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• <br /> Both principal of and interest on this bond are payable in lawful money of the United <br /> States of America. For so long as the bonds of this issue are held in fully immobilized form, <br /> payments of principal and interest thereon shall be made as provided in accordance with the <br /> operational arrangements of The Depository Trust Company ("DTC") referred to in the Blanket <br /> Issuer Letter of Representations (the "Letter of Representations") from the City to DTC. The <br /> fiscal agency of the State of Washington has been appointed by the City as the authenticating <br /> agent, paying agent and registrar for the bonds of this issue (the "Registrar"). Capitalized terms <br /> used in this bond that are not specifically defined have the meanings given such terms in <br /> Ordinance No. of the City (the "Bond Ordinance"). Reference is made to the Bond <br /> Ordinance and any and all modifications and amendments thereto for a description of the nature <br /> and extent of the security for the bonds of this issue, the funds or revenues pledged, and the <br /> terms and conditions upon which such bonds are issued. <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. <br /> The bonds of this issue are subject to redemption prior to their stated maturity as stated in <br /> the Approved Bid for the Bonds. <br /> The bonds of this issue are not general obligations of the City. The City hereby <br /> covenants and agrees with the owner and holder of this bond that it will keep and perform all the <br /> covenants of this bond and the Bond Ordinance. <br /> The bonds of this issue are not "private activity bonds" as such term is defined in the <br /> Internal Revenue Code of 1986, as amended (the "Code"). The bonds of this issue are not <br /> "qualified tax-exempt obligations"under Section 265(b)of the Code. <br /> The City does hereby pledge and bind itself to set aside from the Revenue Fund out of the <br /> Revenue of the System and to pay into the Revenue Bond Fund and the Reserve Account the <br /> various amounts required by the Bond Ordinance to be paid into and maintained in such Fund <br /> and account, all within the times provided by the Bond Ordinance. To the extent more <br /> particularly provided by the Bond Ordinance, the amounts so pledged to be paid from the <br /> Revenue Fund out of the Revenue of the System into the Revenue Bond Fund and the account <br /> therein shall be a lien and charge thereon equal in rank to the lien and charge upon said revenue <br /> of the Outstanding Parity Bonds and the amounts required to pay and secure the payment of any <br /> revenue bonds of the City hereafter issued on a parity with Outstanding Parity Bonds and the <br /> bonds of this issue and superior to all other liens and charges of any kind or nature except the <br /> Costs of Maintenance and Operation of the System. <br /> The City has further bound itself to maintain the System in good repair, working order <br /> and condition, to operate the same in an efficient manner and at a reasonable cost, and to <br /> establish, maintain and collect rates and charges for as long as any of the bonds of this issue are <br /> outstanding that will make available, for the payment of the principal thereof and interest thereon <br /> as the same shall become due, Net Revenue will be at least equal to the Rate Covenant, as <br /> described in the Bond Ordinance. <br /> P:120287_CM1M20287_6 N9 .10/11/16 <br />