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with any appropriate instruments of assignment to evidence the assignment of the Insured <br /> Amounts due on the Obligations as are paid by the Insurer, and appropriate instruments to effect <br /> the appointment of the Insurer as agent for such owners of the Obligations in any legal proceeding <br /> related to payment of Insured Amounts on the Obligations, such instruments being in a form <br /> satisfactory to State Street Bank and Trust Company, N.A., State Street Bank and Trust <br /> Company, N.A. shall disburse to such owners or the Paying Agent payment of the Insured <br /> Amounts due on such Obligations, less any amount held by the Paying Agent for the payment of <br /> such Insured Amounts and legally available therefor. This policy does not insure against loss of <br /> any prepayment premium which may at any time be payable with respect to any Obligation. <br /> As used herein, the term "owner" shall mean the registered owner of any Obligation as <br /> indicated in the books maintained by the Paying Agent, the Issuer, or any designee of the Issuer <br /> for such purpose. The term owner shall not include the Issuer or any party whose agreement with <br /> the Issuer constitutes the underlying security for the Obligations. <br /> Any service of process on the Insurer may be made to the Insurer at its offices located at <br /> 113 King Street, Armonk, New York 10504 and such service of process shall be valid and <br /> binding. <br /> This policy is non-cancelable for any reason. The premium on this policy is not refundable <br /> for any reason including the payment prior to maturity of the Obligations. <br /> MBIA INSURANCE CORPORATION <br /> NO. $ <br /> UNITED STATES OF AMERICA <br /> STATE OF WASHINGTON <br /> CITY OF EVERETT <br /> LIMITED TAX GENERAL OBLIGATION REFUNDING BOND, 1995 <br /> INTEREST RATE: MATURITY DATE: <br /> SEE REVERSE SIDE FOR <br /> CERTAIN ADDITIONAL PROVISIONS <br /> CUSP NO.: <br /> Registered Owner: <br /> Principal Amount: <br /> THE CITY OF EVERETT, WASHINGTON, a municipal corporation of the State of <br /> Washington (the "City"), hereby acknowledges itself to owe and for value received promises to <br /> pay to the Registered Owner identified above, or registered assigns, on the Maturity Date <br /> -9- J:wwwwHoME103N3cxDOC <br />