Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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MATURITIES: The Bonds will mature on February 1 in each of the years, and in the approximate amounts, in accordance with the following schedule. Each bidder is r�equired to specify in its bid whether, for any particular year, the Bonds will mature or, altemafely, be subject to mandatory sinking fund redemption in such year. Year Principal Year Principal 1Februarv 1) Amount* (Februarv 1) Amount* 2016 $650,000 2026 $950,000 2017 665,000 2027 980,000 2018 690,000 2028 1,025,000 2019 710,000 2029 1,080,000 2020 730,000 2030 1,110,000 2021 760,000 2031 1,145,000 2022 790,000 2032 1,180,000 2023 820,000 2033 1,240,000 2024 860,000 2034 1,300,000 2025 905,000 2035 1,365,000 ADJUSTMENT OF PRINCIPAL AMOUNTS AND OF MATURITIES: The principal amounts of each maturity of Bonds set forth above reflect certain estimates of the Authority and the Municipal Advisor with respect to the likely interest rates of the winning bid and the premium contained in the winning bid. Potential bidders will be not�ed via Parity not later than 1:00 p.m. (Califomia time) on the business day preceding the date then prescribed for the receipt of bids of any change to the principal payment schedule for the Bonds to be utilized for the bidding process. Foilowing the determination of the successful bidder, the designated maturity amounts set forth for the Bonds prior to the receipt of bids may be adjusted either upward or downward in order to achieve approximately equal annual savings after award of the Bonds has been made to the successful bidder. Any increase or decrease will be in $5,000 increments of principal amounts. Such adjustment shall be made within 6 hours of the receipt of bids, in the sole discretion of the Authority and without consulting the successful bidder, upon a recommendation of the Municipal Advisor. The aggregate price bid by the successful bidder will be adjusted by the Authority proportionate to any increase or decxease in the aggregate principal amount of the Bonds and without consideration for the reoffering price by the successful bidder to the public of any individual maturity of the Bonds. IN THE EVENT OF ANY SUCH ADJUSTMENT, NO REBIDDING OR RECALCULATION OF THE BIDS SUBMITTED WILL BE REQUIRED OR PERMITTED, AND THE SUCCESSFUL BIDDER MAY NOT WITHDRAW ITS BID OR CHANGE THE INTEREST RATES BID OR ANY INITIAL REOFFERING PRICES AS A RESULT OF ANY CHANGES MADE TO THE STATED PRINCIPAL AMOUNTS IN ACCORDANCE WITH THIS OFFICIAL NOTICE OF SALE OR AMENDMENTS MADE THERETO. FURTHER, IF THE AUTHORITY ADJUSTS THE PRINCIPAL PAYMENT SCHEDULE FOR THE BONDS AFTER THE RECEIPT OF BIDS, THE UNDERWRITER'S DISCOUNT, EXPRESSED IN DOLLARS PER THOUSAND DOLLARS OF BONDS, WILL BE HELD CONSTANT. THE AUTHORITY WILL NOT BE RESPONSIBLE IF AND TO THE EXTENT THAT ANY ADJUSTMENT AFFECTS (i) THE NET COMPENSATION TO BE REALIZED BY THE BIDDER OR (ii)THE TRUE INTEREST COST OF THE WINNING BID OR THE RANKING OF ANY BID RELATIVE TO OTHER BIDS. "Preliminary;subject to change. 3