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<br /> of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any
<br /> notice to the contrary.
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<br /> ALL CERTIFICATES OF OBLIGATION OF THIS SERIES are issuable solely as
<br /> fully registered certificate of obligations, without interest coupons, in the denomination of
<br /> any integral multiple of $5,000. As provided in the Certificate of Obligation Ordinance, this
<br /> Certificate of Obligation, or any unredeemed portion hereof, may, at the request of the
<br /> registered owner or the assignee or assignees hereof, be converted into and exchanged for
<br /> a like aggregate principal amount of fully registered certificate of obligations, without interest
<br /> coupons, payable to the appropriate registered owner, assignee, or assignees, as the case may
<br /> be, having the same maturity date, and bearing interest at the same rate, in any denomina-
<br /> tion or denominations in any integral multiple of $5,000 as requested in writing by the
<br /> appropriate registered owner, assignee, or assignees, as the case may be, upon sunender of
<br /> this Certificate of Obligation to the Paying Agent/Registrar for cancellation, all in accordance
<br /> with the form and procedures set forth in the Certificate of Obligation Ordinance. The
<br /> Issuer shall pay the Paying Agent/Registrar's standard or customary fees and charges for
<br /> transferring, converting, and exchanging any Certificate of Obligation or any portion thereof,
<br /> but the one requesting such transfer, conversion, and exchange shall pay any taxes or govern-
<br /> mental charges required to be paid with respect thereto as a condition precedent to the
<br /> exercise of such privilege of conversion and exchange. The Paying Agent/Registrar shall not
<br /> be required to make any such conversion and exchange (i) during the period commencing
<br /> with the close of business on any Record Date and ending with the opening of business on
<br /> the next following principal or interest payment date, or, (ii) with respect to any Certificate
<br /> of Obligation or portion thereof called for redemption prior to maturity, within 45 days prior
<br /> to its redemption date. IN THE EVENT any Paying Agent/Registrar for the Certificates of Obligation is
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<br /> changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted
<br /> in the Certificate of Obligation Ordinance that it promptly will appoint a competent and
<br /> legally qualified substitute therefor, and promptly will cause written notice thereof to be
<br /> mailed to the registered owners of the Certificates of Obligation.
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<br /> IT IS HEREBY certified, recited, and covenanted that this Certificate of Obligation
<br /> has been duly and validly authorized, issued, and delivered; that all acts, conditions, and
<br /> things required or proper to be performed, exist, and be done precedent to or in the
<br /> authorization, issuance, and delivery of this Certificate of Obligation have been performed,
<br /> existed, and been done in accordance with law; that this Certificate of Obligation is a general
<br /> 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 Certificate of
<br /> Obligation, as such interest comes due, and as such principal matures, have been levied and
<br /> ordered to be levied against all taxable property in the Issuer, and have been pledged for
<br /> such payment, within the limit prescribed by law, and that this Certificate of Obligation is
<br /> additionally secured from surplus revenues of the Issuer's combined Waterworks and Sewer
<br /> System, remaining after payment of all operation and maintenance expenses thereof, and
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