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This Bond is one of a duly authorized issue of bonds of the Authority designed as its
<br /> "Ciry of Redwood City Public Financing Authority Water Revenue Refunding Bonds, 5eries
<br /> 2015" (the "Bonds"), in the aggregate principal amount of$20,235,000, all of like tenor and date
<br /> (except for such variations, if any, as may be required to designate varying numbers, maturities
<br /> and interest rates), and is issued under and pursuant to the provisions of an indenture of trust,
<br /> dated as of May 1, 2015(the "Indenture"), beNveen the Authority and the Trustee. The Authority
<br /> may issue or incur additional obligations on a parity with the Bonds, but only subject to the
<br /> terms of the Indenture. Reference is hereby made to the Indenture (copies of which are on file
<br /> at the Office of the Trustee) and all supplements thereto for a description of the terms on which
<br /> the Bonds are issued, the provisions with regard to the nature and extent of the Revenues, and
<br /> the rights thereunder of the owners of the Bonds and the rights, duties and immunities of the
<br /> Trustee and the rights and obligations of the Authority thereunder, to all of the provisions of
<br /> which the Registered Owne�of this Bond, by acceptance hereof, assents and agrees.
<br /> The Bonds are issued to provide funds to refinance certain public improvements of the
<br /> water system of the City of Redwood City (the "City"). The Bonds are limited obligations of the
<br /> Authority and are payable, as to interest thereon and principal solely from Revenues (as defined
<br /> in the Indenture). All the Bonds are equally and ratably secured in accordance with the terms
<br /> and conditions of the Indenture by a pledge of the Revenues, which Revenues shall be held in
<br /> trust for the security and payment of the interest on, principal of and redemption premiums, if
<br /> any, on the Bonds as provided in the Indenture. Neither the faith and credit of the Authority, the
<br /> State of California, nor any of its political subdivisions are pledged to the payment of the
<br /> principal of or interest on the Bonds.
<br /> Copies of the Indenture are on file at the Principal OfFce of the Trustee. Reference is
<br /> hereby made to the Indenture and to any and all amendments thereof and supplements thereto
<br /> for a description of the agreements, conditions, covenants and terms securing the Bonds, for
<br /> the nature, extent and manner of enforcement of such agreements, conditions, covenants and
<br /> terms, for the rights and remedies of the Owners of the Bonds with respect thereto and for the
<br /> other agreements, conditions, covenants and terms upon which the Bonds are executed and
<br /> delivered thereunder.
<br /> To the extent and in the manner permitted by the terms of the Indenture, the provisions
<br /> of the Indenture may be amended or supplemented in writing by the parties thereto (in certain
<br /> instances without the consent of the Owners of Bonds), but no such amendment or supplement
<br /> shall (i) reduce the, rate of interest evidenced hereby or extend the time of payment of such
<br /> interest or reduce the amount of principal hereof or extend the Maturity Date hereof without the
<br /> prior written consent of the Owner hereof, or (ii) reduce the percentage of Owners of Bonds
<br /> whose consent is required for the execution of any amendment of or supplement to the
<br /> Indenture, or (iii) modify any rights or obligations of the Trustee without its prior written consent
<br /> thereto.
<br /> The Bonds are authorized to be executed and delivered in the form of fully registered
<br /> Bonds in denominations of five thousand dollars($5,000) or any integral multiple thereof.
<br /> This Bond is transferable or exchangeable by the Owner hereof in person or by the
<br /> Owner's, attorney duly authorized in writing, at the Principal O�ce of the Trustee, but only in the
<br /> manner, subject to the limitations and upon payment of the charges provided in the Indenture,
<br /> and upon surrender of this Bond for cancellation accompanied by delivery of a duly executed
<br /> written instrument of transfer or exchange in a form approved by the Trustee. Upon such
<br /> transfer or exchange, a new Bond or Bonds of authorized denominations of the same Maturity
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