Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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INTEREST: Interest on the Bonds,calculated on a 30/360 day basis, at a rate o�rates to be fixed upon the sale thereof but not to exceed 6%per annum,will be payabie semiannually on each February 1 and August 1, commencing August 1, 2015 from the date of the Bonds. Each Bond shall bear interest at the specified rate from its date to its stated maturity date. PAYMENT: Principal of the Bonds will be payable upon surrender to the Trustee at the principal corporate trust office of the Trustee in St. Paul, Minnesota. Interest with respect to the Bonds will be payable by check or draft mailed by first class mail to the owners at the addresses listed on the registration books maintained by the Trustee tor such purpose. EXTRAORDINARY CASUALTY REDEMPTION: The Bonds are subject to redemption, in whole or in part on any date,from the Net Proceeds(as defined in the indenture)of insurance or condemnation with respect to the Enterprise, which Net Proceeds are credited towards the prepayment of the Installment Payments made by the City pursuant to the Installment Purchase Cont�act, at a redemption price equal to the principal amount of the Bonds to be redeemed, together with accrued interest to the date fixed for redemption,without premium. OPTIONA� REDEMPTION: The Bonds maturing on or before February 1, 2025, are not subject to optional redemption prior to their respective stated maturities.The Bonds maturing on or after February 1, 2026, are subject to optional redemption on any date on or after February 1, 2025, in whole or in part, from prepayments of the Installment Payments made at the option of the Ciry pursuant to the Installment Purchase Contract, at a redemption price equal to the principal amount thereof to be redeemed together with accrued interest to the redemption date, without a premium. SINKING FUND REDEMPTION: Any bidder may, at its option, specify that one or more maturities of the Bonds will consist of term Bonds which a�e subject to mandatory sinking fund redemption in consecutive years immediately preceding the maturity thereof, as designated in the bid of such bidder. In the event that the bid of the successful bidder specifies that any matu�ity of Bonds will be term Bonds, such term Bonds will be subject to mandatory sinking fund redemption on February 1 in each year so designated in the bid, in the respective amounts for such years as set forth above under the heading "MATURITIES," at a redemption price equal to the principal amount thereof to be redeemed together with accrued interest thereon to the �edemption date,without premium. RATINGS: Standard 8 Poor's Ratings Services, a Standard 8 Poor's Financial Services LLC business, and Moody's Investor's Service ("Moody's), have assigned the ratings of "AA-" and "'Aa3," respectively, to the Bonds. The cost of obtaining such ratings will be borne entirely by the Autho�ity and not by the successful bidder. TERMS OF SALE INTEREST RATE: Each rate of interest bid must be greater than zero and no rate of interest bid may exceed 6% per annum. Each rate bid must be a multiple of one-twentieth of one percent (1/20%) or one-eighth of one percent (1/8%). No Bond shall bear more than one interest rate, and all Bonds of the same maturity shall bear the same rate. Each Bond must bear interest at the rate specified in the bid from its date to its fixed maturity date. FORM OF BID; MAXIMUM DISCOUNT: All bids must be for not less than all of the Bonds hereby offered for sale and for not less than 99%of the aggregate par amount thereof. 4