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mailed by first class mail to the Owner at the Owner's address as it appears on the registration books maintained by the Trustee as of the close of business on the fifteenth (15th) day of the month next preceding such Interest Payment Date (the "Record Date"); provided, that at the option of any Owner of at least $1,000,000 aggregate principal amount of the Series 2019 Bonds with respect to which written instructions have been filed with the Trustee prior to the Record Date, such interest may be paid by wire transfer. This Series 2019 Bond is one of a duly authorized issue of Series 2019 Bonds of the City designated as its "Gas Tax Revenue Refunding Bonds, Series 2019" (the "Series 2019 Bonds") issued under and pursuant to the Bond Law and under an Indenture of Trust (the "Indenture") by and between the City and the Trustee, dated as of , 2019, and approved by the City by Resolution No. adopted by the City Council of the City on 12019 (the "Resolution"). Copies of the Indenture are on file at the office of the City Clerk and at the above -mentioned office of the Trustee, and reference to the Indenture and any and all supplements thereto and modifications and amendments thereof and to the Bond Law is made for a description of the terms on which the Series 2019 Bonds are issued, the provisions with regard to the nature and extent of the Gas Tax Revenues, as that term is defined in the Indenture, and the rights of the Owners of the Series 2019 Bonds. All the terms of the Indenture and the Bond Law are hereby incorporated herein and constitute a contract between the City and the Owner from time to time of this Series 2019 Bond, and to all the provisions thereof the Owner of this Series 2019 Bond, by acceptance hereof, consents and agrees. Each subsequent Owner hereof shall have recourse to all of the provisions of the Bond Law and the Indenture and shall be bound by all of the terms and conditions thereof. The Series 2019 Bonds are being issued for the purpose of (i) refunding the 2007 Gas Tax Revenue Certificates of Participation; (ii) paying certain costs of issuing the Series 2019 Bonds; and (iii) funding a reserve account. The Series 2019 Bonds are special obligations of the City and are secured by amounts held from time to time in the Debt Service Fund established and held by the Trustee under the Indenture and, subject to certain restrictions set forth in the Indenture, a pledge of and lien on certain Gas Tax Revenues (as defined in the Indenture) deposited into the Gas Tax Fund. Neither the general fund, the full faith and credit, nor the taxing power of the City, the State of California or any other political subdivision thereof is pledged to the payment of the Series 2019 Bonds. The Series 2019 Bonds are not secured by a legal or equitable pledge of or charge, lien or encumbrance upon any property of the City or any of its income or receipts except the Gas Tax Revenues. The Series 2019 Bonds maturing on or before January 1, are not subject to optional redemption prior to maturity. The Series 2019 Bonds maturing on January 1, and thereafter are subject to redemption prior to their stated maturity at the option of the City, as a whole or in part on any date, by such maturities as are selected by the City from any available source of funds on or after January 1, at a redemption price equal to the principal amount of the Series 2019 Bonds to be redeemed, together with accrued interest thereon to the date fixed for redemption. 55394.00055\32329348.3 55k- 62