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(COUPON FO RM ) Coupon No............................ On the first day of.............................., 19...., LAS VEGAS V A L L E Y W A T E R D ISTRICT will pay to the bearer, at the office of the Treasurer of the District in the City of Las Vegas, Nevada, or at any fiscal agency of the Las Vegas Valley W ater District in The City of Los Angeles, California, in the City of Chicago, Illinois, or in the City of New York, New York, at the option of the holder hereof, the sum of............. ................................. Dollars ($..........................) in lawful money of the United States of America, being the interest then due on its W A T E R ­W O RK S BOND, 1954, No....................................... dated March 1,1954, subject to the provisions on the reverse hereof. Secretary of the Las Vegas Valley President of the Las Vegas Valley W ater District and of the Board W ater District and of the Board of Directors thereof. of Directors thereof. On the reverse side of the coupon there shall be printed substantially the following: (R E V E R S E O F COUPON) If the bond to which this coupon is attached is redeemable and is duly called for redemption on a date prior to the maturity date of this coupon, this coupon will be void. Substantially the following provisions for redemption and for registration shall be printed on the reverse side of the bond: PRO VISIO NS FO R R ED EM PTIO N Unless this bond matures on or prior to March 1, 1964, it is redeemable from the proceeds of refunding bonds or from any funds of the District at the option of said Board on March 1, 1964, or on any interest payment date thereafter prior to maturity and if this bond matures March 1, 1990, it is also redeemable from revenues of the District on March 1, 1959, or on any interest payment date thereafter in the manner and subject to the terms and provisions, and with the effect set forth in a resolution of the Board of Directors of Las Vegas Valley W ater District adopted on January 8, 1954, upon at least thirty (30) days’ prior notice published in a newspaper of general circulation published in the District, in a newspaper of general circula­tion published in the City of Los Angeles, California, and one (1) publication in a financial newspaper or journal of national circulation published in the City of New York, New York, at a redemption price equal to 100.5% of the principal amount thereof, plus of 1% of such principal amount for each whole twelve months period and for any remaining fraction of a twelve months period from the date fixed for redemption to the maturity date of such bond, but not exceeding 105% of such principal amount. PROVISIONS FO R REG ISTRATIO N This bond, if unregistered, may be registered, in the name of any person (designated by the bearer) as the registered owner hereof, as to principal. Each registration, transfer after registration or discharge from registration of this bond shall be entered by the Treasurer of Las Vegas Valley W ater District in books kept for the purpose at his office in Las Vegas, Nevada, and noted by him in the registration blank on this bond. So long as this bond is registered no transfer hereof shall be valid for any purpose unless made by the registered owner and entered and noted as herein provided, and the principal hereof and any premium upon the redemption hereof shall be payable only to the registered owner, or to his order. Interest on this bond, if registered, shall be payable to bearer upon presentation of the interest coupon hereto attached. Each discharge hereof from registration shall be effected by an entry on the registry books, and a notation in the blank below, that this bond is payable to bearer, whereupon this bond shall become an unregistered, bearer instrument, negotiable by delivery as if it had never been registered. Each registration of this bond, if unregistered, will be made only upon request of the bearer hereof. After registration each transfer or discharge from registration of this bond, or issuance of a new bond in lieu hereof, will be made only upon request of the registered owner. 13 Each request or transfer must be in form satisfactory to the Treasurer and must be made in writing, signed by the registered owner, or by his agent duly authorized in writing, or by the bearer, as required. Date of In Whose Name Signature of Registration Registered Treasurer Section 29. Consent of Bondholders. The consents of bondholders provided for in Sections 29 to 35, inclusive, hereof shall relate solely to the amendment, waiver or modification of covenants and provisions specified in Sections 6 to 10, inclusive, Sections 13 to 22, inclusive, and Sections 24 and 25 hereof, and shall not be effective to waive or modify any other provisions of this resolution or of any of the proceedings for the issuance of said bonds. Any act relating to the amendment, waiver or modification of any of the said covenants or provisions consented to by bondholders holding sixty-six and two-thirds per cent (66-2/3% ) in aggregate principal amount of the outstanding bonds, exclusive of bonds, if any, owned by the District, shall be binding upon the holders of all of the bonds and interest coupons, whether such coupons be attached to bonds or detached therefrom, and shall not be deemed an infringement of any of the provisions of this resolution or of Chapter 167, Statutes of Nevada, 1947, as amended and supplemented, whatever the character of such act may be, and may be done and performed as fully and freely as if expressly permitted by the terms of this resolution, and after such consent relating to such specified matters has been given, no bondholder or holder of any interest coupon, whether attached to a bond or detached therefrom, shall have any right or interest to object to such action or in any manner to question the propriety thereof or to enjoin or restrain the Board of Directors of the District or any officer of said District from taking any action pursuant thereto. Section 30. Calling Bondholders’ Meeting. If the Board of Directors of said District shall desire to obtain any such consent it shall duly adopt a resolution calling a meeting of bondholders for the purpose of considering the action, the consent to which is desired. Section 31. Notice of Meeting. Notice specifying the purpose, place, date and hour of such meeting shall be published once in each of four successive calendar weeks in a newspaper printed in the English language and published and of general circulation in Las Vegas, Nevada, and in a financial newspaper or journal of national circulation published in the City of New York, New York, the first publication to be not less than sixty (60) days and not more than ninety (90) days prior to the date fixed for the meeting. Such notice shall set forth the nature of the proposed action, consent to which is desired. If any of the bonds shall be so registered as to be payable otherwise than to bearer, the Secretary of the District and of the Board of Directors thereof shall, on or before the first publication of such notice, mail a similar notice, postage prepaid, to the respective registered owners thereof at their addresses appearing on the bond registry books. The place, date and hour of holding such meeting and the date or dates of publishing and mailing such notice shall be determined by the Board of Directors, in its discretion. The actual receipt by any bondholder of notice of any such meeting shall not be a condition precedent to the holding of such meeting, and failure to receive such notice shall not affect the validity of the proceedings thereat. A certificate by said Secretary, approved by resolution of the Board of Directors of said District, that the meeting has been called and that notice thereof has been given as herein provided shall be conclusive as against all parties and it shall not be open to any bondholder to show that he failed to receive notice of such meeting. Section 32. Voting Qualifications. Any bondholder may, prior to any such meeting, deliver his bond or bonds to any agency designated by the Board of Directors of the District for the purpose, and shall thereupon be entitled to receive an appropriate receipt for the bond or bonds so deposited, calling for the redelivery of such bond or bonds at any time after the meeting. The Treasurer of the District shall prepare and deliver to the chairman of the meeting a list of the names and addresses of the registered owners of bonds, with a statement of the maturities and serial numbers of the bonds held and deposited by each of such bondholders, and no bondholder shall be entitled to vote at such meeting unless his name appears upon such list or unless he shall present his bond or bonds at the meeting or a certificate of deposit thereof, satisfactory to the Board of Directors of the District, executed by a bank or trust company. No bondholder shall be permitted to vote with respect to a larger aggregate principal amount of bonds than is set against his name on such list, unless he shall produce the bonds upon which he desires to vote, or a certificate of deposit thereof as above provided. 14