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200302816 CENTRAL COMMUNITY COLLEGE FACILITIES CORPORATION A Nebraska Not- For -Profit Corporation BUILDING BOND (GRAND ISLAND ADMINISTRATIVE ADDITION PROJECT) SERIES 2003 No. $ Interest Rate Maturity Date Date of Orieinal Issue CUSIPNo. % March 1, March .2003 Registered Owner: Principal Amount: Central Community College Facilities Corporation, a not - for -profit corporation organized and existing under the laws of the State of Nebraska, hereby acknowledges itself to owe and for value received promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above in lawful money of the United States of America on the date of maturity specified above with interest thereon to maturity (or earlier redemption) from the date of original issue or most recent Interest Payment Date, whichever is later, at the rate per annum specified above, payable on March 1, 2004 and semiannually thereafter on September I and March 1 of each year (each of said dates an "Interest Payment Date "). Said interest shall be computed on the basis of a 360 -day year consisting of twelve 30 -day months. The principal hereof is payable upon presentation and surrender of this bond at the principal corporate trust office of Wells Fargo Bank Nebraska, National Association, of Lincoln, Nebraska, as Trustee, in Lincoln, Nebraska. Interest on this bond will be paid on each Interest Payment Date by a check or draft mailed by the Trustee to the registered owner of this bond, as shown on the books of record maintained by the Trustee, at the close of business on the fifteenth day of the month immediately preceding the month in which the Interest Payment Date occurs, to such owner's address as shown on such books and records. Any interest not so timely paid shall cease to be payable to the person entitled thereto as of the record date such interest was payable, and shall be payable to the person who is registered owner of this bond (or of one or more predecessor bonds hereto) on such special record date for payment of such defaulted interest as shall be fixed by the Trustee whenever monies for such purpose become available. This bond is one of a series of fully registered bonds of the total principal amount of $20000 of even date and like tenor except as to denomination, date of maturity and rate of interest issued for the purpose of paying the costs of constructing and acquiring a building addition for educational facilities and related improvements and equipment (the "Project') for use by Central Community College Area (the "College "), in the State of Nebraska, which Project has been leased to said College under a Lease - Purchase Agreement, dated as of March 1, 2003 (the "Lease- Purchase Agreement'). The bonds are to be paid out of fixed rentals payable by said College pursuant to the Lease - Purchase Agreement, which rentals have been assigned to the Trustee, under a Trust Indenture and Security Agreement (the `Indenture "), dated as of March 1, 2003 under which this bond is issued the provisions of which Indenture govern the rights of the holders of the bonds of this issue. Said rents are sufficient in amount to pay principal and interest on the bonds of this issue. Said Lease- Purchase Agreement provides, among other things, that the basic rent payable by the College shall be net to the Corporation, that the College shall maintain the Project and that loss or damage thereto shall not reduce the rent payable by the College.