Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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r secured by a pledge of and lien on the net revenues of the Enterprise (the °Net Revenues") on parity with certain other outstanding obligations of the City. The Instaliment Purchase Contract further provides that the City may incur Pariry Obligations payable on a parity basis with the Installment Payments only upon the satisfaction of certain conditions as described therein. Pursuant to the Instaliment Purchase Contract, the City has consented to fix, prescribe and collect certain �ates and charges for service provided by the Enterprise. The Bonds are not obligations of the City. Bidders should be aware of certain factors affecting the availability and amount of the Net Revenues in amounts and at times necessary to pay debt service on the Bonds. RESERVE FUND: A Reserve Fund fo� the Bonds will initially be established and maintained in the amount of the Reserve Requirement being, as of the date of calculation, an amount equal to the least of (i) maximum annual debt service on the outstanding Bonds, (ii) 125% of average annual debt service on the outstanding Bonds, and (iii) 10% of the original principal amount of the Bonds. However, the Indenture sets forth certain conditions upon which the requirement of maintaining the Reserve Fund may be terminated by the Authority. SUBMISSION OF BIDS: Bids may be submitted (for receipt not later than the time set forth above)electronically only through Parity. See"FORM OF BID"he�ein. Bidders should be aware that the par amount of the Bonds may be increased or reduced to fit the City's refunding requirements. See "ADJUSTMENT OF PRINCIPAL AMOUNTS AND OF MATURITIES" below. ISSUE; BOOK ENTRY: The Bonds will be dated as of their date of delivery and will be issued and delivered in fully registered form, without coupons, in the denomination of $5,000 each or any whole multiple thereof. The Bonds will be issued and delivered in a book entry-only system with no physical distribution of the Bonds made to the public. The Depository Trust Company, New York, New York("DTC"),will act as depository fo�the Bonds. The Bonds will be registered in the name of Cede 8 Co., as nominee for DTC, on behalf of the participants in the DTC system and the subsequent beneficial owners of the Bonds. Reference is made to the Indenture for further details regarding the terms and provisions of the Bonds. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANKJ 2