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(Reverse Side of Bond) • CITY OF BATESVILLE, ARKANSAS WATER AND SEWER REVENUE REFUNDING BOND, SERIES 2001 The Series 2001 Bonds or portions thereof may be redeemed at the option of the City, in whole or in part, in integral multiples of $5, 000, from funds from any source, in inverse order of maturity (and by lot within a maturity in such manner as the Trustee shall determine) on any date on and after February 1, 2006, at a redemption price equal to the principal amount being redeemed plus accrued interest to the redemption date. Notice of redemption identifying the Series 2001 Bonds or portions thereof (which shall be $5, 000 or a multiple thereof) to be redeemed shall be given by the Trustee, not less than thirty (3 0) nor more than sixty (6 0) days prior to the date fixed for redemption, by mailing a copy of the redemption notice by first class mail, postage prepaid, or sending such notice by electronic transmission with evidence of receipt, to all registered owners of Series 2001 Bonds to be redeemed. Failure to send an appropriate notice or any such notice to one or more registered owners of Series 2001 Bonds to be redeemed shall not affect the validity of the proceedings for redemption of other Series 2001 Bonds as to which notice of redemption is duly given in proper and timely fashion. All such Series 2001 Bonds or portions thereof thus called for redemption and for the retirement of which funds are duly provided in accordance with the Authorizing Ordinance prior to the date fixed for redemption will cease to bear interest on such redemption date. With respect to notice of redemption of Series 2001 Bonds at the option of the City, unless moneys sufficient to pay the principal of the premium, if any, and interest on the Series 2001 Bonds to be redeemed shall have been received by the Trustee prior to the giving of such notice, the notice shall state that redemption shall be conditional upon the receipt of such moneys by the Trustee on or prior to the date fixed for such redemption. If such moneys shall not have been so received, such notice shall be of no force and effect, the City shall not redeem such Series 2001 Bonds and the Trustee shall give notice, in the manner in which the notice of redemption was given, that such moneys were not so received. This Series 2001 Bond is transferable by the registered owner hereof in person or by his attorney-in-fact duly authorized in writing at the principal corporate trust office of the Trustee, but only in the manner, subject to the limitations and upon payment of the charges provided in the Authorizing Ordinance, and upon surrender and cancellation of this Series 2001 Bond. Upon such transfer a new fully registered Series 2001 Bond or Bonds of the