C
<br />the Issuer to the payment of such principal and interest_ or the
<br />cost of maintaining, repairing and operatinq the System. This
<br />0 ! Bond and the obligation evidenced hereby shall not constitute a
<br />lien upon the System or any part thereof or upon any other pro-
<br />perty of the Issuer or situated within its corporate limits, but
<br />shall constitute a lien only on the gross revenues derived from
<br />the operation of the System.
<br />In and by the Resolution, the Issuer has covenanted and
<br />agreed with the holders of the Bonds of this issue that it will
<br />fix, establish, revise from time to time whenever necessary,
<br />maintain and collect always such fees, rates, rentals and other
<br />charges for the use of the product, services and facilities of
<br />the System which will always produce cash revenues sufficient to
<br />pay, and out of such funds pay, as the same shall become due, the
<br />principal of and interest on the Bonds, the necessary expenses of
<br />operating and maintaining the System and all reserve, Sinking
<br />Fund or other payments required by the Resolution; and that such
<br />rates, rentals, fees and other charges will not be reduced so as
<br />to be insufficient to provide funds for such purposes.
<br />As provided in the Resolution, this Bond and all. of the
<br />Bonds then outstanding are exchangeable at the expense of the
<br />holder or registered owner hereof, at any time, not less than
<br />ninety days after surrender of this Bond and all of the Bonds
<br />then outstanding to the Clerk hereinafter mentioned, as Bond
<br />Registrar, for a single fully -registered Bond in the denomination
<br />equal to the aggregate principal amount of this Bond plus all of
<br />the Bonds then outstanding, and in the form of such single Bond as
<br />provided for in the Resolution.
<br />The Bonds of this issue maturing on or before September
<br />1, 1990, are not subject to redemption prior to their respective
<br />stated dates of maturity. Bonds which shall mature September 1,
<br />1991, and thereafter shall, at the option of the Issuer, be
<br />redeemable in whole or in part, in inverse numerical order and
<br />maturity order, on September 1, 1990, or on any interest payment
<br />date thereafter at par and accrued interest, plus the following
<br />premiums, expressed as percentages of the par value of the Bonds
<br />so redeemed, if redeemed in the following years:
<br />5%, if redeemed on September 1, 1990, or thereafter,
<br />to and including September 1, 1992;
<br />4%, if redeemed on September 1, 1993, or thereafter,
<br />to and including September 1, 1997;
<br />3%, if redeemed on September 1, 1998, or thereafter,
<br />to and including September 1, 2001;
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