JOINT POWERS FINANCING AUTHORITY AGENDA PACKET 9-15-26

5 Date next preceding the date of authentication thereof, unless said date of authentication is an Interest Payment Date, in which event such interest is payable from such date of authentication, and unless said date of authentication is prior to the first Record Date, in which event such interest is payable from the Closing Date; provided, however, that if, as of the date of authentication of any 2026 Bond, interest thereon is in default, such 2026 Bond will bear interest from the date to which interest has previously been paid or made available for payment thereon in full. Record Date. The Indenture defines the “Record Date” for the 2026 Bonds as the 15th calendar day of the month preceding an Interest Payment Date. Book-Entry Only System. The 2026 Bonds will be registered in the name of Cede & Co., as nominee of the Depository Trust Company (“DTC”), as the initial securities depository for the 2026 Bonds. Ownership interests in the 2026 Bonds may be purchased in book-entry form only. Purchasers of the 2026 Bonds will not receive physical bonds representing their ownership interests in the 2026 Bonds purchased. Principal and interest payments with respect to the 2026 Bonds are payable directly to DTC by the Trustee. Upon receipt of payments of principal and interest, DTC will in turn distribute such payments to the beneficial owners of the 2026 Bonds. See “APPENDIX F – DTC and the Book-Entry Only System.” So long as the 2026 Bonds are registered in the name of Cede & Co., as nominee of DTC, references in this Official Statement to the “owners” mean Cede & Co., and not the purchasers or Beneficial Owners of the 2026 Bonds. See “APPENDIX F – DTC and the Book- Entry Only System.” Redemption* Optional Redemption. The 2026 Bonds maturing on or before April 1, 20__, are not subject to optional redemption prior to their respective stated maturity dates. The 2026 Bonds maturing on or after April 1, 20__, are subject to redemption in whole, or in part at the Written Request of the Authority among maturities on such basis as the Authority may designate and by lot within a maturity, at the option of the Authority, on any date on or after April 1, 20__, from any available source of funds, at a redemption price equal to the principal amount of the 2026 Bonds to be redeemed, plus accrued interest to the date of redemption, without premium. Special Mandatory Redemption from Insurance and Sale Proceeds. The 2026 Bonds are subject to mandatory redemption, on any date, in whole, or in part on a pro rata basis among maturities, from the net proceeds of insurance, sale or condemnation credited towards the prepayment of the Installment Payments by the City under the Installment Sale Agreement, at a redemption price equal to the principal amount represented thereby to be prepaid, without premium, together with accrued interest represented thereby to the redemption date. Mandatory Sinking Fund Redemption. The 2026 Bonds maturing on April 1, 20__ and April 1, 20__ (the “2026 Term Bonds”) are also subject to redemption, by lot, on April 1 in each of the years as set forth in the following tables, from deposits made for such purpose pursuant to the Indenture, at a redemption price equal to the principal amount thereof to be redeemed together with accrued interest thereon to the redemption date, without premium, or in lieu * Preliminary; subject to change. Page 133 of 205