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Section I Form of Bonds. The Bonds shall be in substantially the following form: <br />UNITED STATES OF AMERICA <br />NO. <br />STATE OF WASHINGTON <br />CITY OF EVERETT <br />WATER AND SEWER REVENUE REFUNDING BOND, 2013 <br />Interest Rate: <br />Registered Owner: CEDE & Co. <br />Principal Amount: <br />Maturity Date: CUSIP No. <br />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 "Fund 401 — Public Works -Utilities — Bond <br />Redemption Subaccount" (the "Revenue Bond Fund") the Principal Amount indicated above and <br />to pay interest thereon from the Revenue Bond Fund from , 2013, or the most <br />recent date to which interest has been paid or duly provided for or until payment of this bond at <br />the Interest Rate set forth above, payable on June 1, 2013, and semiannually thereafter on the <br />first days of each June and December. <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 Notice of Sale and/or the Approved Bid for the Bonds. <br />50 -47 PA20287_CMVN20287 9RC 01/02/13 <br />