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date on which this Series 2005 Bond is authenticated unless this �r Series 2005 Bond is authenticated on a payment date, in which case it shall bear interest from such date, or unless this Series 2005 Bond is authenticated prior to the first payment date, in which case it shall bear interest from the Dated Date, or unless this Series 2005 Bond is authenticated during the period from the Record Date to the then next payment date, in which case it shall bear interest from such payment date, or unless at the time of authentication of this Series 2005 Bond interest is in default hereon, in which case it shall bear interest from the date to which interest has been paid. This Series 2005 Bond is one of an issue of City of Batesville, Arkansas Water and Sewer Revenue Bonds, Series 2005 , aggregating Four Hundred Ninety Thousand Dollars ($490 , 000) , in principal amount (the "Series 2005 Bonds" ) , and is issued for the purpose of financing certain Improvements to the City' s municipal Water and Sewer System (the "System" ) . The Series 2005 Bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Title 14 , Chapter 164 , Subchapter 4 , and decisions of the Supreme Court of Arkansas, including City of Harrison v. Braswell , 209 Ark. 1094 , 194 S .W. 2d 12 (1946) , and pursuant to Ordinance No. 2001-3-1, duly ad ted on March 13 , 2001 and Ordinance No.ag�/-3 duly adopted on 2 2005 (collectively, the "Authorizing Ordinance" ) 0 and do0not constitute an indebtedness of the City within any constitutional or statutory limitation. The Series 2005 Bonds are secured on a parity of lien, pledge and security with the City' s Water and Sewer Revenue Refunding Bonds, Series 2001 (the "Series 2001 Bonds" ) , the City' s Water and Sewer Revenue Refunding Bonds, Series 2002 (the "Series 2002 Bonds" ) and with any Additional Bonds, if any, issued under the Authorizing Ordinance, and the term "Bonds" herein includes the Series 2005 Bonds, the Series 2002 Bonds, the Series 2001 Bonds and any Additional Bonds outstanding. The Bonds are not general obligations of the City but are special obligations secured by a pledge of revenues derived from the operation of the System. An amount of revenues of the System sufficient to pay the principal of and interest on the Bonds has been duly pledged for the payment of principal of, premium, if any, on and interest on the Bonds . Reference is hereby made to the Authorizing Ordinance for a detailed statement of the terms and conditions upon which the Bonds are issued, of the nature and extent of the security for the Bonds, and the rights and obligations of the City, the Trustee and the bondholders . The Series 2005 Bonds or portions thereof may be redeemed at the option of the City, in whole or in part, 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 six months after the date of issuance of the Series 2005 L 4