51-06 Issuance/Sale of Water System Revenue Bonds $12,500,00

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the Series 2006 Bonds, all as provided herein and in the Bond Purchase Agreement, will be in the best interests of the Issuer and consistent with all legal requirements. The Series 2006 Bonds shall be execoted by the Mayor and the Fiscal Officer of the Issuer, provided that both of such signatures may be facsimiles. In cOUllection with the issuance and sale of the Series 2006 Bonds, the law firm of Calfee, Halter & Griswold LLP is hereby retained to act as Bond Counsel to the Issuer. (h) Additional Authorizations. The Mayor, the Fiscal Officer, the Clerk and the Legal Officer are hereby authorized and directed to take any and all actions necessary or proper consistent with the terms of this Series 2006 Bond Legislation and the Indenture to effect the execution, authentication and delivery of the Series 2006 Bonds to the Original Purchaser, including without limitation the execution of financing statements, assignments and instnunents necessary or appropriate to perfect, to the extent permitted by law, ~e lien of the Indenture applicable to the Utility or any part thereof and to the Special Funds and the furnishing of the appropriate certificates, opinions and other instruments provided for in this Series 2006 Bond Legislation and in the Indenture. The Mayor, the Fiscál Officer, the Clerk and the Legal Officer, or anyone of them, are hereby authorized and directed to take any and all actions necessary or proper consistent.with the terms of this Series 2006 Bond Legislation and the Indenture to refuud the Series 2006 Notes at the earliest possible time after the issuance and delivery of the Series 2006 Bonds. Section 4. Secoritv and Sources ofPavrnent. The Series 2006 Bonds shall be issued on a parity with the Outstanding Series 1995 Bonds, the Series 2002 Bonds and any Additional Bonds hereafter issued as to the Holder's rights and security under the Indenture. Bond Service Charges on the Series 2006 Bonds shall be payable ftom those sources as set forth in Section 3.04 of the Original Indenture, except that to the extent that a surety bond, the proceeds ofwmch are and will irrevocably be available to pay Bond Service Charges on the Series 2006 Bonds, is obtained in lieu of a cash deposit to the Bond Reserve Fund to satisfy the Bond Reserve Requirement with respect to the Series 2006 Bonds, Bond Service Charges on the Series 2006 Bonds shall not be secured by nor payable ftom any moneys or investments deposited to the credit of the Bond Reserve Fund. Payment of Bond Service Charges on the Series 2006 Bonds shall be secured only as provided for herein and in the Indenture. Section 5 Allocation ofpurehase Price of the Series 2006 Bonds. The Purchase Price shall be received and receipted by the Fiscal Officer, or by the Trustee on the Issuer's behalf, and shall be allocated, deposited and credited as follows: (a) the amount representing accrued interest, as such amount is specified in the Certificate of Award, shall be deposited to the credit of the appropriate account in the Bond Fund created by Section 5 06 of the Original Indenture; (b) the amount, if any, to provide a cash fuuding of the Bond Reserve Requirement (if not met ftom the amount presently on deposit in the Bond Reserve Fund) with respect to the Series 2006 Bonds shall be deposited to the credit of a separate account in the Bond Reserve Fund; provided, however, that if the Issuer, acting through the Fiscal Officer, has elected to obtain a surety bond in satisfaction of the Bond Reserve Requirement for the Series 2006 Bonds, the amount of the premium required to 'be paid to the provider of such surety bond .on the dste of delivery of the Series 2006 Bonds shall be paid to such provider by the Trustee ftom the proceeds of the Series 2006 Bonds deposited to the credit of the appropriate account of the Construction Fund pursuant to item (d) below and according to the written instructions of the Fiscal Officer; (c) the amount needed to refund the portion of the Series 2006 B Notes related to the improvement of water lines, as detern1ined by the Fiscal Officer in the Certificate of Award, shall be retained by the Fiscal Officer and deposited to the credit of the appropriate account of the ISsuer's Bond Retirement Fund and applied to the payment of such portion of the Series 2006 B Notes at their earliest possible date; (d) the amount, if any, as determined by the Fiscal Officer in the Certificate of Award, to purchase of the surety bond to satisfy the Bond Reserve Requirement for the Series 2006 Bonds shall be deposited by the Trustee upon receipt to the credit of the appropriate account of Construction Fund in accordance with the written instructions of the Fiscal Officer; and ( e) the balance of the proceeds of the Series 2006 Bonds shall be deposited to the appropriate account of the Construction Fund and applied first to pay Financing Costs related to the issuance and sale of the Series 2006 Bonds and thereafter to payment of the Cost of the Improvements constituting Project 2006.