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CERTIFICATE OF AUTHENTICATION <br /> This is the City's Limited Tax General Obligation Refunding Note, 2003, dated <br /> December 31, 2003, described in the Note Ordinance. <br /> FINANCE DIRECTOR/TREASURER, <br /> CITY OF EVERETT, as Note Registrar <br /> By <br /> The 2004 Note and its Certificate of Authentication shall be in substantially the following <br /> form: <br /> UNITED STATES OF AMERICA <br /> NO. $2,000,000 (or so much <br /> as has been drawn hereunder) <br /> STATE OF WASHINGTON <br /> CITY OF EVERETT <br /> LIMITED TAX GENERAL OBLIGATION NOTE, 2004 <br /> (REVOLVING LINE OF CREDIT-CAPITAL) <br /> INTEREST RATE: Variable, as provided herein <br /> MATURITY DATE: , 2006 <br /> REGISTERED OWNER: Bank of America,N.A. <br /> PRINCIPAL AMOUNT: TWO MILLION AND NO/100 DOLLARS <br /> (Drawn as provided herein) <br /> The City of Everett, Washington, a municipal corporation organized and existing under <br /> and by virtue of the laws and Constitution of the State of Washington, (the "City"), hereby <br /> acknowledges itself to owe and for value received promises to pay to the Registered Owner <br /> identified above, or registered assigns, on the Maturity Date identified above, the Principal <br /> Amount (or so much as remains outstanding hereunder). This note shall bear interest on unpaid <br /> principal from the date of each drawing hereunder at a fully floating variable rate equal to 52% <br /> of the Prime Rate, payable on the first day of each month, commencing on the first day of the <br /> month following the initial drawing hereunder. Interest shall be calculated on the basis of a year <br /> of 365/366 days and actual days elapsed. The final payment of all outstanding principal of and <br /> interest on this note shall nevertheless be due on the Maturity Date identified above. If any <br /> principal or interest of this note is not paid when due, all outstanding principal of this note shall <br /> -10- P:\CMW\CMW634 03/12/08 <br />