80A - JOINT - SAFA - WATER SYS BONDS

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THE BONDS Description of the Bonds The Bonds shall be delivered in the form of fully registered Bonds, without coupons, in integral multiples of $5,000, and shall be dated the date of initial delivery. The Bonds will mature on the dates and in the amounts set forth on the inside front cover of this Official Statement. The Bonds, when issued, will be registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company, New York, New York ( "DTC "). So long as DTC, or Cede & Co. as its nominee, is the registered owner of all Bonds, all payments on the Bonds will be made directly to DTC, and disbursement of such payments to the DTC Participants (defined below) will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners (defined in APPENDIX E hereto) will be the responsibility of the DTC Participants, as more fully described hereinafter. See "Book -Entry System" below. Interest on the Bonds shall become payable on March 1 and September 1 of each year, commencing March 1, 2015, and continuing to and including the date of maturity or prior redemption, whichever is earlier. Principal of the Bonds shall become payable on September 1 in each of the years and in the amounts set forth on the inside cover page of this Official Statement. Principal and premium, if any, of the Bonds shall become payable upon presentation and surrender thereof at the corporate trust office of the Trustee. Interest on the Bonds shall be based on a 360 -day year composed of twelve 30 -day months. Payment of interest on any Bond on any Interest Payment Date or Redemption Date will be made to the person appearing on the registration books of the Trustee as the Owner as of the Record Date immediately preceding such Interest Payment Date or Redemption Date, as the case may be, such interest to be paid by check mailed by first class mail on the Interest Payment Date to such Owner at his address as it appears on such registration books; provided however, that payment of interest may be by wire transfer in immediately available funds to an account in the continental United States of America to any Owner of Bonds in the aggregate principal amount of $1,000,000 or more who shall furnish written wire instructions to the Trustee prior to the applicable Record Date. Moneys due on any Interest Payment Date which is not a Business Day shall be paid on the immediately following Business Day, without the accrual of additional interest thereon. See "— Book - Entry Only System." Any Bond may be transferred upon presentation of such Bond to the Trustee by the person in whose name it is registered, in person or by his duly authorized attorney. Upon surrender, together with a duly executed instrument of transfer in form acceptable to the Trustee, and payment of a sum sufficient to cover any tax or other governmental charge, the Trustee shall execute and deliver a new Bond or Bonds of the same maturity, for a like aggregate principal amount. The Trustee shall not be required to transfer any Bond during the period established by the Trustee for selection of Bonds for redemption, nor shall the Trustee be required to transfer any Bond or portion thereof selected for redemption. Bonds may be exchanged at the corporate trust office of the Trustee for a like aggregate principal amount represented by such Bonds of other authorized denominations of the same maturity. The Trustee shall require the payment by the Owner requesting such exchange of any tax or other governmental charge required to be paid with respect to such exchange. 80A -147