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M Me . (FORM OF BOND) UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF CHARLOTTESVILLE GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND, SERIES No. R- $ INTEREST MATURITY RATE: DATE: DATE OF BONDS: CUSIP NO.: W1 U18% REGISTERED OWNER: PRINCIPAL SUM: DOLLARS The City of Charlottesville, a municipal corporation of the Commonwealth of Virginia (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to the Registered Owner (named above), or registered assigns, on the Maturity Date (specified above) unless this Bond shall have been duly called for previous redemption and payment of the is redemption price duly made or provided for, the Principal Sum (specified above) and to pay interest on such Principal Sum on and semiannually on each _ and thereafter (each such date is hereinafter referred to as an "interest payment date"), from the date hereof or from the interest payment date next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is an interest payment date, in which case from such interest payment date, or unless such date of authentication is within the period from the sixteenth (16th) day to the last day of the calendar month next preceding the following interest payment date, in which case from such following interest payment date, such interest to be paid until the maturity or redemption hereof at the Interest Rate (specified above) per annum, by check or draft mailed by the Registrar hereinafter mentioned to the Registered Owner in whose name this Bond is registered upon the books of registry of the City kept by the Registrar as of the close of business on the fifteenth (15th) day (whether or not a business day) of the calendar month next preceding each interest payment date at his address as it appears on such books of registry. The principal of and premium, if any, on this Bond are payable on presentation and surrender hereof at the principal corporate trust office of , as Registrar, in the City of . Both principal of and premium, if any, and interest on this Bond are payable in such coin or currency of the United States of America as at the respective dates of payment thereof is legal tender for public and private debts. This Bond is one of an issue of Bonds aggregating Dollars ($ ) in principal amount issued for the purpose of providing funds to pay the cost of various public improvement projects of and for the City, under and pursuant • to and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, including Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950, as amended (the same being