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to bear interest. Both principal and interest are payable in lawful money of the United States of America at the office of the Director of Finance of the City of Santa Aha, in said city, or, at the option of the holder hereof, at any paying agent of the city in Los Angeles or San Francisco, California, Chicago, Illinois, or in New York, New York. This is one of a duly authorized issue of bonds of the city designated "1962 Water Revenue Bonds, Series B," hereinafter called "the bonds", all of which have been issued pursuant the Charter of said city and to the Revenue Bond Law of 1941 (being Chapter 6, Part I, Division 2, Title 5 of the Government Code of the State of California) for the purpose of the acquisition and construction of a water system for said city and the creation of said issue and the terms and conditions of the bonds are provided for by the resolution of the City Council of said city authoriz- ing the bonds adopted ....................... , 19....., designated Resolution No ................. and this reference incorporates said resolution and said Chapter 6 herein, and by acceptance hereof the holder of this bond and the coupons hereto attached assents to said terms and conditions. Said resolution is adopted under, and this bond and the interest coupons hereto attached are issued under and are to be construed in accordance with the Charter of said city and the laws of the State of California. This bond and the interest hereon and any premium upon the redemption hereof are not a debt of the City of Santa Ana, nor a legal or equitable pledge, charge, lien or encumbrance upon any of its property or upon any of its income, receipts, or revenues except the gross revenues of the enterprise (as defined in said resolution) pledged to its payment, and the principal of and the interest on this bond and any premium upon the redemption hereof are payable solely from the gross revenues of the enterprise pledged to its payment and said city is not obligated to pay such principal, interest and premium except from said gross revenues. The Revenue Fund is established under and pursuant to the Revenue Bond Law of 1941, and under the provisions of said resolution authorizing the issuance of this bond the gross revenues received from the enterprise are required to be deposited to the credit of said Revenue Fund and used only for the purposes authorized by said resolution, including the payment of principal and interest of the issue of bonds of which this is one. By the terms of said Revenue Bond Law and by covenant expressed in said resolution, the city is obligated to prescribe, revise and collect charges for the services, facilities and water of the water system of the city such as to provide revenues sufficient to pay the interest on and principal of the bonds as they become due and payable in addition to all other payments required for compliance with said resolution and the necessary and reasonable maintenance and operation costs of the water system, is prohibited from issuing bonds having any priority with respect to payment from the gross revenues of the enterprise, and is subject to conditions with respect to any sale of said water system. In the manner provided in the resolution, any or ail of the obligations referred to in this paragraph and certain other obligations mentioned in said resolution may be waived with the consent of the holders of 66% in aggregate principal amount of the bonds then outstanding (exclusive of issuer-owned bonds). This bond is callable and redeemable prior to maturity in accordance with the provisions for redemption endorsed hereon. This bond and the coupons hereto attached are negotiable instruments and shall be negotiable by delivery. This bond may be registered as to principal only or as to both principal and interest, in accordance with the provisions for registration endorsed hereon. It is hereby certified and recited that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the incurring of the indebtedness evidenced by this bond and in the issuance of this bond exist, have happened, and have been performed in due time, form and manner as required by the Constitution and laws of the State of California 17