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<br /> Bond or any portion thereof called for redemption prior to maturity, within 45 days prior to its
<br /> redemption date. The registered owner of this Bond shall be deemed and treated by the Issuer and
<br /> the Paying Agent/Registrar as the absolute owner hereof for all purposes, including payment and
<br /> discharge of liability upon this Bond to the extent of such payment, and the Issuer and the Paying
<br /> Agent/Registrar shall not be affected by any notice to the contrary.
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<br /> ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without
<br /> interest coupons, in the denomination of any integral multiple of $5,000. As provided in the
<br /> Bond Ordinance, this Bond, or any uuredeemed portion hereof, may, at the request of the
<br /> registered owner or the assignee or assignees hereof, be converted into and exchanged for a like
<br /> aggregate principal amount of fully registered bonds, without interest coupons, payable to the
<br /> appropriate registered owner, assignee, or assignees, as the case may be, having the same maturity
<br /> date, and bearing interest at the same rate, in any denomination or denominations in any integral
<br /> multiple of $5,000 as requested in writing by the appropriate registered owner, assignee, or
<br /> assignees, as the case may be, upon surrender of this Bond to the Paying Agent/Registrar for
<br /> cancellation, all in accordance with the form and procedures set forth in the Bond Ordinance. The
<br /> Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for
<br /> transferring, converting, and exchanging any Bond or any portion thereof, but the one requesting
<br /> such transfer, conversion, and exchange shall pay any taxes or governmental charges required to
<br /> be paid with respect thereto as a condition precedent to the exercise of such privilege of conver-
<br /> sion and exchange. The Paying Agent/Registrar shall not be required to make any such conver-
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<br /> sion and 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 redemption prior to maturity,
<br /> within 45 days prior to its redemption date.
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<br /> IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer,
<br /> resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance that
<br /> it promptly will appoint a competent and legally qualified substitute therefor, and promptly will
<br /> cause written notice thereof to be mailed to the registered owners of the Bonds.
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<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
<br /> be performed, exist, and be done precedent to or in the authorization, issuance, and delivery of
<br /> this Bond have been performed, existed, and been done in accordance with law, that this Bond
<br /> is a special obligation; and that the interest on and principal of this Bond, together with other
<br /> outstanding revenue bonds of the Issuer, are payable from and secured by a first lien on and
<br /> pledge of the Net Revenues of said Issuer's Waterworks and Sewer System.
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<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
<br /> bonds which also may be made payable from, and secured by a lien on and pledge of the aforesaid
<br /> Net Revenues.
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