51-88 Water System Improvement bonds $1,200,000

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presently Ameritrust Company National Association, Cleveland, Ohio (the "Registrar"). The principal on the Bonds shall be payable upon presentation and surrender thereof to the Registrar. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name that Bond is registered (the "Holder") on the registration books of the City maintained by the Registrar at the address appearing thereon at the close of business on the fifteenth day of the calendar month next preceding the Interest Payment Date (the "Regular Record Date"). Any interest not timely paid (the "Defaulted Interest") shall cease to be payable to the person who is the Holder as of the Regular Record Date and shall be payable to the person who is the Holder at the close of business on a special record date (the "Special Record Date") for the payment of such Defaulted Interest. Such Special Record shall be fixed by the Council of the City whenever moneys become available for payment of the Defaulted Interest, and shall cause notice of the proposed payment of such. Defaulted Interest and the Special Record Date therefor to be mailed first class postage prepaid, not less than ten (10) days prior to each Holder at his address as it appears on the registration books of the City maintained by the Registrar. The principal and interest on the Bonds is payable in lawful money of the United States of America without deduction for the services of the Registrar. No Bond shall be valid or become obligatory for any purpose unless and until an authentication certificate appearing on the Bond shall have been duly endorsed by the Registrar. Each Bond shall bear interest from its date and shall be dated as of August 1, 1988, if authenticated prior to December I, 1988, and otherwise shall be dated as of the Interest Payment Date next preceding the date of its authentication, unless authenticated upon an Interest Payment Date, in which case it shall be dated as of the date of its authentication; provided, however, that if at the time of authentication interest is in default, such Bond shall be dated as of the date to which interest has been paid. Any Bond, upon surrender thereof at the principal corporate trust office of the Registrar, together with an assignment duly executed by the Holder or his duly authorized attorney in such form as shall be satisfactory to the Registrar, at the option of the Holder thereof, may be exchanged for Bonds of any authorized denomination or denominations in an aggregate principal amount not exceeding the principal amount of the Bond so exchanged, and bearing interest at the same rate and matur- ing on the same date. Any Bond, at no cost to the Holder, may be transferred only upon the books kept for the registration and transfer of Bonds, upon surrender thereof at the principal corporate trust office of the Regis- trar together with an assignment duly executed by the Holder or his duly authorized attorney in such form as shall be satisfactory to the Regis- trar. Upon the transfer of any such Bond and on request of the Regis- trar, the City shall execute in the name of the transferee, and the Registrar shall authenticate and deliver, a new Bond, of any authorized denomination, in aggregate principal amount equal to the principal amount of such Bond, and bearing interest at the same rate and maturing on the same date. -2-