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II Upon the occurrence of an Event of Default, as defined in the Trust Agreement, the Bonds shall bear interest at the Default Rate If an Event of Taxability, as defined in the Trust Agreement, shall occur, the principal amount of the Bonds will thereafter bear interest at the Taxable Rate, as defined in the Trust Agreement So long as this Bond is owned by JPMorgan Chase Bank, N A (the "Original Purchaser"), the following shall apply (a) this Bond is not required to be presented and surrendered to the Trustee for payment at any time prior to the final maturity thereof, and (b)the Trustee will pay the principal of and interest on this Bond by wire transfer to the Original Purchaser in accordance with the wire transfer instructions provided by the Original Purchaser to the Trustee from time to time, provided that principal on this Bond which is payable at maturity shall be made only upon presentation and surrender hereof in accordance with the Trust Agreement This Bond is one of a duly authorized issue of bonds of the Authority designated as its "Water Revenue Bonds, Series 2017" (the "Bonds") in aggregate principal amount of dollars ($[Principal Amount]), all of like tenor and date (except for such variations, if any, as may be required to designate varying numbers, maturities and interest rates), and is issued under and pursuant to the provisions of the Joint Exercise of Powers Act (being Chapter 5 of Division 7 of Title 1 of the California Government Code, as amended) and all laws amendatory thereof or supplemental thereto (the "Act") and under and pursuant to the provisions of a trust agreement, dated as of February 1, 2017, between the Authority and Finance Director of the City of Pleasanton, as trustee (the "Trustee") (the "Trust Agreement") (copies of which are on file at the Principal Trust Office of the Trustee) The Bonds are issued to provide funds to finance the cost of certain improvements to the Water System of the City (the "Project") The Bonds are limited obligations of the Authonty and are payable, as to interest thereon and principal thereof, solely from certain proceeds of the Bonds held in certain funds and accounts pursuant to the Trust Agreement and the revenues (the "Revenues") derived from Installment Sale Payments and other payments made by the City of Pleasanton (the "City"), and all interest or other investment income, pursuant to the 2017 Installment Sale Agreement, dated as of February 1, 2017 (the "Agreement"), by and between the Authority and the City, and the Authority is not obligated to pay interest on and principal of the Bonds except from the Revenues All Bonds are equally and ratably secured in accordance with the terms and conditions of the Trust Agreement by a pledge of and charge and lien upon the Revenues, and the Revenues constitute a trust fund for the security and payment of the interest on and principal of the Bonds as provided in the Trust Agreement The general fund of the Authority is not liable, and the full faith and credit of the Authority, the City of Pleasanton and the Housing Authority of the City of Pleasanton are not pledged, for the payment of the interest on or principal of the Bonds No tax shall ever be levied or collected to pay the interest on or principal of the Bonds The Bonds are not secured by a legal or equitable pledge of or charge or lien upon any property of the Authonty or any of its income or receipts except the Revenues, and neither the payment of the interest on nor principal of the Bonds is a debt, liability or general obligation of the Authority Additional bonds payable from the Revenues may be issued which will rank equally as to security with the Bonds, but only subject to the conditions and upon compliance with the procedures set forth in the Trust Agreement Reference is hereby made to the Act and to the Trust Agreement and any and all amendments thereof and A-2 2762680 2 1