Ordinance NO. ORD-21-26

BY THE COUNCIL   CORLESS, HALLYBURTON, MORALES, NASH, STEAD AND WILLITS.--

AN ORDINANCE OF THE CITY OF BOISE CITY, ADA COUNTY, IDAHO, AUTHORIZING THE EXECUTION, ISSUANCE, AND DELIVERY OF ITS WATER RENEWAL REVENUE BOND, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE), TO PROVIDE FUNDS NECESSARY TO FINANCE AND REFINANCE IMPROVEMENTS TO THE CITY’S WATER RENEWAL SYSTEM; FIXING THE FORM OF THE BOND TO BE ISSUED; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF THE BOND; PLEDGING REVENUES FOR PAYMENT OF DEBT SERVICE ON THE BOND; PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO; ORDERING PUBLICATION; APPROVING A LETTER OF BOND COUNSEL ENGAGEMENT; APPROVING A SUMMARY OF THE ORDINANCE; PROVIDING FOR WAIVER OF THE READING RULES; AND PROVIDING AN EFFECTIVE DATE.

SEE ATTACHMENT “SERIES ORDINANCE - INITIAL WIFIA BONDS SERIES 2026”

ADOPTED by the Council of Boise City, Idaho, on May 19, 2026.

APPROVED by the Mayor of the Boise City, Idaho, on May 19, 2026.

CITY OF BOISE

ORDINANCE NO. ORD-21-26

BY THE COUNCIL:   CORLESS, HALLYBURTON, MORALES, NASH, STEAD, AND WILLITS

SERIES ORDINANCE

AN ORDINANCE OF THE CITY OF BOISE CITY, ADA COUNTY, IDAHO, AUTHORIZING THE EXECUTION, ISSUANCE, AND DELIVERY OF ITS WATER RENEWAL REVENUE BOND, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE), TO PROVIDE FUNDS NECESSARY TO FINANCE AND REFINANCE IMPROVEMENTS TO THE CITY’S WATER RENEWAL SYSTEM; FIXING THE FORM OF THE BOND TO BE ISSUED; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF THE BOND; PLEDGING REVENUES FOR PAYMENT OF DEBT SERVICE ON THE BOND; PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO; ORDERING PUBLICATION; APPROVING A SUMMARY OF THE ORDINANCE; PROVIDING FOR WAIVER OF THE READING RULES; AND PROVIDING AN EFFECTIVE DATE.

Approved: May 19, 2026

TABLE OF CONTENTS

ARTICLE I   3

Section 101.   Definitions   3

ARTICLE II   4

Section 201.   Authority for Series Ordinance   4

Section 202.   Finding and Purpose   5

Section 203.   Authorization of Series 2026 Bonds; Designation; Confirmation of Pledged Revenues   5

Section 204.   Issue Date   5

Section 205.   Description of the Series 2026 Bond   5

Section 206.   Authorization of Issuance of Series 2026 Bond   6

Section 207.   Issuance of Series 2026 Bond; Delegation of Authority   6

Section 208.   Execution of Series 2026 Bond   7

Section 209.   Registration of Series 2026 Bond   7

Section 210.   Redemption and Purchase   8

ARTICLE III   8

Section 301.   Creation of Accounts and/or Subaccounts under Funds   8

ARTICLE IV   8

Section 401.   Pledge of Net Revenues   8

ARTICLE V   9

Section 501.   Effect of Series Ordinance   9

Section 502.   Ratification   9

Section 503.   Severability   9

Section 504.   Conflict   9

Section 505.   Captions   9

Section 506.   Savings Clause   9

Section 507.   Effective Date   9

Section 508.   Publication   9

Exhibit A - Form of Bond

Exhibit B - Form of Terms Certificate Exhibit C - Summary of Series Ordinance

ORDINANCE NO. ORD-21-26

AN ORDINANCE OF THE CITY OF BOISE CITY, ADA COUNTY, IDAHO, AUTHORIZING THE EXECUTION, ISSUANCE, AND DELIVERY OF ITS WATER RENEWAL REVENUE BOND, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE), TO PROVIDE FUNDS NECESSARY TO FINANCE AND REFINANCE IMPROVEMENTS TO THE CITY’S WATER RENEWAL SYSTEM; FIXING THE FORM OF THE BOND TO BE ISSUED; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF THE BOND; PLEDGING REVENUES FOR PAYMENT OF DEBT SERVICE ON THE BOND; PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO; ORDERING PUBLICATION; APPROVING A SUMMARY OF THE ORDINANCE; PROVIDING FOR WAIVER OF THE READING RULES AND PROVIDING AN EFFECTIVE DATE.

CITY OF BOISE CITY, ADA COUNTY, STATE OF IDAHO WATER RENEWAL REVENUE BOND, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE)

BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF BOISE CITY, ADA COUNTY, IDAHO, AS FOLLOWS:

WHEREAS, the City of Boise City, Ada County, Idaho (the “City”) is a body politic and corporate duly organized, operating and existing under and pursuant to the provisions of the Constitution and the laws of the State of Idaho;

WHEREAS, pursuant to a special municipal revenue bond election duly called by the City and held on November 2, 2021 (the “Bond Election”), there was submitted to the qualified electors of the City the following proposition:

TO CONTINUE TO PROTECT THE BOISE RIVER, ENSURE RELIABLE SEWER SERVICES, ENCOURAGE ECONOMIC DEVELOPMENT, AND TO TAKE CLIMATE ACTION, IN OCTOBER 2020 BOISE CITY COUNCIL APPROVED ESSENTIAL IMPROVEMENTS TO BOISE’S WATER RENEWAL SYSTEM  (WITH  AN  ESTIMATED  REPLACEMENT  VALUE OF

$3,000,000,000), INCLUDING UPGRADING AGING PIPES AND WATER TREATMENT FACILITIES, CONSTRUCTING AN ADDITIONAL FACILITY TO KEEP UP WITH CUSTOMER DEMAND AND LAUNCHING A RECYCLED WATER PROGRAM. IMPROVEMENTS WILL BE MADE AND CAN BE PAID FOR WITH CASH FROM HIGHER UPFRONT SEWER RATE INCREASES (UP TO 53%) OR FINANCED TO KEEP UPFRONT SEWER RATE INCREASES LOWER AND MORE AFFORDABLE. SHALL THE CITY OF BOISE CITY,

IDAHO BE AUTHORIZED TO KEEP SEWER CUSTOMER RATE INCREASES LOWER AND MORE AFFORDABLE BY ISSUING AND SELLING ONE OR MORE SERIES OF REVENUE BONDS UP TO $570,000,000 OVER THE NEXT 10 YEARS?

WHEREAS, more than a majority of the votes cast at the Bond Election were cast in favor of said proposition and the issuance of up to $570,000,000 of revenue bonds of the City was authorized for the purpose of financing the design, acquisition, and construction of certain improvements to the City’s Water Renewal System and to pay the costs of issuance thereof;

WHEREAS, pursuant to the successful Bond Election, on May 17, 2022, the members of the City Council (the “Council”) adopted Ordinance No. ORD-24-22 (the “Master Ordinance”) providing for the issuance and sale of Bonds to finance or refinance Projects up to the Bonding Capacity (as such terms are defined in the Master Ordinance);

WHEREAS, the City and the United States Environmental Protection Agency, an agency of the United States of America acting by and through the Administrator of the Environmental Protection Agency (the “WIFIA Lender”), entered into a WIFIA Loan Agreement dated December 6, 2022 (the “WIFIA Loan Agreement”), pursuant to which the WIFIA Lender has agreed to loan the City up to $263,903,041 to assist the City in financing a portion of the Eligible Project Costs (as defined in the WIFIA Loan Agreement) of the Series 2026 Project (as defined herein) under the authority of the Water Infrastructure Finance and Innovation Act and subject to the terms and conditions of the WIFIA Loan Agreement (the “WIFIA Loan”);

WHEREAS, the WIFIA Loan Agreement requires the City, prior to submitting any Requisition (as defined in the WIFIA Loan Agreement), to adopt a Series Ordinance (as defined in the Master Ordinance) authorizing the City to draw on the WIFIA Loan and to evidence its obligation to repay any amount drawn on the WIFIA Loan pursuant to such Series Ordinance by issuing and delivering to the WIFIA Lender a Parity Bond (as defined in the Master Ordinance), with the par amount of such Parity Bond equal to the maximum amount authorized to be drawn by the City pursuant to the Series Ordinance (each such Parity Bond, an “Initial WIFIA Bond” and collectively, the “Initial WIFIA Bonds”);

WHEREAS, the City anticipates adopting a Series Ordinance and issuing an Initial WIFIA Bond on an annual basis through the Final Disbursement Date (as defined in the WIFIA Loan Agreement) to authorize the City to draw a maximum amount of WIFIA Loan proceeds corresponding to the amount anticipated under the WIFIA Loan Agreement for each respective calendar year, but each such Series Ordinance will authorize the City to draw up to the maximum amount authorized by the Series Ordinance at any time up to the Final Disbursement Date;

WHEREAS, each Initial WIFIA Bond shall mature on September 1, 2031, and the City may and intends to issue and deliver to the WIFIA Lender, on or before such maturity date, a Parity Bond with a par amount equal to the aggregate outstanding amount of the Initial WIFIA Bonds to refund and replace such Initial WIFIA Bonds (the “Replacement WIFIA Bond”), with such

Replacement WIFIA Bond having a maturity date thirty (30) years following the date of its issuance and delivery and being subject to the terms and conditions of the WIFIA Loan Agreement;

WHEREAS, pursuant to this Series Ordinance the City desires to draw up to $133,903,041 on the WIFIA Loan; and

WHEREAS, to evidence its obligation to repay the amount of up to $133,903,041 to be drawn by the City on the WIFIA Loan pursuant to this Series Ordinance, the City now desires to issue and deliver to the WIFIA Lender an Initial WIFIA Bond in maximum principal amount of

$133,903,041.

NOW, THEREFORE, THE MAYOR AND COUNCIL OF THE CITY OF BOISE CITY, ADA COUNTY, IDAHO, FURTHER ORDAIN AS FOLLOWS:

ARTICLE I

Section 101. Definitions.  Except as provided in this Section, all defined terms contained in this Series Ordinance shall have the same meanings as set forth in the Master Ordinance and the WIFIA Loan Agreement. As used in this Series Ordinance, in addition to the terms defined in the WHEREAS clauses of this Series Ordinance (which clauses are hereby incorporated in and made part of this Series Ordinance), the following terms shall have the following meanings:

Act means collectively the Revenue Bond Act, Idaho Code Sections 50-1027 through 50-1042, inclusive, and the Municipal Bond Law of the State of Idaho, being Idaho Code, Title 57, Chapter 2.

Authorized Denomination s means $5,000 or integral multiples thereof.

Delegated Officer  means the Mayor or the Director of Finance; and as specifically related to the submission of Requisitions (as defined in the WIFIA Loan Agreement) made pursuant to this Series Ordinance, means the Mayor, the Director of Finance, the Public Works Director, the Public Works Chief Administrative Officer, Treasurer, or the Deputy Treasurer, each with authority to act jointly or alone.

Interest Rate  means the WIFIA Interest Rate, as defined in the WIFIA Loan Agreement.

Interest Payment Date  means each March 1 and September 1, and as further described and defined in the WIFIA Loan Agreement.

Maturity Date  means September 1, 2031.

Outstanding Principal Sum means the aggregate unpaid principal amount of the WIFIA Loan disbursed by the WIFIA Lender to the City pursuant to Requisitions authorized by this Series Ordinance.

Requisition  has the meaning provided in the WIFIA Loan Agreement.

Series Ordinance means this Ordinance adopted by the Council on May 19, 2026, authorizing the City to draw on the WIFIA Loan up to the maximum principal amount of the Series 2026 Bond, authorizing the issuance of the Series 2026 Bond, setting forth certain requirements of the terms of sale of the Series 2026 Bond, delegating authority to approve the final terms and provisions of the Series 2026 Bond, and providing for related matters.

Series 2026 Bond  means the City’s Water Renewal Revenue Bond, Series 2026 (WIFIA) (Federally Taxable) authorized hereunder in substantially the form attached to this Series Ordinance as Exhibit A.

Series 2026 Bond Registrar means with respect to the Series 2026 Bond, Zions Bancorporation, National Association, Boise, Idaho, appointed by the City pursuant to Section 3 of the Master Ordinance and this Series Ordinance to serve as the authenticating agent, registrar, and transfer agent for the Series 2026 Bond. The term “Series 2026 Bond Registrar” shall include any business successor or successors thereto, any company into which the Series 2026 Bond Registrar may be merged or converted or with which it may be consolidated or any company resulting from any merger, conversion or consolidation to which it shall be a party, provided such company shall be a bank or trust company organized under the laws of any state of the United States of America or a national banking association and shall be authorized by law to perform all the duties imposed upon it by this Series Ordinance. Any such successor shall be the successor to the Series 2026 Bond Registrar without the execution or filing of any paper or the performance of any further act.

Series 2026 Project means financing the acquisition and construction of certain improvements to the City’s Water Renewal System, identified as the City of Boise Water Renewal Services Capital Investments Project and consisting of the following components: (1) the West Boise WRF Program, (2) the Lander Street WRF Program, (3) planning and design related to the Recycled Water Program, and (4) various improvements to collections and conveyance infrastructure commencing construction prior to October 1, 2028, as described in further detail in the WIFIA Loan Agreement. The Series 2026 Project is the portion of the Project (as defined in the WIFIA Loan Agreement) that will be paid for through WIFIA Loan proceeds the City is authorized to draw pursuant to this Series Ordinance.

Terms Certificate means the certificate, substantially in the form of Exhibit B hereto, signed and delivered by the Delegated Officer to approve the final terms of the Series 2026 Bond.

The terms “hereby,”  “hereof,” “hereto,” “herein,” “hereunder,”  and any similar terms as used in this Series Ordinance refer to this Series Ordinance.

ARTICLE II

Section 201. Authority for Series Ordinance . This Series Ordinance is adopted pursuant to the provisions of the Act and the Master Ordinance. This Series Ordinance contemplates the issuance and sale of the Series 2026 Bond through a delegation of authority as provided in Section 207 hereof. Unless the context clearly indicates otherwise, this Series

Ordinance shall not take effect, and no provision thereof shall be binding upon the City unless and until the Series 2026 Bond is issued and delivered to the WIFIA Lender.

Section 202. Finding and Purpose . In compliance with the Master Ordinance, including Section 14 thereof, the Series 2026 Bond is hereby authorized to be issued as a Parity Bond and as an Initial WIFIA Bond pursuant to the WIFIA Loan Agreement, to provide funds with which to finance the Series 2026 Project.

Section 203. Authorization of Series 2026 Bond; Designation; Confirmation of Pledged Revenues.  In accordance with and subject to the terms, conditions and limitations established by the Act, and contained in the Master Ordinance and this Series Ordinance, a revenue bond of the City is hereby authorized to be issued and shall be designated “City of Boise City, Ada County, State of Idaho, Water Renewal Revenue Bond, Series 2026 (WIFIA) (Federally Taxable).” The Series 2026 Bond is secured by the pledge of the Net Revenues under Section 7 of the Master Ordinance equally and ratably with all Bonds issued under the Master Ordinance.

Section 204. Issue Date.  The Series 2026 Bond shall be dated as of the date of its delivery to the WIFIA Lender.

Section 205.   Description of the Series 2026 Bond.

Loan Agreement. The WIFIA Lender’s determinations as to the Outstanding Principal Sum shall be conclusive absent manifest error; provided, that neither the failure to make any such determination or notation nor any error in such determination or notation shall affect in any manner the City’s obligations under the Series 2026 Bond.

Section 206. Authorization of Issuance of Series 2026 Bond. The Council hereby authorizes the issuance and delivery of the Series 2026 Bond to the WIFIA Lender pursuant to the terms of the WIFIA Loan Agreement.

Section 207.  Issuance of Series 2026 Bond; Delegation of Authority.

$133,903,041; and

for the disbursement of WIFIA Loan proceeds up to the maximum principal amount of the Series 2026 Bond.

Section 208. Execution of Series 2026 Bond.  The Series 2026 Bond shall be executed on behalf of the City by the manual or facsimile signature of the Mayor and Treasurer and attested to by the City Clerk and the corporate seal of the City shall be impressed or printed thereon, if any. The Series 2026 Bond, when so executed, shall be delivered to the Series 2026 Bond Registrar for authentication. The Series 2026 Bond Registrar is hereby requested and directed to authenticate the Series 2026 Bond by executing the Certificate of Authentication appearing thereon, and to deliver the Series 2026 Bond, when duly executed and authenticated, to the WIFIA Lender in accordance with written instructions executed on behalf of the City by the Delegated Officer of the City, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Series 2026 Bond Registrar. Such instructions shall provide for the delivery of the Series 2026 Bond to the WIFIA Lender in accordance with the WIFIA Loan Agreement.

Section 209. Registration of Series 2026 Bond.  The Series 2026 Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient records for the registration and transfer of Series 2026 Bond (the “Series 2026 Bond Register”), which shall be open to inspection by the City. The Series 2026 Bond Registrar is authorized, on behalf of the City, to authenticate and deliver Series 2026 Bond and to carry out all of the Series 2026 Bond Registrar's powers and duties under this Series Ordinance and the Idaho Registered Public Obligations Act, Idaho Code, Title 57, Chapter 9, as amended. The Series 2026 Bond Registrar shall be responsible for its representations contained in the Certificate of Authentication on the Series 2026 Bond. The Treasurer and the Deputy Treasurer are each hereby authorized to negotiate the terms of a registrar agreement with the Series 2026 Bond Registrar, providing for compensation and other terms mutually acceptable to the City and the Series 2026 Bond Registrar regarding the performance of its duties under this Series Ordinance.

The Series 2026 Bond may be transferred in connection with the sale of the WIFIA Loan in accordance with Section 33 of the WIFIA Loan Agreement. Any such transfer shall be registered by the Series 2026 Bond Registrar on the Series 2026 Bond Register, but no transfer of the Series 2026 Bond shall be valid unless such Series 2026 Bond is surrendered to the Series 2026 Bond Registrar with the assignment form appearing on such Series 2026 Bond duly executed by the Registered Owner or such Registered Owner’s duly authorized agent in a manner satisfactory to the 2026 Bond Registrar . Upon such surrender, the Series 2026 Bond Registrar shall cancel the surrendered Series 2026 Bond and shall execute and deliver, without charge to the Registered Owner or transferee thereof, a new Series 2026 Bond (or Series 2026 Bonds at the option of the Registered Owner) of the same date, maturity, and interest rate and for the same aggregate principal amount in any Authorized Denomination, naming as Registered Owner the person or persons listed as the assignee on the assignment form appearing on the surrendered Series 2026 Bond, in exchange for such surrendered or cancelled Series 2026 Bond.

Section 210.   Redemption and Purchase. The Series 2026 Bond is subject to optional and/or mandatory redemption pursuant to the terms of the WIFIA Loan Agreement.

ARTICLE III

Section 301.   Creation of Accounts and/or Subaccounts under Funds.

(i) Net Revenues and (ii) such other funds as the City shall designate as irrevocably available to pay principal and interest on the Series 2026 Bond. The City shall make disbursements from the Series 2026 Debt Service Account in accordance with Section 401 below.

ARTICLE IV

Section 401. Pledge of Net Revenues.  The City covenants and agrees that to pay the principal of and interest on the Series 2026 Bond, the City shall transfer from the Revenue Fund such amounts sufficient, together with funds then on deposit in the 2026 Debt Service Account, to meet the debt service requirements on the Series 2026 Bond.

The Net Revenues of the City are hereby pledged for the prompt payment of principal of and interest on the Series 2026 Bond as the same becomes due on parity with all Outstanding Bonds.

ARTICLE V

Section 501. Effect of Series Ordinance. To the extent that this Series Ordinance amends or supplements the Master Ordinance, the Master Ordinance shall be treated as so amended or supplemented.

Section 502. Ratification.  All proceedings, resolutions, ordinances, and actions of the Council, the City, and their officers, agents and employees taken in connection with the authorization, sale and issuance of the Series 2026 Bond are hereby in all respects ratified, confirmed and approved and each Delegated Officer is hereby authorized and directed, for and in the name and on behalf of the City to do any and all things and take any and all actions and execute and deliver any and all closing certificates, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Series 2026 Bond in accordance with this Series Ordinance.

Section 503. Severability.  It is hereby declared that all parts of this Series Ordinance are severable, and if any section, paragraph, clause, or provision of this Series Ordinance shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, paragraph, clause or provision shall not affect the remaining sections, paragraphs, clauses or provisions of this Series Ordinance.

Section 504. Conflict . All resolutions, orders and regulations or parts thereof heretofore adopted or passed which conflict with any of the provisions of this Series Ordinance are, to the extent of such conflict, hereby repealed.

Section 505. Captions.  The table of contents and captions or headings herein are for convenience of reference only and in no way define, limit, or describe the scope or intent of any provisions or sections of this Series Ordinance.

Section 506. Savings Clause.  Except as amended and/or supplemented by this Series Ordinance, the Master Ordinance shall remain in full force and effect.

Section 507. Effective Date. That, pursuant to the affirmative vote of at least one-half (1/2) plus one (1) of the members of the Council, the rule requiring two (2) separate readings by title and one (1) reading in full be, and the same is hereby, dispensed with, and accordingly, this Series Ordinance shall be in full force and effect immediately upon its passage, approval, and publication, as provided by law.

Section 508. Publication.  A summary of this Series Ordinance substantially in the form attached hereto as Exhibit C, which form is hereby approved, shall be published within one (1) month hereafter once in an issue of The Idaho Statesman,  the official newspaper of the City,

pursuant to Idaho Code Section 50-901A, as amended.

[Signature Page Follows]

APPROVED by the City Council of the City of Boise City, Idaho, this 19th day of May, 2026. APPROVED by the Mayor of the City of Boise City, Idaho, this 19th day of May, 2026.

Lauren McLean, MAYOR

Date

ATTEST:

Jamie Heinzerling, CITY CLERK   Date

( S E A L )

EXHIBIT A FORM OF BOND

CITY OF BOISE CITY, IDAHO

WATER RENEWAL REVENUE BOND, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE)

WATER RENEWAL SERVICES CAPITAL INVESTMENTS PROJECT (WIFIA ID – N21113ID)

WIFIA BOND

 

CITY OF BOISE CITY, IDAHO, a body politic and corporate duly organized, operating and existing under and pursuant to the provisions of the Constitution and laws of the State of Idaho (the “Borrower”), for value received, hereby promises to pay to the order of the UNITED STATES ENVIRONMENTAL PROTECTION AGENCY, acting by and through the Administrator of the United States Environmental Protection Agency, or its assigns (the “WIFIA Lender”), the lesser of (x) the maximum principal amount set forth above, which represents the maximum draw amount authorized by that certain Series Ordinance adopted by the Borrower on May 19, 2026 (Ordinance No. ORD-   -   , the “2026 WIFIA Series Ordinance”), and (y) the aggregate unpaid principal amount of all Disbursements made by the WIFIA Lender pursuant to Requisitions (as defined in the hereinafter defined WIFIA Loan Agreement) submitted by the Borrower and authorized by the 2026 WIFIA Series Ordinance (such lesser amount being hereinafter referred to as the “Outstanding Principal Sum”), together with accrued and unpaid interest (including, if applicable, interest at the Default Rate, as defined in the WIFIA Loan

Agreement) on the Outstanding Principal Sum and all fees, costs and other amounts payable in connection therewith, all as more fully described in that certain WIFIA Loan Agreement, dated as of December 6, 2022, between the WIFIA Lender and the Borrower (the “WIFIA Loan Agreement”). All capitalized terms used in this WIFIA Bond and not defined herein shall have the meanings set forth in the WIFIA Loan Agreement.

The Borrower shall make interest payments on the Outstanding Principal Sum on each Interest Payment Date and shall pay the full amount of the Outstanding Principal Sum, together with accrued and unpaid interest (including, if applicable, interest at the Default Rate) and all fees, costs and other amounts payable in connection therewith, on the maturity date set forth on the first page of this WIFIA Bond.

Payments hereon are to be made in accordance with Section 8(b) (Manner of Payment) and Section 31 (Notices) of the WIFIA Loan Agreement as the same become due. Principal of and interest on this WIFIA Bond shall be made in Dollars and in immediately available funds (without counterclaim, offset or deduction). Any payment in respect of this WIFIA Bond shall be treated as a payment in respect of the WIFIA Loan and any prepayment of principal in respect of the WIFIA Loan shall be treated as a redemption in respect of this WIFIA Bond, in each case, in respect of Disbursements made by the WIFIA Lender pursuant to Requisitions submitted by the Borrower and authorized by the 2026 WIFIA Series Ordinance.

The WIFIA Lender is authorized to make a notation on Schedule A to this WIFIA Bond in connection with each Disbursement made by the WIFIA Lender pursuant to Requisitions submitted by the Borrower and authorized by the 2026 WIFIA Series Ordinance and in connection with any prepayment made with respect thereto, and the WIFIA Lender’s determinations as to the Outstanding Principal Sum shall be conclusive absent manifest error; provided, that neither the failure to make any such determination or notation nor any error in such determination or notation shall affect in any manner the Borrower’s obligations hereunder or under any other WIFIA Loan Document.

This WIFIA Bond has been executed under and pursuant to the WIFIA Loan Documents and is issued to evidence the obligation of the Borrower under the WIFIA Loan Documents to repay the loan made by the WIFIA Lender through Disbursements made pursuant to Requisitions submitted by the Borrower and authorized by the 2026 WIFIA Series Ordinance and any other payments of any kind required to be paid by the Borrower in connection therewith under the WIFIA Loan Agreement or the other WIFIA Loan Documents referred to therein. Reference is made to the WIFIA Loan Agreement for all details relating to the Borrower’s obligations hereunder.

Payment of the obligations of the Borrower under this WIFIA Bond is secured pursuant to Master Ordinance and the 2026 WIFIA Series Ordinance. This WIFIA Bond is a Bond (as such term is defined in the Master Ordinance), entitled to all of the benefits of a Bond under the Master Ordinance. The Lien on the Pledged Collateral securing this WIFIA Bond for the benefit of the WIFIA Lender is (i) on a parity in right of payment and right of security to the Lien on the Pledged Collateral in favor of all other Bonds and (ii) senior in right of payment and right of security to the Lien on the Pledged Collateral in favor of any Subordinate Obligations.

This WIFIA Bond may be prepaid at the option of the Borrower, without penalty or premium, (i) in full on any date on or after the Final Disbursement Date or (ii) in part on any Payment Date on or after the Final Disbursement Date (and, if in part, the amounts thereof to be prepaid are to be determined by the Borrower; provided, such prepayments shall be in principal amounts of $1,000,000 or any integral multiple of $1.00 in excess thereof), in each case from time to time but not more than once annually in accordance with the WIFIA Loan Agreement.

Any delay on the part of the WIFIA Lender in exercising any right hereunder shall not operate as a waiver of any such right, and any waiver granted with respect to one default shall not operate as a waiver in the event of any subsequent default.

All acts, conditions and things required by the Constitution and laws of the State to happen, exist, and be performed precedent to and in the issuance of this WIFIA Bond have happened, exist and have been performed as so required. This WIFIA Bond is issued with the intent that the federal laws of the United States of America shall govern its construction to the extent such federal laws are applicable and the internal laws of the State shall govern its construction to the extent such federal laws are not applicable.

IN WITNESS WHEREOF, the CITY OF BOISE CITY, IDAHO has caused this WIFIA

Bond to be executed in its name and its seal to be affixed hereto and attested by its duly authorized officer, all as of the Effective Date set forth above.

 

SCHEDULE A TO WIFIA BOND

CERTIFICATE OF AUTHENTICATION

This WIFIA Bond is the WIFIA Bond described in the within mentioned 2026 WIFIA Series Ordinance.

Date of Authentication: June    , 2026.

ZIONS BANCORPORATION, NATIONAL

ASSOCIATION, as Registrar

By:        Authorized Signatory, Zions Bank Division

(FORM OF ASSIGNMENT)

FOR VALUE RECEIVED, the Undersigned hereby unconditionally sells, assigns and transfers unto

(Please Insert Social Security or other identifying number of Assignee(s)): the within WIFIA Bond and all rights thereunder.

Dated:    

NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within note in every particular, without alteration or enlargement or any change whatever.

EXHIBIT B

FORM OF TERMS CERTIFICATE

The undersigned official of the City of Boise City, Ada County, Idaho (the “City”), as a Delegated Officer, does hereby certify as follows (capitalized terms used herein and not defined have the meanings assigned to such terms in the Bond Ordinance, hereinafter defined):

[Signature Page Follows]

DATED:    , 2026.

CITY OF BOISE CITY, ADA COUNTY, IDAHO

By:     Title: Director of Finance

EXHIBIT C

CITY OF BOISE CITY ADA COUNTY, IDAHO

Summary of Ordinance No. ORD-    -    , passed May 19, 2026

AN ORDINANCE OF THE CITY OF BOISE CITY, ADA COUNTY, IDAHO, AUTHORIZING THE EXECUTION, ISSUANCE, AND DELIVERY OF ITS WATER RENEWAL REVENUE BOND, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE), TO PROVIDE FUNDS NECESSARY TO FINANCE AND REFINANCE IMPROVEMENTS TO THE CITY’S WATER RENEWAL SYSTEM; FIXING THE FORM OF THE BOND TO BE ISSUED; PROVIDING FOR THE REGISTRATION AND AUTHENTICATION OF THE BOND; PLEDGING REVENUES FOR PAYMENT OF DEBT SERVICE ON THE BOND; PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO; ORDERING PUBLICATION; APPROVING A SUMMARY OF THE ORDINANCE; PROVIDING FOR WAIVER OF THE READING RULES AND PROVIDING AN EFFECTIVE DATE.

CITY OF BOISE CITY, ADA COUNTY, STATE OF IDAHO

WATER RENEWAL REVENUE BONDS, SERIES 2026 (WIFIA) (FEDERALLY TAXABLE)

Section 101 (Definitions) Defines certain capitalized terms used in the Series Ordinance.

Section 201 (Authority for Series Ordinance) Provides that the Series Ordinance is adopted by the City of Boise City, Ada County, Idaho (the “City”) pursuant to the provisions of the Act and the Master Ordinance

Section 202 (Finding and Purpose) Provides findings and determinations required to provide funds to finance and refinance certain improvements to the City’s Water Renewal System with proceeds of issuance and sale of the Series 2026 Bond.

Section 203 (Authorization of Series 2026 Bond, Designation; Confirmation of Pledged Revenues) Authorizes the Series 2026 Bond; provides the designation of the Series 2026 Bond, and security of payment thereof from Net Revenues.

Section 204 (Issue Date) Provides that the issue date shall be the date of delivery of the Series 2026 Bond.

Section 205 (Description of the Series 2026 Bond) Provides that the Series 2026 Bond shall be issued in fully registered form; provides the form of the Series 2026 Bond; and specifies terms related to the payment of principal and interest on the Series 2026 Bond.

Section 206 (Authorization to Issue of Series 2026 Bond) Provides authorization for the issuance of the Series 2026 Bond pursuant to the WIFIA Loan Agreement.

Section 207 (Issuance of Series 2026 Bond; Delegation of Authority) Provides for delegation to Mayor or Director of Finance and Administration, each a Delegated Officer, to approve the final terms of the Series

2026 Bond and for execution by the Delegated Officer of the Terms Certificate upon approval of the final terms.

Section 208 (Execution of Series 2026 Bond) Provides for the manner of execution of the Series 2026 Bond.

Section 209 (Registration of Series 2026 Bond) Provides that Zions Bancorporation, National Association shall act as Series 2026 Bond Registrar for the Series 2026 Bond and provides for the registration and terms of transfer of the Series 2026 Bond.

Section 210 (Redemption)Specifies that the Series 2026 Bond is subject to optional and/or mandatory redemption pursuant to the terms of the WIFIA Loan Agreement.

Section 301 (Creation of Accounts and/or Subaccounts under Funds) Creates and/or ratifies the following: 2026 Debt Service Account under the Bond Fund for payment of debt service on the Series 2026 Bond; and Series 2026 Project Account under the Project Fund for payment of the costs of the Series 2026 Project and costs of issuance of the Series 2026 Bond.

Section 401 (Pledge of Net Revenues) Provides the City’s covenant and agreement to pay the principal of and interest on the Series 2026 Bond and pledges the Net Revenues of the City for the prompt payment of principal of and interest on Series 2026 Bond.

Section 501 (Effect of Series Ordinance) Provides that the Master Ordinance is amended and supplemented as provided by the Series Ordinance.

Section 502 (Ratification) Ratifies, confirms, and approves all proceedings, resolutions, and ordinances in connection with the sale and issuance of the Series 2026 Bond.

Section 503 (Severability) Provides that other covenants and agreements in the Series Ordinance are not affected if one is made invalid.

Section 504 (Conflict) Repeals all resolutions, orders and regulations or parts thereof conflicting with the Series Ordinance.

Section 505 (Captions) Provides that table of contents and captions and headings are for convenience only.

Section 506 (Savings Clause) Provides that except as amended by the Series Ordinance, the Master Ordinance shall remain in full force and effect.

Section 507 (Effective Date) Provides that the Series Ordinance shall take effect from and after its passage and publication of this summary as required by law.

Section 508 (Publication) Provides for the publication of a summary of the Series Ordinance and approves the form and content of this Summary of Ordinance.

Exhibit A: Sets forth the substantial form of the Series 2026 Bond. Exhibit B: Sets forth the substantial form of the Terms Certificate. Exhibit C: Sets forth this summary for publication.

The full text of Ordinance No. ORD-    -    is available at City Hall and will be provided to any citizen upon personal request during normal office hours.

DATED this     day of    , 2026.

CITY OF BOISE CITY, IDAHO

By:          MAYOR

ATTEST:

City Clerk

I, the undersigned City Attorney for and legal advisor to the City of Boise City, Idaho, hereby certify that I have read the foregoing Summary of Ordinance No. ORD-   -   of the City of Boise City, and that the same is true and complete and provides adequate notice to the public of the contents of said Ordinance.

DATED this     day of    , 2026.

City Attorney