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Section 13. Form of Bonds. The Bonds shall be in substantially the following form: <br /> UNITED STATES OF AMERICA <br /> NO. $ <br /> [STATEMENT OF INSURANCE] <br /> STATE OF WASHINGTON <br /> CITY OF EVERETT <br /> WATER AND SEWER REVENUE AND REFUNDING BOND, 2003 <br /> Interest Rate: Maturity Date: CUSIP No. <br /> Registered Owner: CEDE & Co. <br /> Principal Amount: AND NO/DOLLARS <br /> THE CITY OF EVERETT, a municipal corporation organized and existing under and by <br /> virtue of the laws of the State of Washington (the "City"), promises to pay to the Registered <br /> Owner identified above, or registered assigns, on the Maturity Date identified above, solely from <br /> the special fund of the City known as the "1985 City of Everett Water and Sewer Revenue Bond <br /> Fund" (the "Bond Fund") the Principal Amount indicated above and to pay interest thereon from <br /> the Bond Fund from May 15, 2003, or the most recent date to which interest has been paid or <br /> duly provided for or until payment of this bond at the Interest Rate set forth above, payable on <br /> July 1, 2003, and semiannually thereafter on the first days of each January and July. Both <br /> principal of and interest on this bond are payable in lawful money of the United States of <br /> America. Interest shall be paid as provided in the Blanket Issuer Letter of Representations (the <br /> "Letter of Representations") by the City to The Depository Trust Company ("DTC"). Principal <br /> shall be paid as provided in the Letter of Representations to the Registered Owner or assigns <br /> upon presentation and surrender of this bond at the principal office of the fiscal agency of the <br /> State of Washington (the "Registrar"). Capitalized terms used in this bond which are not <br /> specifically defined have the meanings given such terms in Ordinance No. of the City <br /> (the "Bond Ordinance"). <br /> This bond is one of an issue of$ of bonds of the City of like date, tenor <br /> and effect, except as to number, amount, rate of interest and date of maturity and is issued <br /> pursuant to the Bond Ordinance to refund certain outstanding water and sewer revenue bonds of <br /> the City. <br /> The bonds of this issue are subject to redemption prior to their scheduled maturities as <br /> stated in the Bond Purchase Contract. <br /> -44- P:\CMW\CMW5NP 04/22/03 <br />