148-02 Water System Mortgage Revenue Bonds

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shall be payable semi-annually on the Interest Payment Dates at their respective Specified Interest Rates. The principal of and any premium on the Series 2002 Refunding 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 2002 Refunding Bonds shall be payable as provided in Section 3.05 of the Original Indenture, in each instance without deduction for the services of any Paying Agent. (d) Principal Maturities of the Series 2002 Refunding Bonds. The Series 2002 Refunding 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 2002 Refunding Bond shall mature later than July 1, 2020; and provided,. further, that the Bond Service Charges with respect to the Series 2002 Refunding Bonds in the Bond Year in which principal of the Series 2002 Refunding 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 2002 Refunding Bonds in the Bond Year in which principal of the Series 2002 Refunding Bonds is payable and such Bond Service Charges are the smallest. Subject to the provisions of the mediately preceding sentence, the Fiscal Officer shall determine and shall specify in the Certificate of Award the Series 2002 Refunding Bonds that shall be issued as Serial Bonds and the Series 2002 Refunding Bonds that shall be issued as Term Bonds. (e) Use of Book-ent~ System. The Series 2002 Refunding 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 2002 Refunding 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 2002 Refunding Bonds, including holding the Series 2002 Refunding Bonds in Book-entry form, and to enter into any agreements determined necessary or appropriate in connection with such engagement or the registration, authentication, mobilization, and transfer of Series 2002 Refunding Bonds, including arrangements for the payment of principal, premium, if any, and interest by wire transfer, after determining that the execution thereof will not endanger the funds or securities of the Issuer, which determination shall be conclusively evidenced by the signing of any such agreement. If and as long as a Book-entry system is utilized, (i) the Series 2002 Refunding Bonds shall be issued in the form of one fully registered Series 2002 Refunding 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 2002 Refunding 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 2002 Refunding 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 2002 Refunding Bonds in the form of physical securities or certificates; (iv) ownership of beneficial interests in Book-enVy 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 i~s Participants; and (v)the Series 2002 Refunding Bonds as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the Legislative Authority. If any Depository determines not to continue to act as a Depository for the Series 2002 Refunding Bonds for use in a Book-entry system, the Fiscal Officer may attempt to have established a securities depository/book-entry relationship 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 Depository and any other arrangements he/she deems necessary, shall permit withdrawal of the Series 2002 Refunding Bonds fi.om 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) Redemption of the Series 2002 Refunding Bonds. If Series 2002 Refunding Bonds or portions are duly called for redemption and if on such redemption date