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to Stated Maturity and in an Authorized Denomination thereof may be redeemed, and, if less than <br /> all of the principal sum hereof is to be redeemed,there shall be issued,without charge therefor,to <br /> the Holder hereof, upon the surrender of this Note to the Paying Agent/Registrar at its corporate <br /> trust office, a new Note or Notes of like Stated Maturity and interest rate in any authorized <br /> denominations provided in the Resolution for the then unredeemed balance of the principal sum <br /> hereof. <br /> If this Note (or any portion of the principal sum hereof) shall have been duly called for <br /> redemption and notice of such redemption duly given, then upon such redemption date this Note <br /> (or the portion of the principal sum hereof to be redeemed) shall become due and payable, and, if <br /> money for the payment of the redemption price and the interest accrued on the principal amount <br /> to be redeemed to the date of redemption is held for the purpose of such payment by the Paying <br /> Agent/Registrar, interest shall cease to accrue and be payable hereon from and after the <br /> redemption date on the principal amount hereof to be redeemed. If this Note is called for <br /> redemption, in whole or in part,the Authority or the Paying Agent/Registrar shall not be required <br /> to issue, transfer, or exchange this Note within forty-five (45) days of the date fixed for <br /> redemption; provided,however, such limitation of transfer shall not be applicable to an exchange <br /> by the Holder of the unredeemed balance hereof in the event of its redemption in part. <br /> The Note is a special obligation of the Authority payable from, and to the extent of, and <br /> secured solely by a lien on and pledge of the Future Bond Proceeds received by the Authority. In <br /> the Resolution, the Authority reserves and retains the right to refund the Note (pursuant to any <br /> law then available) upon such terms and conditions as the Board of the Authority may deem to be <br /> in the best interest of the Authority, but subject to any terms, conditions, or restrictions set forth <br /> in the Resolution or as may be applicable thereto under law or otherwise. The Note does not <br /> constitute a legal or equitable pledge, charge, lien, or encumbrance upon any property of the <br /> Authority or System, except with respect to the Future Bond Proceeds. <br /> The Holder hereof shall never have the right to demand payment of this obligation out of <br /> Bond Payments (as defined in the Resolution) or any funds raised or to be raised by taxation. <br /> Reference is hereby made to the Resolution, copies of which are on file in the corporate <br /> trust office of the Paying Agent/Registrar, and to all of the provisions of which the Holder by his <br /> acceptance hereof hereby assents, for definitions of terms; the description and nature of the <br /> special payments pledged for the payment of the Note; the terms and conditions under which the <br /> Authority may (or may not) issue additional indebtedness while the Note is outstanding; the <br /> terms and conditions relating to the transfer or exchange of the Note; the conditions upon which <br /> the Resolution may be amended or supplemented with or without the consent of the Holders; the <br /> rights, duties, and obligations of the Authority and the Paying Agent/Registrar; the terms and <br /> provisions upon which this Note may be redeemed or discharged at or prior to the Stated <br /> Maturity thereof, and deemed to be no longer outstanding thereunder; and for the other terms and <br /> provisions specified in the Resolution. Capitalized terms used herein and not otherwise defined <br /> herein have the same meanings assigned in the Resolution. <br /> This Note, subject to certain limitations contained in the Resolution, may be transferred <br /> on the Registration Books upon presentation and surrender at a corporate trust office of the <br /> B-3 <br /> ARWA\BAN\2023:Authorizing Resolution <br />