51-91 $4,750,000 Water System Mortgage Revenue Bonds

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"State" means the State of Ohio. "Supplemental Indenture'. means any indenture supplemental to the Indenture entered into between the Issuer and the Trustee in accordance with Article VIII of the Indenture. "Term Bonds" means the Bonds of any Series, other than Serial Bonds, stated to be payable by their terms on one or more dates. "Trustee" means The Huntington National Bank, Cleveland, Ohio, unless and until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter "Trustee" shall mean the successor Trustee. "Utility" means the Issuer's municipal water distribution system together with all necessary appurtenances thereto, presently owned and operated by the Issuer, including Project 1991, and all other additions, replacements and extensions of and Improvements to that system hereafter made. "Water Reserve Fund" means the Water Reserve Fund created in Section 5.06 of the Indenture. The captions and headings in this Bond Legislation are solely for convenience of reference and do not define, limit or describe the scope or intent of any Provisions or Sections of this Bond Legislation. Section 3. Terms and Provisions of the Series 1991 Bonds. (a) Generally. The Series 1991 Bonds (i) shall be issued, unless a Supplemental Indenture Shall have been executed and delivered pursuant to Section 8.01(g) of the Indenture, only in fully registered form, substantially as set forth in Exhibit A to the Indenture; (ii) shall be exchangeable for Series 1991 Bonds of authorized denominations, as provided in the Indenture; (iii) shall be numbered in such manner as to distinguish each Series 1991 Bond from any other Series 1991 Bond; (iv) shall be in the denominations of $5,000 and any integral multiple thereof but not to exceed the principal amount of Series 1991 Bonds maturing on any one date; (v) shall be subject to optional redemption in the amounts, upon the conditions, and at the times and prices (not exceeding 105% of the principal amount thereof, as shall be determined in the Certificate of Award) set forth' in the Indenture; (vi) shall be subject to mandatory redemption, pursuant to Sinking Fund Requirements, as defined in the Indenture, at redemption price of 100% of the principal amount redeemed plus interest accrued to the redemption date, in the amount and at the times as shall be determined in the Invitation for Bids substantially in the form now on file with the Clerk (the "Invitation for Bids"), provided, however, that the aggregate Bond Service Charges payable in each Bond Year shall be sUbstantially level, with the Bond Service Charges in the Bond Year in which such Bond Service Charges are the largest being no more than 120% of the Bond Service Charges in the Bond Year in which such Bond Service Charges are the smallest; and (vii) shall be dated as of August 1, 1991. Each Series 1991 Bond shall bear interest, in accordance with the Indenture, from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from the date determined in said Certificate of Award. (b) Interest Rate and Principal Maturities. The Ser'ies 1991 Bonds shall bear interest at the rate or rates per annum, payable on each Interest Payment Date, determined in the Certificate of Award but not to exceed 9 per centum (9%) per annum and Shall mature on July 1 in the years and in the principal amounts as shall be determined in the Invitation for Bids not exceeding the aggregate principal amount set forth herein, provided, however, that the aggregate Bond Service Charges payable in each Bond Year shall be substantially level, with the Bond Service Charges in the Bond Year in which such Bond Service -5-