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<br />A-2
<br />close of business on the fifteenth day of the month preceding each Interest Payment Date (a
<br />“Record Date”), or, upon written request filed with the Trustee as of such Record Date by a
<br />registered owner of at least $1,000,000 in aggregate principal amount of Bonds, by wire transfer
<br />in immediately available funds to an account in the United States designated by such registered
<br />owner in such written request.
<br />
<br />This Bond is not a debt of the City of Pleasanton (the “City”), the County of Alameda, the
<br />State of California, or any of its political subdivisions, and neither the City, said County, said
<br />State, nor any of its political subdivisions, is liable hereon nor in any event shall this Bond be
<br />payable out of any funds or properties of the Authority other than the Revenues.
<br />
<br />This Bond is one of a duly authorized issue of bonds of the Authority designated as the
<br />“Pleasanton Joint Powers Financing Authority 2026 Water Revenue Bonds (the “Bonds”), in an
<br />aggregate principal amount of $__________, all of like tenor and date (except for such variation,
<br />if any, as may be required to designate varying numbers, maturities, interest rates or
<br />redemption provisions) and all issued pursuant to the provisions of Articles 4 of Chapter 5,
<br />Division 7, Title 1 of the California Government Code, commencing with Section 6584 of said
<br />Code, and under an Indenture of Trust dated as of October 1, 2026 (the “Indenture”), between
<br />the Authority and the Trustee, and a resolution of the Authority adopted on [September 15],
<br />2026, authorizing the issuance of the Bonds. Reference is hereby made to the Indenture
<br />(copies of which are on file at the office of the Authority) and all supplements thereto for a
<br />description of the terms on which the Bonds are issued, the provisions with regard to the nature
<br />and extent of the Revenues, and the rights thereunder of the owners of the Bonds and the
<br />rights, duties and immunities of the Trustee and the rights and obligations of the Authority
<br />thereunder, to all of the provisions of which the Registered Owner of this Bond, by acceptance
<br />hereof, assents and agrees.
<br />
<br />The Bonds have been issued by the Authority to finance certain improvements to the
<br />City’s Water System. This Bond and the interest and premium, if any, hereon are special
<br />obligations of the Authority, payable from the Revenues, and secured by a charge and lien on
<br />the Revenues as defined in the Indenture, consisting principally of installment payments made
<br />by the City under an Installment Sale Agreement, dated as of October 1, 2026, between the
<br />Authority and the City (the “Installment Sale Agreement”), which installment payments are
<br />secured by the Net Revenues of the Water System. As and to the extent set forth in the
<br />Indenture, all of the Revenues are exclusively and irrevocably pledged in accordance with the
<br />terms hereof and the provisions of the Indenture, to the payment of the principal of and interest
<br />and premium (if any) on the Bonds and any Additional Bonds, which may be issued only in
<br />accordance with the terms of the Indenture.
<br />
<br />The rights and obligations of the Authority and the owners of the Bonds may be modified
<br />or amended at any time in the manner, to the extent and upon the terms provided in the
<br />Indenture, but no such modification or amendment shall extend the fixed maturity of any Bonds,
<br />or reduce the amount of principal thereof or premium (if any) thereon, or extend the time of
<br />payment, or change the method of computing the rate of interest thereon, or extend the time of
<br />payment of interest thereon, without the consent of the owner of each Bond so affected.
<br />
<br />The Bonds maturing on or before April 1, _____, are not subject to optional redemption
<br />prior to their respective stated maturity dates. The Bonds maturing on or after April 1, _____,
<br />are subject to redemption in whole, or in part at the Written Request of the Authority among
<br />maturities on such basis as the Authority may designate and by lot within a maturity, at the
<br />option of the Authority, on any date on or after April 1, _____, from any available source of
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