Form of Bonds The Series 2018 Bonds will be issued in fully registered form and, when issued, will be registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company (“DTC”). DTC will act as securities depository for the Series 2018 Bonds (the “Securities Depository”). Individual purchases will initially be made in book- entry form only. Purchasers of beneficial interests in the Series 2018 Bonds (“Beneficial Owners”) will not receive certificates representing their beneficial ownership interest in the Series 2018 Bonds so purchased. See APPENDIX D – “Book-Entry Transfer System.” Registrar The University has adopted the system of registration for its bonds and obligations approved by the Washington State Finance Committee (the “Committee”). Pursuant to chapter 43.80 RCW, the Committee designates one or more fiscal agencies (the “Fiscal Agency”) for State and local government bonds issued within the State. The Committee has designated U.S. Bank National Association as the Fiscal Agency. The Fiscal Agency initially will act as registrar (the “Registrar”) under the terms of the Bond Resolution. In order to meet payment requirements for interest on and principal of the Series 2018 Bonds as the same become due and payable, the University is required to remit money to the Registrar. The Registrar is required to remit payment to the Securities Depository in accordance with the terms of procedures as then in effect. Neither the University nor the Registrar will have any obligation to participants of the Securities Depository or the persons for whom they act as nominees regarding accuracy of any records maintained by the Securities Depository or its participants. Neither the University nor the Registrar will be responsible for any notice that is permitted or required to be given to a Registered Owner except such notice as is required to be given by the Registrar to the Securities Depository. Procedure in the Event of Termination of Book-Entry Transfer System Upon the resignation of the Securities Depository, or upon a termination of the services of the Securities Depository by the University, the University may appoint a substitute Securities Depository. If (i) the Securities Depository resigns and the University does not appoint a substitute Securities Depository, or (ii) the University terminates the services of the Securities Depository, the Series 2018 Bonds no longer will be held in book-entry only form and the registered ownership of each Series 2018 Bond may be transferred to any person as provided in the Bond Resolution. Thereafter, interest on each Series 2018 Bond will be payable by electronic transfer on the interest payment date, or by check or draft of the Registrar mailed on the interest payment date to the Registered Owner at the address appearing on the Bond Register on the Record Date. The University is not required to make electronic transfers except pursuant to a request by a Registered Owner in writing received on or prior to the Registrar’s close of business on the 15th day of the month preceding an interest payment date (the “Record Date”) and at the sole expense of the Registered Owner. Principal of each Series 2018 Bond will be payable upon presentation and surrender of the Series 2018 Bond by the Registered Owner to the Registrar. Redemption Provisions Optional Redemption. The Series 2018 Bonds maturing in the years 2019 through 20[__] are not subject to redemption prior to their stated maturity. The Series 2018 Bonds maturing on and after May 1, 20[__], are subject to optional redemption, as a whole or in part, on any date on or after May 1, 20[__], at a price of 100 percent of the principal amount plus accrued interest to the date fixed for redemption. [Mandatory Redemption. The Series 2018 Bonds maturing on May 1 in the years 20___ and 20____ are Term Bonds and are subject to mandatory redemption, in part randomly within a maturity, on or after on May 1 in the years and amounts set forth below at a price of 100 percent of the principal amount plus accrued interest to the date fixed for redemption. 20___ Term Bonds 20___ Term Bonds Year Amount Year Amount
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(1) Stated maturity.
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