall have been duly made or
<br />provided for, interest hereon shall cease from and after the date so specified for redemption
<br />hereof and any coupons representing such interest shall be void.
<br />
<br /> It is hereby certified, recited and declared that all acts, conditions and things re-
<br />quired to exist, happen or be performed precedent to and in the ~ssuance 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
<br />exceed any limitation of indebtedness prescribed by the Constitution or statutes of the
<br />
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