EASTON

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DEFINITIVE BONDS WHEN SUCH BONDS HAVE BEEN EXECUTED AND
ARE AVAILABLE FOR DELIVERY; AND/OR (II) FOR THE ISSUANCE
AND SALE OF ITS BOND ANTICIPATION NOTES, THE PRINCIPAL OF
AND INTEREST ON SAID NOTES TO BE MADE PAYABLE TO THE
BEARER OR REGISTERED HOLDER THEREOF OUT OF THE FIRST
PROCEEDS OF SALE OF ANY BONDS ISSUED UNDER THIS SECTION.
BOND ANTICIPATION NOTES MAY BE ISSUED IN SERIES AS FUNDS
ARE REQUIRED AND PROVISION MAY BE MADE FOR RENEWAL OF
SUCH NOTES AT MATURITY WITH OR WITHOUT RESALE, THE
ISSUANCE OF SUCH NOTES AND THE DETAILS THEREOF, THE
RIGHTS OF THE HOLDERS THEREOF, AND THE RIGHTS, DUTIES AND
OBLIGATIONS OF THE TOWN IN RESPECT THERETO, SHALL BE
GOVERNED BY THE SAME PROVISIONS OF THIS SECTION RELATING
TO THE ISSUANCE OF BONDS IN ANTICIPATION OF THE SALE OF
WHICH THE NOTES WERE ISSUED, INSOFAR AS THOSE PROVISIONS
MAY BE APPLICABLE.

(H) (I) REVENUE BONDS ISSUED UNDER THE
PROVISIONS OF THIS SECTION MAY SECURED BY A TRUST
AGREEMENT BY AND BETWEEN THE TOWN AND A CORPORATE
TRUSTEE, WHICH MAY BE ANY TRUST COMPANY, OR BANK HAVING
TRUST POWERS, WITHIN OR WITHOUT THE STATE. SUCH TRUST
AGREEMENT MAY PLEDGE OR ASSIGN ALL OR ANY PART OF THE
REVENUES FROM OR ARISING IN CONNECTION WITH ANY OF THE
PROPERTY, FACILITIES OR PROJECTS OF ANY MUNICIPALLY OWNED
PUBLIC UTILITY. ANY SUCH TRUST AGREEMENT, OR RESOLUTION
OR ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS, MAY
CONTAIN SUCH PROVISIONS FOR THE PROTECTION AND
ENFORCEMENT OF THE RIGHTS AND REMEDIES OF BONDHOLDERS AS
MAY BE DEEMED REASONABLE AND PROPER, INCLUDING COVENANTS
SETTING FORTH THE DUTIES OF THE TOWN OR THE UTILITIES
COMMISSION IN RELATION TO THE FINANCING OR DEVELOPMENT OF
ANY UTILITY PROPERTY, FACILITY OR PROJECT AND THE
EXTENSION, ENLARGEMENT, IMPROVEMENT, MAINTENANCE,
OPERATION, REPAIR AND INSURANCE OF ANY SUCH UTILITY
PROPERTY, FACILITY OR PROJECT AND THE CUSTODY,
SAFEGUARDING AND APPLICATION OF MONEYS. SUCH TRUST
AGREEMENT MAY SET FORTH THE RIGHTS AND REMEDIES OF THE
BONDHOLDERS AND OF THE TRUSTEE AND MAY RESTRICT THE
INDIVIDUAL RIGHT OF ACTION BY BONDHOLDERS. SUCH TRUST
AGREEMENT MAY CONTAIN SUCH OTHER PROVISIONS AS THE TOWN
MAY DEEM REASONABLE AND PROPER FOR THE SECURITY OF THE
BONDHOLDERS, INCLUDING, WITHOUT LIMITATION, COVENANTS
PERTAINING TO THE ISSUANCE OF ADDITIONAL PARITY BONDS
UPON CONDITIONS STATED THEREIN CONSISTENT WITH THE
REQUIREMENTS OF THIS SECTION. ALL EXPENSES INCURRED IN
CARRYING OUT THE PROVISIONS OF ANY SUCH TRUST AGREEMENT
MAY BE TREATED AS A PART OF THE COST OF THE OPERATION OF
ANY PROPERTY, FACILITY OR PROJECT IN CONNECTION WITH
WHICH SUCH BONDS HAVE BEEN ISSUED.

(II) THE PROCEEDS OF THE SALE OF BONDS SHALL