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For purposes of calculating such interest:
“Interest Period” means, initially, the period from the Closing Date to and including October 1,
2026, and thereafter, the period commencing on each succeeding Interest Payment Date and ending on the
last day of that month preceding the next Interest Payment Date.
“Interest Rate” means [______]% to but not including the Initial Mandatory Tender Date, and
thereafter the applicable Remarketing Rate.
The principal of this Bond is payable upon presentation and surrender hereof at the designated
corporate trust office of the trustee, presently U.S. Bank Trust Company, National Association, a national
banking association in Atlanta, Georgia (the “Trustee”). Interest is payable on each Interest Payment Date
by check or draft mailed to the person in whose name this Bond (or one or more predecessor bonds) is
registered (the “Holder”) at the close of business on the fifteenth day of the calendar month next preceding
that Interest Payment Date (the “Regular Record Date”) on the registration books for this issue maintained
by the Trustee, as Registrar, at the address appearing therein. Any interest which is not timely paid or duly
provided for shall cease to be payable to the Holder hereof (or of one or more predecessor bonds) as of the
Regular Record Date, and shall be payable to the Holder hereof (or of one or more predecessor bonds) at
the close of business on a Special Record Date to be fixed by the Trustee for the payment of that overdue
interest. Notice of the Special Record Date shall be mailed to Holders not less than 10 days prior thereto.
The principal of and interest on this Bond are payable in lawful money of the United States of America,
without deduction for the services of the paying agent. While the Bonds are held in a book-entry system
and in certain other circumstances, all as provided in the Indenture, principal of and interest on this Bond
is required to be paid by wire transfer or other arrangement, other than any payment of the entire unpaid
principal amount hereof.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY
FROM THE PLEDGED REVENUES (AS DEFINED IN THE INDENTURE) AND FROM
OTHER MONEY PLEDGED UNDER THE INDENTURE. NEITHER THE FAITH AND
CREDIT OF THE COMMONWEALTH OF VIRGINIA (THE “COMMONWEALTH”) NOR
THE FAITH AND CREDIT OF ANY POLITICAL SUBDIVISION THEREOF (INCLUDING
THE ISSUER AND THE CITY OF NEWPORT NEWS, VIRGINIA (THE “CITY”)) ARE
PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR THE INTEREST OR PREMIUM,
IF ANY, ON THE BONDS. THE ISSUANCE OF THE BONDS SHALL NOT DIRECTLY OR
INDIRECTLY OR CONTINGENTLY OBLIGATE THE COMMONWEALTH OR ANY
POLITICAL SUBDIVISION THEREOF (INCLUDING THE ISSUER AND THE CITY) TO
LEVY ANY TAXES WHATEVER THEREFOR OR TO MAKE ANY APPROPRIATION FOR
THEIR PAYMENT EXCEPT FROM THE FUNDS PLEDGED THEREFOR. THE ISSUER HAS
NO TAXING POWER.
This Bond is designated as the Multifamily Housing Revenue Bonds (Stuart Gardens II
Apartments) Series 2026 (the “Bonds”), issuable under the Indenture of Trust, dated as of July 1, 2026 (the
“Indenture”), between the Issuer and the Trustee, in the original aggregate principal amount of $24,000,000
and issued for the purpose of making a loan (the “Loan”) to the Borrower described therein (the
“Borrower”) to finance a portion of the costs of rehabilitating, renovating, improving, constructing and
equipping of the Project, as described in the Indenture and the Loan Agreement, dated as of July 1, 2026
(the “Loan Agreement”), between the Issuer and the Borrower. The Bonds are special, limited obligations
of the Issuer, issued or to be issued under and are to be secured and entitled equally and ratably to the
protection given by the Indenture. The Bonds are issued pursuant to, under the authority of, and in
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