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• 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 redemption price duly made or provided for, the Principal Sum (specified above) and to pay interest on such Principal Sum until the payment of such Principal Sum in full, at the Interest Rate (specified above) per annum, 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. [To be substituted if the interest payment date is the 15th day of the month: or unless such date of authentication is within the period from the first (1st) day to fourteenth (14th) day of the calendar month in which the following interest payment date shall occur, in which case from such following interest payment date]. Such interest is payable on each interest payment date by check mailed by the Registrar • hereinafter mentioned to the Registered Owner hereof at his address as it appears on the books of registry 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. [To be substituted if the interest payment date is the 15th day of the month: Such interest is payable on each interest payment date by check mailed by the Registrar hereinafter mentioned to the Registered Owner hereof at his address as it appears on the books of registry kept by the Registrar, as of the close of business on the last day (whether or not a business day) of the calendar month next preceding each interest payment date.] Interest on this Bond shall be calculated on the basis of a three hundred and sixty day (360) year comprised.of twelve (12) thirty (30) days months. The principal of and premium, if any, on this Bond are payable on presentation and surrender hereof at the office of the Director of Finance of the City, as Registrar, in the City of Charlottesville, Virginia. The 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 a series of Bonds of like date, tenor and denomination except as to number, interest rate and maturity 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 26 of Title 15.2 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991) and an ordinance and other proceedings of the Council of the City duly adopted and • taken under the Public Finance Act of 1991. 373936.1 022828 ORD