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(C O U PO N FO RM ) Coupon N o........ On the first day of........................... , 19...., LAS VEGAS V A L L E Y W A T E R D IST R IC T will pay to the bearer, a t the office of the Treasurer of the D istrict in the City of Las Vegas, Nevada, or at any fiscal agency of the Las Vegas Valley W ater D istrict 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 R K 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 D istrict and of the Board W ater D istrict and of the Board of Directors thereof. of D irectors thereof. On the reverse side of the coupon there shall be printed substantially the following: (R E V E R S E O F CO U PO N ) If the bond to which this coupon is attached is redeemable and is duly called for redemption on a date prior to the m aturity 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 b o n d : P R O V ISIO N S FO R R E D E M P T IO N Unless this bond m atures on or prior to March 1, 1964, it is redeemable from the proceeds of refunding bonds or from any funds of the D istrict at the option of said Board on March 1, 1964, or on any interest paym ent date thereafter prior to m aturity and if this bond m atures March 1, 1990, it is also redeemable from revenues of the D istrict on March 1, 1959, or on any interest paym ent date thereafter in the m anner and subject to the term s and provisions, and with the effect set forth in a resolution of the Board of Directors of Las Vegas Valley W ater D istrict adopted on January 8, 1954, upon at least th irty (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 am ount thereof, plus of 1% of such principal am ount for each whole twelve months period and for any rem aining fraction of a twelve months period from the date fixed for redemption to the m aturity date of such bond, but not exceeding 105% of such principal amount. P R O V ISIO N S FO R R E G IST R A T IO N This bondj 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 T reasurer of Las Vegas Valley W ater D istrict 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, th at this bond is payable to bearer, whereupon this bond shall become an unregistered, bearer instrum ent, 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. A fter 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 m ust be in form satisfactory to the T reasurer and m ust be made in writing, signed by the registered owner, or by his agent duly authorized in w riting, 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 perm itted by the term s of this resolution, and after such consent relating to such specified m atters 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 m anner to question the propriety thereof or to enjoin or restrain the Board of Directors of the D istrict or any officer of said D istrict from taking any action pursuant thereto. Section 30. Calling Bondholders’ Meeting. If the Board of Directors of said D istrict shall desire to obtain any such consent it shall duly adopt a resolution calling a m eeting 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 m eeting 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 D istrict 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 m eeting 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 th at 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 th at he failed to receive notice of such meeting. Section 32. V oting 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 D istrict 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 tim e after the meeting. The T reasurer of the D istrict shall prepare and deliver to the chairman of the m eeting a list of the names and addresses of the registered owners of bonds, w ith a statem ent of the m aturities and serial num bers 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 m eeting or a certificate of deposit thereof, satisfactory to the Board of Directors of the District, executed by a bank or tru st company. No bondholder shall be perm itted to vote w ith respect to a larger aggregate principal am ount 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