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APPENDIX B FORM OF BOND NO UNITED STATES OF AMERICA STATE OF CALIFORNIA RATE OF INTEREST REGISTERED OWNER PRINCIPAL AMOUNT: CITY OF SAN LEANDRO 2012 TAXABLE PENSION OBLIGATION BOND MATURITY DATE: [June 1], ORIGINAL ISSUE DATE CUSIP: CEDE & CO. THOUSAND DOLLARS The CITY OF SAN LEANDRO, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California (the "City "), for value received, hereby promises to pay to the Registered Owner identified above or registered assigns (the "Registered Owner"), on the Maturity Date identified above, the Principal Amount identified above in lawful money of the United States of America; and to pay interest thereon at the Rate of Interest identified above in like lawful money from the date hereof, which date shall be the Interest Payment Date (as hereinafter defined) next preceding the date of authentication of this Bond (unless this Bond is authenticated on or before an Interest Payment Date and after the first calendar day of the month in which such Interest Payment Date occurs (a "Record Date "), in which event it shall bear interest from such Interest Payment Date, or unless this Bond is authenticated on or before May 15, 2012, in which event it shall bear interest from the Original Issue Date identified above; provided, however, that if, at the time of authentication of this Bond, interest is in default on this Bond, this Bond shall bear interest from the Interest Payment Date to which interest hereon has previously been paid or made available for payment), payable semiannually on [June 1] and [December 1] in each year, commencing [June 1], 2012 (the "Interest Payment Dates ") until payment of such Principal Amount in full. The Principal Amount hereof is payable upon presentation hereof at the corporate office of U.S. Bank National Association, as trustee (the "Trustee "), in San Francisco, California, or such other place as designated by the Trustee. Interest hereon is payable by check of the Trustee mailed by first class mail on each Interest Payment Date to the Registered Owner hereof at the address of such Registered Owner as it appears on the registration books of the Trustee as of the preceding Record Date; provided that at the written request of the owner of at least $1,000,000 aggregate principal amount of Bonds which written request is on file with the Trustee prior to the Record Date immediately preceding any Interest Payment Date, interest on such Bonds shall be paid on such Interest Payment Date by wire transfer to such account within the United States of America as shall be specified in such written request. B -1