Construction of Additions and Improvements to the Sewage Works Bonds

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Prior to any redemption date, the City shall deposit with the Registrar and Paying Agent an amount of money sufficient to pay the redemption price of all the Series 1989 Bonds or portions of the Series 1989 Bonds which are to be redeemed on that date. Official notice of redemption having been given as aforesaid, the Series 1989 Bonds or portions of the Series 1989 Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price) such Series 1989 Bonds or portions of the Series 1989 Bonds shall cease to bear interest. Upon surrender of such Series 1989 Bonds for redemption in accordance with said notice, such Series 1989 Bonds shall be paid by the Registrar and Paying Agent at the redemption price. Series 1989 Bonds redeemed in part may be exchanged for a Series 1989 Bond or Series 1989 Bonds of the same maturity in authorized denominations equal to the remaining principal amount. In addition to the foregoing notice, further notice may be given by the Registrar and Paying Agent as it deems appropriate by mail, publication or otherwise to registered securities depositories, national information services or others containing the above information and such further information as the Registrar and Paying Agent may deem appropriate, but no defect in said further notice, nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above described. In the manner provided in the Ordinance, the Ordinance and the rights and obligations of the City and of the owners of the Series 1989 Bonds may (with certain exceptions as stated in the Ordinance) be modified or amended with the consent of the owners of at least sixty (60%) percent in aggregate principal amount of outstanding Series 1989 Bonds exclusive of Series 1989 Bonds, if any, owned by the City. This bond is transferable or exchangeable only upon the Series 1989 Bond Register by the registered owner hereof in person, or by his attorney duly authorized in writing, upon surrender of this bond together with a written instrument of transfer or exchange satisfactory to the Registrar and Paying Agent duly executed by the registered owner or his attorney duly authorized in writing and thereupon a new fully registered bond or bonds of the same aggregate principal amount and of the same maturity shall be executed and delivered in the name of the transferee and transferees or to the registered owner, as the case may be, in exchange therefore. This bond may be transferred or exchanged without cost to the registered owner, except for any tax or governmental charge required to be paid with respect to the transfer or exchange. The Registrar and Paying Agent shall not be required to transfer or exchange this bond if it is called for redemption or during the period from the 15th day of any calendar month immediately preceding an interest payment date to such interest payment date. The City and the Registrar and Paying Agent for this bond may treat and consider the person in whose name this bond is re- gistered as the absolute owner hereof for all purposes including for -13-