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registered owner, in any denomination or denominations in any integral multiple of $5,000 (subject
<br />to the requirement hereinafter stated that each substitute bond issued in exchange for any portion of
<br />this Bond shall have a single stated principal maturity date), upon surrender of this Bond to the
<br />Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in
<br />the Bond Ordinance. If this Bond or any portion hereof is assigned and transferred or converted each
<br />bond issued in exchange for any portion hereof shall have a single stated principal maturity date
<br />corresponding to the due date of the installment of principal of this Bond or portion hereof for which
<br />the substitute bond is being exchanged, and shall bear interest at the rate applicable to and borne by
<br />such installment of principal or portion thereof. Such bonds, respectively, shall be subject to
<br />redemption prior to maturity on the same dates and for the same prices as the corresponding
<br />installment of principal of this Bond or portion hereof for which they are being exchanged. No such
<br />bond shall be payable in installments, but shall have only one stated principal maturity date. AS
<br />PROVIDED IN THE BOND ORDINANCE, THIS BOND IN ITS PRESENT FORM MAY BE
<br />ASSIGNED AND TRANSFERRED OR CONVERTED ONCE ONLY, and to one or more
<br />assignees, but the bonds issued and delivered in exchange for this Bond or any portion hereof may
<br />be assigned and transfened, and converted, subsequently, as provided in the Bond Ordinance. The
<br />Issuer shall pay the Paying AgentlRegistrar's standard or customary fees and charges for transferring,
<br />converting, and exchanging this Bond or any portion thereof, but the one requesting such transfer,
<br />conversion, and exchange shall pay any taaces or governmental charges required to be paid with
<br />respect thereto. The Paying Agent/Registrar shall not be required to make any such assignment,
<br />conversion, or exchange (i) during the period commencing with the close of business on any Record
<br />Date and ending with the opening of business on the next following principal or interest payment
<br />date, or, (ii) with respect to any Bond or portion thereof called for prepayment or redemption prior
<br />to maturity, within 45 days prior to its prepayment or redemption date.
<br />IN THE EVENT any Paying Agent/Registraz for this Bond 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 owner of this Bond.
<br />IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly
<br />authorized, issued, 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 />general obligation of the Issuer, issued on the full faith and credit thereof; and that ad valorem taxes
<br />sufficient to provide for the payment of the interest on and principal of this Bond, as such interest
<br />comes due, and as such principal matures, have been pledged for such payment within the limit
<br />prescribed by law, and that this Bond is additionally secured from surplus revenues of the Issuer's
<br />combined Waterworks and Sewer System, remaining after payment of all operation and maintenance
<br />expenses thereof, and all debt service and reserve required and any other payments and deposits
<br />required in connection with the Issuer's Outstanding Revenue Bonds, additional parity revenue bonds
<br />or other revenue bonds (now or hereafter outstanding), which are payable from all or any part of the
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