19-3143 Issuing Utility System Revenue Bond, Series 2019

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registration books or, at the option of such Paying Agent, and at the request and expense of such Registered Holder, by bank wire transfer for the account of such Holder. This Bond is one of an authorized issue of Bonds in the aggregate principal amount of $8,000,000 (the "Bonds") of like date, tenor and effect, except as to maturity date, interest rate, denomination and number, issued to finance the Issuer's meter replacement program and certain other capital costs relating to the System (the "Series 2019 Project) and to pay certain costs in connection with the issuance of this Bond, in and for the Issuer, under the authority of and in full compliance with the Constitution and laws of the State of Florida, particularly Chapter 166, Florida Statutes, the City Charter of the City of Casselberry, Florida and other applicable provisions of law (the "Act"), and a resolution duly adopted by the City Commission of the Issuer on October 14, 2002 (the "Original Resolution") as supplemented by a resolution adopted on December 9, 2019 (the "Supplemental Resolution" and together with the Original Resolution, the "Resolution"), and is subject to all the terms and conditions of the Resolution. All capitalized undefined terms used herein shall have the meaning set forth in the Resolution. This Bond and the interest hereon are payable solely from and secured by a lien upon and a pledge of (1) the Net Revenues (as defined in the Resolution) to be derived from the operation of the Issuer's water, sewer and stormwater utility system (the "System") and (2) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in the funds and accounts established by the Resolution, except (A) amounts in the Rebate Fund, (B) moneys in any fund or account to the extent such moneys shall be required to pay the Operating Expenses (as defined in the Resolution) in accordance with the terms of the Resolution, and (C) moneys on deposit in a subaccount of the Reserve Account established by the Resolution to the extent such moneys shall be pledged solely for the payment of the Series of Bonds for which it was established in accordance with the provisions of the Resolution (collectively, the "Pledged Funds"), subject in each case to the application thereof for the purposes and on the conditions permitted by the Resolution. It is expressly agreed by the Registered Holder of this Bond that the full faith and credit of the Issuer are not pledged to the payment of the principal of, premium, if any, and interest on this Bond and that such Holder shall never have the right to require or compel the exercise of any taxing power of the Issuer to the payment of such principal, premium, if any, and interest. This Bond and the obligation evidenced hereby shall not constitute a lien upon the System or any other property of the Issuer, but shall constitute a lien only on, and shall be payable solely from, the Pledged Funds in accordance with the terms of the Resolution. No Optional Redemption. The Series 2019 Bond is not subject to optional redemption by the Issuer prior to maturity. Changes in Interest Rate. In the event of a default, the interest rate will be the interest rate on the Series 2019 Bond then in effect, plus 2.00%. A-2