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I & • <br />[FORM OF BOND] <br />"(Vignette) <br />UNITED STATES OF AMERICA <br />STATE OF HAWAII <br />GENERAL OBLIGATION WATER BOND <br />:Y:f717= <br />(Number) <br />INTEREST MATURITY DATE OF <br />RATE: DATE: BOND: CUSIP: <br />REGISTERED HOLDER: <br />PRINCIPAL SUM: <br />DOLLARS <br />The COUNTY OF HAWAII, State of Hawaii (the "County"), for value received, <br />hereby promises to pay the Registered Holder (named above), or registered assigns, on the <br />Maturity Date (specified above) (unless this bond shall be subject to prior redemption and shall <br />have theretofore been duly called for previous redemption and payment of the redemption price <br />duly made or provided for), the Principal Sum (specified above), and to pay interest on such <br />Principal Sum semiannually on and on of each year, commencing on <br />(each such date is hereinafter referred to as an "interest payment date"), from <br />the date hereof or from the interest payment date next preceding the date of registration hereof <br />to which interest shall have been paid, unless such date of registration is an interest payment <br />180133.1 018896 ORD <br />