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

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If and as long as a Book-entry system is utilized, (i) the Series 1995 Bonds shall be issued in the form of one fully registered Series 1995 Bond for each maturity registered in the name of the Depository or its nominee, as registered owner, and immobilized in the custody of the Depository; (ii) (a) the principal of and any premium on the Series 1995 Bonds shall be payable in next day or federal funds delivered or transmitted to the Depository or its nominee and (b) interest on the Series 1995 Bonds shall be payable in next day or federal funds delivered to the Depository or its nominee on the applicable Interest Payment Date; (iii) the beneficial owners in Book-entry form shall have no right to receive Series 1995 Bonds in the form of physical securities or certificates; (iv) ownership of beneficial interests in Book-entry form shall be shown by a book entry on the system maintained and operated by the Depository and its Participants, and transfers of the ownership of beneficial interests shall be made only by book entry by the Depository and its Participants; and (v) the Series 199S Bonds as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without fur=her action by the Legislative Authority. If any Depository determines not to continue to act as a Depository for the Series 1995 Bonds for use in a Book-entrysystem, the Fiscal Officer may attempt to have established a securities depository/book-entryrelationship with another qualified DepOsitory. If the Fiscal Officer does not or is unable to do so, the Fiscal Officer, after making provision for notification of the beneficial owners by the then Depositoryandany other arrangements he/she deems necessary, shall permit withdrawal of the Series 1995 Bonds from the Depository, and authenticate and deliver bond certificates in bearer or registered form, as he/she determines, to the assigns of the Depository or its nominee, all at the cost and expense (including any costs of printing), if the event is not the result of Legislative Authority action or inaction, of those persons requesting such issuance. (f) RedemDtion of the Series 1995 BonS~. If Series 1995 Bonds or portions are duly called for redemption and if on such redemption date moneys for redemption of all such Series 1995 Bonds to be redeemed, together with accrued interest to the redemption date, and any applicable redemption premium shall be held by the Trustee or Paying Agents so as to be available therefor, t_hen from and after such redemption date such Series 1995 Bonds or portions thereof shall cease to bear interest. (i) ODtional Redemption Terms and Prices. The Series 1995 Bonds shall be non-callable for redemption at the option of the Issuer prior to the Optional Earliest Redemption Date. ~The Series 1995 Bonds maturing after the Optional Earliest Redemption Date shall be subject to redemption byand at the option of the Issuer prior to their stated maturity, either in whole at any time or in part on any Interest Payment Date, on or after the Optional Earliest Redemption Date, in the principal amount of $5,000 or any integral multiples thereof at the applicable Optional Redemption Price plus in each case accrued interest to the redemption date. The Series 1995 Bonds shall be subject to extraordinary optional redemption by the Issuer, in whole or in part on any date at a redemption price of one hundred percent (100%) of the principal amount redeemed plus accrued interest to the date fixed for redemption,' in the event of damage to or destruction of the Mortgaged Properties or any portion thereof upon the terms and conditions and as more particularly described in Section 10.11 of the Original Indenture, or in the event of condemnation of the Mortgaged Properties Or any portion thereof upon the terms and conditions and as more particularly described in Section 10.12 of the Original Indenture. -5-