12-95 Water System Bonds $3,300,000

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Section 3. Terms and Provisions of the Series 1995 Bond~. (a) Generally. The Series 1995 Bonds (i) shall be designated "Water System Mortgage Revenue Bonds, Series 1995"; (ii) shall be issued, unless a Supplemental Indenture shall have been executed and delivered pursuant to Section 8.01(g) of the Original Indenture, only in fully registered form substantially as set forth in the First Supplemental Indenture; (iii) shall be exchangeable for other Series 1995 Bonds in the manner and on theterms provided in the Indenture; (iv) shall be subject to optional redemption and mandatory redemption pursuant to Sinking Fund Requirements, each as described below; and (v) shall be numbered, as determined by the Fiscal Officer, in such manner as todistinguish each Series 1995 Bond from any other Series 1995 Bond. (b) Denomination and Dates. The Series 1995 Bonds shall be in the denominations of $5,000 and any integral multiple thereof but not to exceed the principal amount of the Series 1995 Bonds maturing on any one date, and shall be dated as of the date determined by the Fiscal Officer and specified in the Certificate of Award, provided such date shall not be earlier than April 1, 1995 nor later than July 1, 1995. Each Series 1995 Bond shall have only one principal maturity date, except for interim certificates or receipts, if any, issued pending preparation of definitive Series 1995 Bonds. (c) Interest and Place of Payment. The Series 1995 Bonds shall bear interest, computed on the basis of a 360-day year composed of twelve 30-day months, 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 their date. Interest on the Series 1995 Bonds shall be payable semi-annually on the Interest Payment Dates at their respective Specified Interest Rates per annum. The principal of and any premium on the Series 1995 Bonds.shall be payable at the principal corporate trust office of the Trustee as provided in Section 3.05 of the Original Indenture, and interest on the Series 1995 Bonds shall be payable as provided in Section 3.05 of the Original Indenture, in each instance without deduction for theservices of any Paying Agent. (d) PrinciDal Maturities of the Series 1995 Bon~. The Series 1995 Bonds shall mature on the Principal Payment Dates, in accordance with the Principal Retirement Schedule (subject to mandatory and optional redemption as described below); provided that no Series 1995 Bond shall mature later than July 1, 2025; and provided, further, that the Bond Service Charges with respect to the Series 1995 Bonds in the Bond Year in which principal of the Series 1995 Bonds is payable and such Bond Service Charges are the largest shall be no more than 120% of the Bond Service Charges with respect to the Series 1995 Bonds in the Bond Year in which principal of the Series 1995 Bonds is payable and such Bond Service Charges are the smallest. Subject to the provisions of the immediately preceding sentence, the Fiscal Officer shall determine and shall specify in the Certificate of Award the Series 1995 Bonds that shall be issued as Serial Bonds and the Series 1995 Bonds that shall be issued as Term Bonds. (e) Use of Book-entry S+stem. The Series 1995 Bonds shall originally be issued solely in Book-entry form to a Depository to be held in a Book-entry system in accordance with this Series 1995 Bond Legislation. The Fiscal Officer is hereby authorized and directed to engage the services of The Depository Trust Company ("DTC") in connection with depository services for Series 1995 Bonds, including holding the Series 1995 Bonds in Book-entry form, and to enter into any agreements determined necessary or appropriate in connection with such engagement or the registration, authentication, immobilization, and transfer of Series 1995 Bonds, including arrangements for the payment of principal, premium, if any, and interest by wire transfer, after determin/ng that the execution thereof will not endanger the funds or securities oft. he Issuer, which determination shall be conclusively evidenced by the signing of any such agreement. -4-