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<br />the Bonds, or (2) that it is in the best interest of the <br />beneficial owners of the Bonds that they be able to obtain <br />certificated bonds. <br /> <br />Transfer. This Bond shall be registered in the name of <br />the payee on the books of the Issuer by presenting this Bond for <br />registration to the Bond Registrar, who will endorse his, her or <br />its name and note the date of registration opposite the name of <br />the payee in the certificate of registration attached hereto. <br />Thereafter this Bond may be transferred by delivery with an <br />assignment duly executed by the Holder or his, her or its legal <br />representatives, and the Issuer and Bond Registrar may treat the <br />Holder as the person exclusively entitled to exercise all the <br />rights and powers of an owner until this Bond is presented with <br />such assignment for registration of transfer, accompanied by <br />assurance of the nature provided by law that the assignment is <br />genuine and effective, and until such transfer is registered on <br />said books and noted hereon by the Bond Registrar, all subject to <br />the terms and conditions provided in the Resolution and to <br />reasonable regulations of the Issuer contained in any agreement <br />with, or notice to, the Bond Registrar. Transfer of this Bond <br />may, at the direction and expense of the Issuer, be subject to <br />certain other restrictions if required to qualify this Bond as <br />being "in registered form" within the meaning of section 149(a) <br />of the federal Internal Revenue Code of 1986, as amended. <br /> <br />Fees UDon Transfer or Loss. The Bond Registrar may <br />require payment of a sum sufficient to cover any tax or other <br />governmental charge payable in connection with the transfer or <br />exchange of this Bond and any legal or unusual costs regarding <br />transfers and lost Bonds. <br /> <br />Treatment of Reaistered Owner. The Issuer and Bond <br />Registrar may treat the person in whose name this Bond is <br />registered as the owner hereof for the purpose of receiving <br />paYment as herein provided (except as otherwise provided with <br />respect to the Record Date) and for all other purposes, whether <br />or not this Bond shall be overdue, and neither the Issuer nor the <br />Bond Registrar shall be affected by notice to the contrary. <br /> <br />Authentication. This Bond shall not be valid or become <br />obligatory for any purpose or be entitled to any security unless <br />the certificate of Authentication hereon shall have been executed <br />by the Bond Registrar. <br /> <br />Not Oualified Tax-Exempt Obliaations. The Bonds have <br />not been designated by the Issuer as "qualified tax-exempt <br />obligations" for purposes of section 265(b) (3) of the federal <br />Internal Revenue Code of 1986, as amended. <br /> <br />26250 <br /> <br />15 <br />