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<br />Ordinance, this Bond, or any unredeemed portion hereof, may, at the request of the registered owner
<br />or the assignee or assignees hereof, be converted into and exchanged for a like aggregate principal
<br />amount of fully registered bonds, without interest coupons, payable to the appropriate registered
<br />owner, assignee, or assignees, as the case may be, having the same maturity date, and bearing
<br />interest at the same rate, in any denomination or denominations in any integral multiple of $5,000
<br />as requested in writing by the appropriate registered owner, assignee, or assignees, as the case may
<br />be, upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance
<br />with the form and procedures set forth in the Bond Ordinance. The Issuer shall pay the Paying
<br />Agent/Registrar's standard or customary fees and charges for transferring, converting, and
<br />exchanging any Bond or any portion thereof, but the one requesting such transfer, conversion, and
<br />exchange shall pay any taxes or governmental charges required to be paid with respect thereto as a
<br />condition precedent to the exercise of such privilege of conversion and exchange. The Paying
<br />Agent/Registrar shall not be required to make any such conversion and exchange (i) during the
<br />period commencing with the close of business on any Record Date and ending with the opening of
<br />business on the next following principal or interest payment date, or, (ii) with respect to any Bond
<br />or portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date.
<br />
<br />IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns,
<br />or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance that it promptly
<br />will appoint a competent and legally qualified substitute therefor, and promptly will cause written
<br />notice thereof to be mailed to the registered owners of the Bonds.
<br />
<br />IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly
<br />authorized, issued, sold, and delivered; that all acts, conditions, and things required or proper to be
<br />performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this
<br />Bond have been performed, existed, and been done in accordance with law, that this Bond is a
<br />special obligation; and that the interest on and principal of this Bond, together with other outstanding
<br />revenue bonds are payable from, and secured by a first lien on and pledge of the Net Revenues of
<br />said Issuer's Waterworks and Sewer System.
<br />
<br />THE ISSUER has reserved the right, subject to the restrictions stated and adopted by
<br />reference in the Ordinance authorizing this Series of Bonds, to issue additional parity revenue bonds
<br />which also may be made payable from, and secured by a lien on and pledge of the aforesaid Net
<br />Revenues.
<br />
<br />THE OWNER HEREOF shall never have the right to demand payment of this obligation out
<br />of any funds raised or to be raised by taxation, or from any source whatsoever other than the
<br />aforesaid Net Revenues.
<br />
<br />BY BECOMING the registered owner of this Bond, the registered owner thereby
<br />acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound by such
<br />terms and provisions, acknowledges that the Bond Ordinance is duly recorded and available for
<br />inspection in the official minutes and records of the governing body of the Issuer, and agrees that
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