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sufficient in each year for the payment of the proper and reasonable expenses of [Operation and
<br /> Maintenance (as defined in the Financial Assistance Agreement)OR [operation, repair and maintenance]
<br /> of said works and for the payment of the sums required to be paid into said Sinking Fund under the
<br /> provisions of said Act and said Ordinance, and to comply with and satisfy all covenants contained in said
<br /> Ordinance and any Financial Assistance Agreement. In the event the Town, or the proper officers thereof,
<br /> shall fail or refuse to so fix,maintain and collect such rates or charges, or if there be a default in the
<br /> payment of the principal of or interest on this bond, the Registered Owner of this bond shall have all of
<br /> the rights and remedies provided for in the Act.
<br /> The Town further covenants that it will set aside and pay into its Sewage Works Sinking Fund a
<br /> sufficient amount of the net revenues of the Sewage Works to meet (a) the interest on all bonds payable
<br /> from the revenues of the Sewage Works, as such interest shall fall due, (b) the necessary fiscal agency
<br /> charges for paying all bonds and interest, (c) the principal of all bonds payable from the revenues of the
<br /> Sewage Works, and (d) an additional amount as a margin of safety to create the reserve required by the
<br /> Ordinance.
<br /> The bonds of this issue maturing on or after 1, 20 , are subject to redemption prior to
<br /> maturity, at the option of the Town, in whole or in part, on 1, 20 at any time thereafter, in
<br /> amounts selected by the Town and in [inverse order of maturity] [the order of maturity as determined by
<br /> the Town], and by lot within any such maturity or maturities by the Registrar at a redemption price of
<br /> percent ( %) of the principal amount of each bond to be redeemed and without premium, plus
<br /> accrued interest to the date of redemption.
<br /> [Insert mandatory sinking fund redemption terms, if appropriate.]
<br /> Notice of any such redemption shall be sent by registered or certified mail to the Registered
<br /> Owner of this bond not less than [thirty (30)] [sixty (60)] days prior to the date fixed for redemption,
<br /> unless such notice is waived by the Registered Owner;provided, however, that failure to give such notice
<br /> by mailing, or any defect therein, with respect to any such bond will not affect the validity of any
<br /> proceedings for redemption of any other such bonds. The notice shall specify the redemption price, the
<br /> date and place of redemption, and the registration numbers (and in case of partial redemption, the
<br /> respective principal amounts) of the bonds called for redemption. Interest on bonds so called for
<br /> redemption shall cease to accrue on the redemption date fixed in such notice, so long as sufficient funds
<br /> are available at the place of redemption to pay the redemption price on the redemption date or when
<br /> presented for payment.
<br /> Prior to the date fixed for redemption, funds shall be deposited with the Paying Agent to pay, and
<br /> the Paying Agent is hereby authorized and directed to apply such funds to the payment of the bonds or
<br /> portions thereof called, together with accrued interest thereon to the redemption date and any required
<br /> premium. No payment shall be made by the Paying Agent upon any bond or portion thereof called for
<br /> redemption until such bond shall have been delivered for payment or cancellation or the Registrar shall
<br /> have received the items required by the Ordinance with respect to any mutilated, lost, stolen or destroyed
<br /> bond.
<br /> If this bond shall have become due and payable in accordance with its terms or this bond or a
<br /> portion hereof shall have been duly called for redemption or irrevocable instructions to call this bond or a
<br /> portion hereof for redemption shall be given and the whole amount of the principal and the premium, if
<br /> any, and interest, so due and payable upon this bond or such portion hereof shall be paid, or(i) sufficient
<br /> moneys, or (ii) direct obligations of, or obligations the principal of and interest on which are
<br /> unconditionally guaranteed by the United States of America, the principal of and the interest on which
<br /> when due will provide sufficient moneys for such purpose, or(iii) time certificates of deposit of a bank or
<br /> banks, fully secured as to both principal and interest by obligations of the kind described in(ii) above, the
<br /> principal of and interest on which when due will provide sufficient moneys for such purpose, shall be held
<br /> in trust for such purpose, and provision shall also be made for paying all fees and expenses for the
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