<PAGE>   1
                                                                   EXHIBIT 4-190

 
                 EXECUTED IN  ________ COUNTERPARTS OF WHICH
                      THIS IS COUNTERPART NUMBER  ____ .
 
                           THE DETROIT EDISON COMPANY
                              (2000 Second Avenue,
                            Detroit, Michigan 48226)
 
                                       TO
                             BANKERS TRUST COMPANY
                              (Four Albany Street,
                           New York, New York 10015)
 
                                                  AS TRUSTEE
 
                            ------------------------
 
                                   INDENTURE
                           Dated as of July 31, 1992
 
                            ------------------------
 
                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                          DATED AS OF OCTOBER 1, 1924
 
                                 PROVIDING FOR
 
                  (A) SECURED MEDIUM-TERM NOTES, 1992 SERIES D
 
                                      AND
 
                         (B) RECORDING AND FILING DATA
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                                        i
 
                               TABLE OF CONTENTS*
 
                            ------------------------
 
<TABLE>
<CAPTION>
                                                                  PAGE
                                                                  ----
<S>                                                             <C>
PARTIES.....................................................        1
RECITALS
  Original Indenture and Supplementals......................        1
  Issue of Bonds under Indenture............................        1
  Bonds heretofore issued...................................        1
  Reason for creation of new series.........................        5
  Bonds to be 1992 Series D.................................        5
  Further assurance.........................................        5
  Authorization of Supplemental Indenture...................        5
  Consideration for Supplemental Indenture..................        5
                                   PART I.
                    CREATION OF TWO HUNDRED NINETY-EIGHTH
                               SERIES OF BONDS
                                1992 SERIES D
Sec. 1. Terms of Bonds of 1992 Series D.....................        6
Sec. 2. Redemption of Bonds of 1992 Series D................        7
        Exchange and transfer...............................        8
Sec. 3. Consent.............................................        8
Sec. 4. Form of Bonds of 1992 Series D......................        9
        Form of Trustee's Certificate.......................       15
                          PART II.
RECORDING AND FILING DATA
Recording and filing of Original Indenture..................       17
Recording and filing of Supplemental Indentures.............       17
Recording of Certificates of Provision for Payment..........       21
                                  PART III.
                                 THE TRUSTEE
Terms and conditions of acceptance of trust by Trustee......       21
                                   PART IV.
MISCELLANEOUS
Confirmation of Section 318(c) of Trust Indenture Act.......       21
Execution in Counterparts...................................       21
Testimonium.................................................       22
Execution...................................................       22
Acknowledgements............................................       23
Affidavit as to consideration and good faith................       24
</TABLE>
 
------------------------
* This Table of Contents shall not have any bearing upon the interpretation of
  any of the terms or provisions of this Indenture.
<PAGE>   3
                                        1
 
<TABLE>
<CAPTION>
 
<S>                      <C>
PARTIES.                 SUPPLEMENTAL INDENTURE, dated as of the thirty-first day of
                         July, in the year one thousand nine hundred and ninety-two,
                         between THE DETROIT EDISON COMPANY, a corporation organized
                         and existing under the laws of the State of Michigan and a
                         transmitting utility (hereinafter called the "Company"),
                         party of the first part, and BANKERS TRUST COMPANY, a
                         corporation organized and existing under the laws of the
                         State of New York, having its corporate trust office at Four
                         Albany Street, in the Borough of Manhattan, The City and
                         State of New York, as Trustee under the Mortgage and Deed of
                         Trust hereinafter mentioned (hereinafter called the "Trus-
                         tee"), party of the second part.
 
ORIGINAL                 WHEREAS, the Company has heretofore executed and delivered
INDENTURE AND            its Mortgage and Deed of Trust (hereinafter referred to as
SUPPLEMENTALS.           the "Original Indenture"), dated as of October 1, 1924, to
                         the Trustee, for the security of all bonds of the Company
                         outstanding thereunder, and pursuant to the terms and
                         provisions of the Original Indenture, indentures dated as
                         of, respectively, June 1, 1925, August 1, 1927, February 1,
                         1931, June 1, 1931, October 1, 1932, September 25, 1935,
                         September 1, 1936, November 1, 1936, February 1, 1940,
                         December 1, 1940, September 1, 1947, March 1, 1950, November
                         15, 1951, January 15, 1953, May 1, 1953, March 15, 1954, May
                         15, 1955, August 15, 1957, June 1, 1959, December 1, 1966,
                         October 1, 1968, December 1, 1969, July 1, 1970, December
                         15, 1970, June 15, 1971, November 15, 1971, January 15,
                         1973, May 1, 1974, October 1, 1974, January 15, 1975,
                         November 1, 1975, December 15, 1975, February 1, 1976, June
                         15, 1976, July 15, 1976, February 15, 1977, March 1, 1977,
                         June 15, 1977, July 1, 1977, October 1, 1977, June 1, 1978,
                         October 15, 1978, March 15, 1979, July 1, 1979, September 1,
                         1979, September 15, 1979, January 1, 1980, April 1, 1980,
                         August 15, 1980, August 1, 1981, November 1, 1981, June 30,
                         1982, August 15, 1982, June 1, 1983, October 1, 1984, May 1,
                         1985, May 15, 1985, October 15, 1985, April 1, 1986, August
                         15, 1986, November 30, 1986, January 31, 1987, April 1,
                         1987, August 15, 1987, November 30, 1987, June 15, 1989,
                         July 15, 1989, December 1, 1989, February 15, 1990, November
                         1, 1990, April 1, 1991, May 1, 1991, May 15, 1991, September
                         1, 1991, November 1, 1991, January 15, 1992, February 29,
                         1992, April 15, 1992 and July 15, 1992 supplemental to the
                         Original Indenture, have heretofore been entered into
                         between the Company and the Trustee (the Original Indenture
                         and all indentures supplemental thereto together being
                         hereinafter sometimes referred to as the "Indenture"); and
 
ISSUE OF                 WHEREAS, the Indenture provides that said bonds shall be
BONDS UNDER              issuable in one or more series, and makes provision that the
INDENTURE.               rates of interest and dates for the payment thereof, the
                         date of maturity or dates of maturity, if of serial
                         maturity, the terms and rates of optional redemption (if
                         redeemable), the forms of registered bonds without coupons
                         of any series and any other provisions and agreements in
                         respect thereof, in the Indenture provided and permitted, as
                         the Board of Directors may determine, may be expressed in a
                         supplemental indenture to be made by the Company to the
                         Trustee thereunder; and
 
BONDS HERETOFORE         WHEREAS, bonds in the principal amount of Six billion
ISSUED.                  twenty-one million five hundred ninety-seven thousand
                         dollars ($6,021,597,000) have heretofore been issued under
                         the Indenture as follows, viz:
</TABLE>
 
<TABLE>
<CAPTION>
 
                        <C>        <S>                                <C>
                              (1)  Bonds of Series A                  -- Principal Amount $26,016,000,
                              (2)  Bonds of Series B                  -- Principal Amount $23,000,000,
                              (3)  Bonds of Series C                  -- Principal Amount $20,000,000,
                              (4)  Bonds of Series D                  -- Principal Amount $50,000,000,
                              (5)  Bonds of Series E                  -- Principal Amount $15,000,000,
                              (6)  Bonds of Series F                  -- Principal Amount $49,000,000,
                              (7)  Bonds of Series G                  -- Principal Amount $35,000,000,
                              (8)  Bonds of Series H                  -- Principal Amount $50,000,000,
                              (9)  Bonds of Series I                  -- Principal Amount $60,000,000,
                             (10)  Bonds of Series J                  -- Principal Amount $35,000,000,
                             (11)  Bonds of Series K                  -- Principal Amount $40,000,000,
                             (12)  Bonds of Series L                  -- Principal Amount $24,000,000,
                             (13)  Bonds of Series M                  -- Principal Amount $40,000,000,
</TABLE>
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                                        2
 
<TABLE>
<CAPTION>

                        <C>        <S>                                <C>
                             (14)  Bonds of Series N                  -- Principal Amount $40,000,000,
                             (15)  Bonds of Series O                  -- Principal Amount $60,000,000,
                             (16)  Bonds of Series P                  -- Principal Amount $70,000,000,
                             (17)  Bonds of Series Q                  -- Principal Amount $40,000,000,
                             (18)  Bonds of Series W                  -- Principal Amount $50,000,000,
                             (19)  Bonds of Series AA                 -- Principal Amount
                                                                      $100,000,000,
                             (20)  Bonds of Series BB                 -- Principal Amount $50,000,000,
                             (21)  Bonds of Series CC                 -- Principal Amount $50,000,000,
                             (22)  Bonds of Series UU                 -- Principal Amount
                                                                      $100,000,000,
                          (23-31)  Bonds of Series DDP Nos. 1-9       -- Principal Amount $14,305,000,
                          (32-45)  Bonds of Series FFR Nos. 1-14      -- Principal Amount $45,600,000,
                          (46-67)  Bonds of Series GGP Nos. 1-22      -- Principal Amount $42,300,000,
                             (68)  Bonds of Series HH                 -- Principal Amount $50,000,000,
                          (69-90)  Bonds of Series IIP Nos. 1-22      -- Principal Amount $3,750,000,
                          (91-98)  Bonds of Series JJP Nos. 1-8       -- Principal Amount $6,850,000,
                         (99-106)  Bonds of Series KKP Nos. 1-8       -- Principal Amount $14,890,000,
                        (107-121)  Bonds of Series LLP Nos. 1-15      -- Principal Amount $8,850,000,
                        (122-142)  Bonds of Series NNP Nos. 1-21      -- Principal Amount $47,950,000,
                        (143-160)  Bonds of Series OOP Nos. 1-18      -- Principal Amount $18,880,000,
                        (161-177)  Bonds of Series QQP Nos. 1-17      -- Principal Amount $12,780,000,
                        (178-192)  Bonds of Series TTP Nos. 1-15      -- Principal Amount $3,800,000,
                             (193) Bonds of 1980 Series A             -- Principal Amount $50,000,000,
                        (194-218)  Bonds of 1980 Series CP Nos. 1-25  -- Principal Amount $35,000,000,
                        (219-229)  Bonds of 1980 Series DP Nos. 1-11  -- Principal Amount $10,750,000,
                        (230-241)  Bonds of 1981 Series AP Nos. 1-12  -- Principal Amount $24,000,000,
                            (242)  Bonds of 1985 Series A             -- Principal Amount $35,000,000,
                            (243)  Bonds of 1985 Series B             -- Principal Amount $50,000,000,
                            (244)  Bonds of Series PP                 -- Principal Amount $70,000,000,
                            (245)  Bonds of Series RR                 -- Principal Amount $70,000,000,
                            (246)  Bonds of Series EE                 -- Principal Amount $50,000,000,
                        (247-248)  Bonds of Series MMP and MMP No. 2  -- Principal Amount $5,430,000
</TABLE>
 
                 all of which have either been retired and cancelled, or no
                 longer represent obligations of the Company, having been called
                 for redemption and funds necessary to effect the payment,
                 redemption and retirement thereof having been deposited with
                 the Trustee as a special trust fund to be applied for such
                 purpose;
 
                 (249) Bonds of Series R in the principal amount of One hundred
                 million dollars ($100,000,000), all of which are outstanding at
                 the date hereof;
 
                 (250) Bonds of Series S in the principal amount of One hundred
                 fifty million dollars ($150,000,000), all of which are
                 outstanding at the date hereof;
 
                 (251) Bonds of Series T in the principal amount of Seventy-five
                 million dollars ($75,000,000), all of which are outstanding at
                 the date hereof;
 
                 (252) Bonds of Series U in the principal amount of Seventy-five
                 million dollars ($75,000,000), all of which are outstanding at
                 the date hereof;
 
                 (253) Bonds of Series V in the principal amount of One hundred
                 million dollars ($100,000,000), all of which are outstanding at
                 the date hereof;
 
                 (254) Bonds of Series X in the principal amount of One hundred
                 million dollars ($100,000,000), all of which are outstanding at
                 the date hereof;
 
                 (255) Bonds of Series Y in the principal amount of Sixty
                 million dollars ($60,000,000), all of which are outstanding at
                 the date hereof;
 
                 (256) Bonds of Series Z in the principal amount of One hundred
                 million dollars ($100,000,000), all of which are outstanding at
                 the date hereof;
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                                        3
 
                 (257-261) Bonds of Series KKP Nos. 9-13 in the principal amount
                 of One hundred forty-four million two hundred ninety thousand
                 dollars ($144,290,000), all of which are outstanding at the
                 date hereof;
 
                 (262-263) Bonds of Series QQP Nos. 18-19 in the principal
                 amount of Eight hundred seventy thousand dollars ($870,000),
                 all of which are outstanding at the date hereof;
 
                 (264) Bonds of Series SS in the principal amount of One hundred
                 fifty million dollars ($150,000,000), of which One hundred ten
                 million dollars ($110,000,000) principal amount have heretofore
                 been retired and Forty million dollars ($40,000,000) principal
                 amount are outstanding at the date hereof;
 
                 (265) Bonds of 1980 Series B in the principal amount of One
                 hundred million dollars ($100,000,000), of which Seventy-three
                 million one hundred fifty thousand dollars ($73,150,000)
                 principal amount have heretofore been retired and Twenty-six
                 million eight hundred fifty thousand dollars ($26,850,000)
                 principal amount are outstanding at the date hereof;
 
                 (266-269) Bonds of 1981 Series AP Nos. 13-16 in the principal
                 amount of One hundred million dollars ($100,000,000), all of
                 which are outstanding at the date hereof;
 
                 (270) Bonds of 1984 Series AP in the principal amount of Two
                 million four hundred thousand dollars ($2,400,000), all of
                 which are outstanding at the date hereof;
 
                 (271) Bonds of 1984 Series BP in the principal amount of Seven
                 million seven hundred fifty thousand dollars ($7,750,000), all
                 of which are outstanding at the date hereof;
 
                 (272) Bonds of 1986 Series A in the principal amount of Two
                 hundred million dollars ($200,000,000), all of which are
                 outstanding at the date hereof;
 
                 (273) Bonds of 1986 Series B in the principal amount of One
                 hundred million dollars ($100,000,000), all of which are
                 outstanding at the date hereof;
 
                 (274) Bonds of 1986 Series C in the principal amount of Two
                 hundred million dollars ($200,000,000), all of which are
                 outstanding at the date hereof;
 
                 (275) Bonds of 1987 Series A in the principal amount of Three
                 hundred million dollars ($300,000,000), all of which are
                 outstanding at the date hereof;
 
                 (276) Bonds of 1987 Series B in the principal amount of One
                 hundred seventy-five million dollars ($175,000,000), all of
                 which are outstanding at the date hereof;
 
                 (277) Bonds of 1987 Series C in the principal amount of Two
                 hundred twenty-five million dollars ($225,000,000), all of
                 which are outstanding at the date hereof;
 
                 (278) Bonds of 1987 Series D in the principal amount of Two
                 hundred fifty million dollars ($250,000,000), all of which are
                 outstanding at the date hereof;
 
                 (279) Bonds of 1987 Series E in the principal amount of One
                 hundred fifty million dollars ($150,000,000), all of which are
                 outstanding at the date hereof;
 
                 (280) Bonds of 1987 Series F in the principal amount of Two
                 hundred million dollars ($200,000,000), all of which are
                 outstanding at the date hereof;
 
                 (281) Bonds of 1989 Series A in the principal amount of Three
                 hundred million dollars ($300,000,000), all of which are
                 outstanding at the date hereof;
 
                 (282) Bonds of 1989 Series BP in the principal amount of
                 Sixty-six million five hundred sixty-five thousand dollars
                 ($66,565,000), all of which are outstanding at the date hereof;
 
                 (283) Bonds of 1990 Series A in the principal amount of One
                 hundred ninety-four million six hundred forty-nine thousand
                 dollars ($194,649,000) of which Eighteen million eight hundred
                 thirty-seven thousand dollars ($18,837,000) principal amount
                 have heretofore been retired and One hundred seventy-five
                 million eight hundred
<PAGE>   6
                                        4
 
                 twelve thousand dollars ($175,812,000) principal amount are
                 outstanding at the date hereof;
 
                 (284) Bonds of 1990 Series B in the principal amount of Two
                 hundred fifty-six million nine hundred thirty-two thousand
                 dollars ($256,932,000) of which Twenty-eight million five
                 hundred forty-eight thousand dollars ($28,548,000) principal
                 amount have heretofore been retired and Two hundred
                 twenty-eight million three hundred eighty-four thousand dollars
                 ($228,384,000) principal amount are outstanding at the date
                 hereof;
 
                 (285) Bonds of 1990 Series C in the principal amount of
                 Eighty-five million four hundred seventy-five thousand dollars
                 ($85,475,000) of which Ten million two hundred fifty-seven
                 thousand dollars ($10,257,000) principal amount have heretofore
                 been retired and Seventy-five million two hundred eighteen
                 thousand dollars ($75,218,000) principal amount are outstanding
                 at the date hereof;
 
                 (286) Bonds of 1991 Series AP in the principal amount of
                 Thirty-two million three hundred seventy-five thousand dollars
                 ($32,375,000), all of which are outstanding at the date hereof;
 
                 (287) Bonds of 1991 Series BP in the principal amount of
                 Twenty-five million nine hundred ten thousand dollars
                 ($25,910,000), all of which are outstanding at the date hereof;
 
                 (288) Bonds of 1991 Series CP in the principal amount of
                 Thirty-two million eight hundred thousand dollars
                 ($32,800,000), all of which are outstanding at the date hereof;
 
                 (289) Bonds of 1991 Series DP in the principal amount of
                 Thirty-seven million six hundred thousand dollars
                 ($37,600,000), all of which are outstanding at the date hereof;
 
                 (290) Bonds of 1991 Series EP in the principal amount of
                 Forty-one million four hundred eighty thousand dollars
                 ($41,480,000), all of which are outstanding at the date hereof;
 
                 (291) Bonds of 1991 Series FP in the principal amount of
                 Ninety-eight million three hundred seventy-five thousand
                 dollars ($98,375,000), all of which are outstanding at the date
                 hereof;
 
                 (292) Bonds of 1992 Series BP in the principal amount of Twenty
                 million nine hundred seventy-five thousand dollars
                 ($20,975,000), all of which are outstanding at the date hereof;
                 and
 
                 (293) Bonds of 1992 Series AP in the principal amount of
                 Sixty-six million dollars ($66,000,000), all of which are
                 outstanding at the date hereof;
 
                 and, accordingly, of the bonds so issued, Four billion
                 eighty-three million six hundred fifty-four thousand dollars
                 ($4,083,654,000) principal amount are outstanding at the date
                 hereof; and
<PAGE>   7
                                        5
 
<TABLE>
<CAPTION>
 
<S>                      <C>
REASON FOR               WHEREAS, the Company desires to provide funds to refund or
CREATION OF              replace funds utilized by the Company for the purpose of
NEW SERIES.              meeting debt and Preferred and Preference Stock refundings
                         (including optional redemptions) and for this purpose
                         desires to issue and sell a new series of bonds to be issued
                         under the Indenture in the aggregate principal amount of
                         Three hundred million dollars ($300,000,000) to be
                         authenticated and delivered pursuant to Section 8 of Article
                         III of the Indenture; and
BONDS TO BE              WHEREAS, the Company desires by this Supplemental Indenture
1992 SERIES D.           to create such new series of bonds, to be designated
                         "Secured Medium-Term Notes, 1992 Series D"; and
FURTHER                  WHEREAS, the Original Indenture, by its terms, includes in
ASSURANCE.               the property subject to the lien thereof all of the estates
                         and properties, real, personal and mixed, rights, privileges
                         and franchises of every nature and kind and wheresoever
                         situate, then or thereafter owned or possessed by or
                         belonging to the Company or to which it was then or at any
                         time thereafter might be entitled in law or in equity
                         (saving and excepting, however, the property therein
                         specifically excepted or released from the lien thereof),
                         and the Company therein covenanted that it would, upon
                         reasonable request, execute and deliver such further
                         instruments as may be necessary or proper for the better
                         assuring and confirming unto the Trustee all or any part of
                         the trust estate, whether then or thereafter owned or
                         acquired by the Company (saving and excepting, however,
                         property specifically excepted or released from the lien
                         thereof); and
AUTHORIZATION OF         WHEREAS, the Company in the exercise of the powers and
SUPPLEMENTAL             authority conferred upon and reserved to it under and by
INDENTURE.               virtue of the provisions of the Indenture, and pursuant to
                         resolutions of its Board of Directors has duly resolved and
                         determined to make, execute and deliver to the Trustee a
                         supplemental indenture in the form hereof for the purposes
                         herein provided; and
                         WHEREAS, all conditions and requirements necessary to make
                         this Supplemental Indenture a valid and legally binding
                         instrument in accordance with its terms have been done,
                         performed and fulfilled, and the execution and delivery
                         hereof have been in all respects duly authorized;
CONSIDERATION FOR        NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The Detroit
SUPPLEMENTAL             Edison Company, in consideration of the premises and of the
INDENTURE.               covenants contained in the Indenture and of the sum of One
                         Dollar ($1.00) and other good and valuable consideration to
                         it duly paid by the Trustee at or before the ensealing and
                         delivery of these presents, the receipt whereof is hereby
                         acknowledged, hereby covenants and agrees to and with the
                         Trustee and its successors in the trusts under the Original
                         Indenture and in said indentures supplemental thereto as
                         follows:
</TABLE>
<PAGE>   8
                                        6
 
                                   PART I.
                    CREATION OF TWO HUNDRED NINETY-EIGHTH
                               SERIES OF BONDS.
                          SECURED MEDIUM-TERM NOTES,
                                1992 SERIES D
TERMS OF BONDS            SECTION 1. The Company hereby creates the Two
OF 1992 SERIES D.         hundred ninety-eighth series of General and
                          Refunding Mortgage Bonds to be issued under and
                          secured by the Original Indenture as amended to date
                          and as further amended by this Supplemental Indenture,
                          to be designated, and to be distinguished from the
                          bonds of all other series, by the title "Secured
                          Medium-Term Notes, 1992 Series D" (elsewhere herein
                          referred to as the "bonds of 1992 Series D"). The
                          aggregate principal amount of bonds of 1992 Series D,
                          which shall be issued from time to time, shall be
                          limited to Three hundred million dollars
                          ($300,000,000), except as provided in Sections 7 and
                          13 of Article II of the Original Indenture with
                          respect to exchanges and replacements of bonds. The
                          bonds of 1992 Series D shall be issued as registered
                          bonds without coupons in denominations of $1,000 and
                          any multiple thereof. Each bond of 1992 Series D shall
                          mature on such date not less than two years from date
                          of issue, shall bear interest at such rate or rates
                          and have such other terms and provisions not
                          inconsistent with the Indenture as may be set forth in
                          a Certificate filed by the Company with the Trustee
                          referring to this Supplemental Indenture; interest on
                          bonds of 1992 Series D shall be payable semi-annually
                          on interest payment dates specified by the Company and
                          at maturity; and thereafter until the Company's
                          obligation with respect to the payment of said
                          principal shall have been discharged as provided in
                          the Indenture. Except as otherwise specifically
                          provided in this Supplemental Indenture, the principal
                          of and interest on the bonds of 1992 Series D shall be
                          payable at the office or agency of the Company in the
                          Borough of Manhattan, The City of New York, The State
                          of New York in any coin or currency of the United
                          States of America which at the time of payment is
                          legal tender for public and private debts. The
                          interest on bonds of 1992 Series D, whether in
                          temporary or definitive form, shall be payable without
                          presentation of such bonds and (subject to the
                          provisions of this Section 1) only to or upon the
                          written order of the registered holders thereof. Each
                          bond of 1992 Series D shall be dated the date of its
                          authentication. The bonds of 1992 Series D in
                          definitive form shall be, at the election of the
                          Company, fully engraved or shall be lithographed or
                          printed in authorized denominations as aforesaid and
                          numbered 1 and upwards (with such further designation
                          as may be appropriate and desirable to indicate by
                          such designation the form, series and denomination of
                          bonds of 1992 Series D). Until bonds of 1992 Series D
                          in definitive form are ready for delivery, the Company
                          may execute, and upon its request in writing the
                          Trustee shall authenticate and deliver in lieu
                          thereof, bonds of 1992 Series D in temporary form, as
                          provided in Section 10 of Article II of the Indenture.
                          Temporary bonds of 1992 Series D, if any, may be
                          printed and may be issued in authorized denominations
                          in substantially the form of definitive bonds of 1992
                          Series D.
<PAGE>   9
                                        7
 
                          Interest on any bond of 1992 Series D which is
                          payable on any interest payment date and is
                          punctually paid or duly provided for shall be paid to
                          the person in whose name that bond, or any previous
                          bond to the extent evidencing the same debt as that
                          evidenced by that bond, is registered at the close of
                          business on the regular record date for such
                          interest, which regular record date shall be
                          specified by the Company. If the Issue Date of the
                          bonds of 1992 Series D of a designated interest rate
                          and maturity is after the record date, such bonds
                          shall bear interest from the Issue Date but payment
                          of interest shall commence on the second interest
                          payment date succeeding the Issue Date. "Issue Date"
                          with respect to bonds of 1992 Series D of a
                          designated interest rate and maturity shall mean the
                          date of first authentication of bonds of such
                          designated interest rate and maturity. If the Company
                          shall default in the payment of the interest due on
                          any interest payment date on the principal
                          represented by any bond of 1992 Series D, such
                          defaulted interest shall forthwith cease to be
                          payable to the registered holder of that bond on the
                          relevant regular record date by virtue of his having
                          been such holder, and such defaulted interest may be
                          paid to the registered holder of that bond (or any
                          bond or bonds of 1992 Series D issued upon transfer
                          or exchange thereof) on the date of payment of such
                          defaulted interest or, at the election of the
                          Company, to the person in whose name that bond (or
                          any bond or bonds of 1992 Series D issued upon
                          transfer or exchange thereof) is registered on a
                          subsequent record date established by notice given by
                          mail by or on behalf of the Company to the holders of
                          bonds of 1992 Series D not less than ten (10) days
                          preceding such subsequent record date, which
                          subsequent record date shall be at least five (5)
                          days prior to the payment date of such defaulted
                          interest.

REDEMPTION OF             SECTION 2. The bonds of 1992 Series D may be    
BONDS OF 1992             redeemable prior to stated maturity in the manner set
SERIES D.                 forth in a Certificate filed by the Company with the 
                          Trustee.                                             
                                                                               
                          The bonds of 1992 Series D may be redeemable as
                          aforesaid and except as otherwise provided herein, and
                          as specified in Article IV of the Indenture upon
                          giving notice of such redemption by first class mail,
                          postage prepaid, by or on behalf of the Company at
                          least thirty (30) days, but not more than ninety (90)
                          days, prior to the date fixed for redemption to the
                          registered holders of bonds of 1992 Series D so called
                          for redemption at their last respective addresses
                          appearing on the register thereof, but failure to mail
                          such notice to the registered holders of any bonds of
                          1992 Series D designated for redemption shall not
                          affect the validity of any such redemption of any
                          other bonds of such series. Interest shall cease to
                          accrue on any bonds of 1992 Series D (or any portion
                          thereof) so called for redemption from and after the
                          date fixed for redemption if payment sufficient to
                          redeem the bonds of 1992 Series D (or such portion)
                          designated for redemption has been duly provided for.
                          Bonds of 1992 Series D redeemed in part only shall be
                          in amounts of $1,000 or any multiple thereof.

                          If the giving of the notice of redemption shall
                          have been completed, or if provision satisfactory to
                          the Trustee for the giving of such notice shall have
                          been made, and if the Company shall have deposited
                          with the Trustee in trust funds (which shall have
                          become available for payment to the holders of the
                          bonds of 1992 Series D so to be redeemed) sufficient
                          to redeem bonds of 1992 Series D in whole or in part,
                          on the date fixed for redemption, then all obligations
                          of the Company in respect of such bonds (or portions
                          thereof) so to be redeemed and interest due or to
                          become due thereon shall cease and be discharged and
                          the holders of such bonds of 1992 Series D (or
                          portions thereof) shall thereafter be restricted
                          exclusively to such funds for any and all claims of
                          whatsoever nature on their part under the Indenture or
                          in respect of such bonds (or portions thereof) and
                          interest.
 
                          The bonds of 1992 Series D may be entitled to or
                          subject to any sinking fund specified in a Certificate
                          filed by the Company with the Trustee.
<PAGE>   10

                                        8
 
EXCHANGE AND              At the option of the registered holder, any
TRANSFER.                 bonds of 1992 Series D, upon surrender thereof for
                          cancellation at the office or agency of the Company in
                          the Borough of  Manhattan, The City of New York, The
                          State of New York, together with a written instrument
                          of transfer (if so required by the Company or by the
                          Trustee) in form approved by the Company duly executed
                          by the holder or by its duly authorized attorney,
                          shall be exchangeable for a like aggregate principal
                          amount of bonds of 1992 Series D subject to the same
                          terms and conditions of other authorized
                          denominations, upon the terms and conditions specified
                          herein and in Section 7 of Article II of the
                          Indenture. Bonds of 1992 Series D shall be
                          transferable at the office or agency of the Company 
                          in the Borough of Manhattan, The City of New York, The
                          State of New York. The Company waives its rights under
                          Section 7 of Article II of the Indenture not to make
                          exchanges or transfers of bonds of 1992 Series D
                          during any period of ten (10) days next preceding any
                          interest payment date for such bonds.

                          Bonds of 1992 Series D, in definitive and
                          temporary form, may bear such legends as may be
                          necessary to comply with any law or with any rules or
                          regulations made pursuant thereto or with the rules or
                          regulations of any stock exchange or to conform to
                          usage with respect thereto.

CONSENT.                  SECTION 3. The holders of the bonds of 1992
                          Series D, by their acceptance of and holding thereof,
                          consent and agree that bonds of any series may be
                          issued which mature on a date or dates later than
                          October 1, 2024 and also consent to the deletion from
                          the first paragraph of Section 5 of Article II of the
                          Indenture of the phrase "but in no event later than
                          October 1, 2024". Such holders further agree that (a)
                          such consent shall, for all purposes of Article XV of
                          the Indenture and without further action on the part
                          of such holders, be deemed the affirmative vote of
                          such holders at any meeting called pursuant to said
                          Article XV for the purpose of approving such deletion,
                          and (b) such deletion shall become effective at such
                          time as not less than eighty-five per cent (85%) in
                          principal amount of bonds outstanding under the
                          Indenture shall have consented thereto substantially
                          in the manner set forth in this Section 3, or in
                          writing, or by affirmative vote cast at a meeting
                          called pursuant to said Article XV, or by any
                          combination thereof.

                          The holders of bonds of the 1992 Series D
                          consent that the Company may, but shall not be
                          obligated to, fix a record date for the purpose of
                          determining the holders of bonds of 1992 Series D
                          entitled to consent to any amendment, supplement or
                          waiver. If a record date is fixed, those persons who
                          were holders at such record date (or their duly
                          designated proxies), and only those persons, shall be
                          entitled to consent to such amendment, supplement or
                          waiver or to revoke any consent previously given,
                          whether or not such persons continue to be holders
                          after such record date. No such consent shall be valid
                          or effective for more than 90 days after such record
                          date. 
<PAGE>   11
                                        9

Form of                   SECTION 4. The bonds of 1992 Series D and the form of
Bonds of                  Trustee's Certificate to be endorsed on such bonds
1992 SERIES D.            shall be substantially in the following forms,
                          respectively: 
              
                                      
                            [FORM OF FACE OF BOND]
                          THE DETROIT EDISON COMPANY
                           SECURED MEDIUM-TERM NOTE
                                1992 Series D
                                      
                          Unless and until this Bond is exchanged in
                          whole or in part for certified Bonds registered in
                          the names of the various beneficial holders hereof as
                          then certified to the Trustee by The Depository Trust
                          Company or its successor (the "Depositary"), this
                          Bond may not be transferred except as a whole by the
                          Depositary to a nominee of the Depositary or by a
                          nominee of the Depositary to the Depositary or
                          another nominee of the Depositary or by the
                          Depositary or any such nominee to a successor
                          Depositary or a nominee of such successor Depositary.
                          Unless this certificate is presented by an authorized
                          representative of the Depositary to the issuer or its
                          agent for registration of transfer, exchange or
                          payment, and any certificate to be issued is
                          registered in the name of Cede & Co. or such other
                          name as requested by an authorized representative of
                          the Depositary and any amount payable thereunder is
                          made payable to Cede & Co. or such other name, ANY
                          TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
                          OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the
                          registered owner hereof, Cede & Co., has an interest
                          herein.
 
                          This Bond may be exchanged for certificated
                          Bonds registered in the names of the various
                          beneficial owners hereof only if (a) the Depositary
                          is at any time unwilling or unable to continue as
                          depositary and a successor depositary is not
                          appointed by the issuer within 90 days, or (b) the
                          issuer, the Trustee and the Depositary consent to
                          such exchange.
 
                          If applicable, the "Amount of OID", the
                          "Original Issue Date", the "Yield to Maturity", and
                          the "Short Accrual Period OID" (computed under the
                          Approximate Method) will be set forth below. The
                          calculation of the amount of OID upon (a) optional
                          redemption or (b) declaration of acceleration is
                          discussed herein. 
<PAGE>   12
                                       10
 
<TABLE>
<CAPTION>
 
<S>                      <C>                       <C>                       <C>
                         R-                        $                               CUSIP No. ________
                                                   (principal amount)
                         ORIGINAL                  INITIAL REDEMPTION        APPLICABILITY OF
                         ISSUE DATE:               DATE:                     MODIFIED PAYMENT UPON
                                                                             ACCELERATION:
                         MATURITY DATE:            INITIAL REDEMPTION
                                                   PERCENTAGE:               If yes, state Issue
                         INTEREST RATE:                                      Price:
                                                   AMOUNT OF OID PER $1,000
                         INTEREST PAYMENT DATES:   OF PRINCIPAL:             APPLICABILITY OF ANNUAL
                                                                             REDEMPTION PERCENTAGE
                                                   INTEREST PAYMENT PERIOD:  INCREASE:
                         RECORD DATES:
                                                   APPLICABILITY OF ANNUAL   If yes, state each
                                                   REDEMPTION PERCENTAGE     redemption date and
                         OPTIONAL REPAYMENT        REDUCTION:                redemption price:
                         DATE(S):
                                                   If yes, state Annual      SHORT ACCRUAL PERIOD
                                                   Percentage Reduction:     OID:
                                                   YIELD TO MATURITY:
                         SINKING FUND PROVISIONS:
                         AMORTIZATION SCHEDULE:
</TABLE>
<PAGE>   13
                                       11
 


                         THE DETROIT EDISON COMPANY (hereinafter called the
                         "Company"), a corporation of the State of Michigan, for
                         value received, hereby promises to pay to
                                or registered assigns, at its office or agency
                         in the Borough of Manhattan, The City and State of New
                         York, the principal sum specified above in lawful money
                         of the United States of America on the Maturity Date
                         specified above, and to pay interest thereon at the
                         rate specified above, at such office or agency, in like
                         lawful money, from the Issue Date specified above if
                         the date of this bond is prior to the first interest
                         payment date, otherwise from the most recent date to
                         which interest has been paid, semi-annually on the
                         Interest Payment Dates specified above in each year, to
                         the person in whose name this bond is registered at the
                         close of business on the applicable Record Date
                         specified above (subject to certain exceptions provided
                         in the Indenture hereinafter mentioned), until the
                         Company's obligation with respect to payment of said
                         principal shall have been discharged, all as provided,
                         to the extent and in the manner specified in such
                         Indenture hereinafter mentioned on the reverse hereof
                         and in the supplemental indenture pursuant to which
                         this bond has been issued. If the date of this bond (if
                         other than the Issue Date) is after a Record Date (as
                         specified above) with respect to any Interest Payment
                         Date and on or prior to such Interest Payment Date,
                         then interest shall be payable only from such Interest
                         Payment Date. If the Issue Date is after such Record
                         Date, then interest shall be payable from the Issue
                         Date and payment of interest shall commence on the
                         second Interest Payment Date succeeding the Issue Date.
                         If the Company shall default in the payment of interest
                         due on any Interest Payment Date, then interest shall
                         be payable from the next preceding Interest Payment
                         Date to which interest has been paid, or, if no
                         interest has been paid, from the Issue Date.

                         Reference is hereby made to the further provisions of
                         this bond set forth on the reverse hereof and such
                         further provisions shall for all purposes have 
                         the same effect as though set forth at this place.

                         This bond shall not be valid or become obligatory for
                         any purpose until Bankers Trust Company, the Trustee
                         under the Indenture hereinafter mentioned, on the
                         reverse hereof, or its successor thereunder, shall have
                         signed the form of certificate endorsed hereon.

                         IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY
                         has caused this instrument to be executed on its behalf
                         by its Chairman of the Board and its Executive Vice
                         President and Chief Financial Officer, with their
                         manual or facsimile signatures, and its corporate seal,
                         or a facsimile thereof, to be impressed or imprinted
                         hereon and the same to be attested by its Secretary or
                         an Assistant Secretary by manual or facsimile
                         signature.
 
                 Dated:                         THE DETROIT EDISON COMPANY
 
                                                By
                                                   ----------------------------
                                                   Chairman of the Board
 

                                                   ----------------------------
                                                   Executive Vice President and
                                                   Chief Financial Officer
 
                 Attest:
 
                   ---------------------------------------------
                   Secretary
<PAGE>   14
                                       12
 
                                    [FORM OF REVERSE OF BOND]
 
                   This bond is one of an authorized issue of bonds of the
                 Company, unlimited as to amount except as provided in the
                 Indenture hereinafter mentioned or any indentures supplemental
                 thereto, and is one of a series of General and Refunding
                 Mortgage Bonds known as Secured Medium-Term Notes, 1992 Series
                 D (elsewhere herein referred to as the "bonds of 1992 Series
                 D"), limited to an aggregate principal amount of $300,000,000,
                 except as otherwise provided in the Indenture hereinafter
                 mentioned. This bond and all other bonds of said series are
                 issued and to be issued under, and are all equally and ratably
                 secured (except insofar as any sinking, amortization,
                 improvement or analogous fund, established in accordance with
                 the provisions of the Indenture hereinafter mentioned, may
                 afford additional security for the bonds of any particular
                 series and except as provided in Section 3 of Article VI of
                 said Indenture) by an Indenture, dated as of October 1, 1924,
                 duly executed by the Company to Bankers Trust Company, a
                 corporation of the State of New York, as Trustee, to which
                 Indenture and all indentures supplemental thereto (including
                 the Supplemental Indenture dated as of July 31, 1992) reference
                 is hereby made for a description of the properties and
                 franchises mortgaged and conveyed, the nature and extent of the
                 security, the terms and conditions upon which the bonds are
                 issued and under which additional bonds may be issued, and the
                 rights of the holders of the bonds and of the Trustee in
                 respect of such security (which Indenture and all indentures
                 supplemental thereto, including the Supplemental Indenture
                 dated as of July 31, 1992, are hereinafter collectively called
                 the "Indenture"). As provided in the Indenture, said bonds may
                 be for various principal sums and are issuable in series, which
                 may mature at different times, may bear interest at different
                 rates and may otherwise vary as in said Indenture provided.
                 With the consent of the Company and to the extent permitted by
                 and as provided in the Indenture, the rights and obligations of
                 the Company and of the holders of the bonds and the terms and
                 provisions of the Indenture, or of any indenture supplemental
                 thereto, may be modified or altered in certain respects by
                 affirmative vote of at least eighty-five percent (85%) in
                 principal amount of the bonds then outstanding, and, if the
                 rights of one or more, but less than all, series of bonds then
                 outstanding are to be affected by the action proposed to be
                 taken, then also by affirmative vote of at least eighty-five
                 percent (85%) in principal amount of the series of bonds so to
                 be affected (excluding in every instance bonds disqualified
                 from voting by reason of the Company's interest therein as
                 specified in the Indenture); provided, however, that, without
                 the consent of the holder hereof, no such modification or
                 alteration shall, among other things, affect the terms of
                 payment of the principal of, or the interest on, this bond,
                 which in those respects is unconditional.
 
                   The holder of this bond of 1992 Series D hereby consents that
                 the Company may, but shall not be obligated to, fix a record
                 date for the purpose of determining the holders of bonds of
                 this series entitled to consent to any amendment, supplement or
                 waiver. If a record date is fixed, those persons who were
                 holders at such record date (or their duly designated proxies),
                 and only those persons, shall be entitled to consent to such
                 amendment, supplement or waiver or to revoke any consent
                 previously given, whether or not such persons continue to be
                 holders after such record date. No such consent shall be valid
                 or effective for more than 90 days after such record date.
 
                   The holders of the bonds of 1992 Series D, by their
                 acceptance of and holding thereof, consent and agree that bonds
                 of any series may be issued which mature on a date or dates
                 later than October 1, 2024 and also consent to the deletion
                 from the first paragraph of Section 5 of Article II of the
                 Indenture of the phrase "but in no event later than October 1,
                 2024,". Such holders further agree that (a) such consent shall,
                 for all purposes of Article XV of the Indenture and without
                 further action on the part of such holders, be deemed the
                 affirmative vote of such holders at any meeting called pursuant
                 to said Article XV for the purpose of approving such deletion,
                 and (b) such deletion shall become effective at such time as
                 not less than eighty-five per cent (85%) in principal amount of
                 bonds outstanding under the Indenture shall have consented
                 thereto substantially in the manner set forth in Section 3 of
                 Part I of the Supplemental
<PAGE>   15
                                       13
 
                 Indenture dated as of July 31, 1992, or in writing, or by
                 affirmative vote cast at a meeting called pursuant to said
                 Article XV, or by any combination thereof.
 
                   This bond is subject to the redemption provisions specified
                 above.
 
                   Under the Indenture, funds may be deposited with the Trustee
                 (which shall have become available for payment), in advance of
                 the redemption date of any of the bonds of 1992 Series D (or
                 portions thereof), in trust for the redemption of such bonds
                 (or portions thereof) and the interest due or to become due
                 thereon, and thereupon all obligations of the Company in
                 respect of such bonds (or portions thereof) so to be redeemed
                 and such interest shall cease and be discharged, and the
                 holders thereof shall thereafter be restricted exclusively to
                 such funds for any and all claims of whatsoever nature on their
                 part under the Indenture or with respect to such bonds (or
                 portions thereof) and interest.
 
                   This bond is entitled to or subject to the sinking fund
                 provisions specified above.
 
                   This bond will be subject to repayment at the option of the
                 holder hereof on the Optional Repayment Date(s), if any,
                 indicated on the face hereof. If no Optional Repayment Dates
                 are set forth on the face hereof, this bond shall not be so
                 repaid at the option of the holder hereof prior to maturity. On
                 any Optional Repayment Date, this bond shall be repayable in
                 whole or in part in increments of $1,000 (provided that any
                 remaining principal amount hereof shall not be less than the
                 minimum authorized denomination hereof) at the option of the
                 holder hereof at a repayment price equal to 100% of the
                 principal amount to be repaid, together with interest thereon
                 payable to the date of repayment. For this bond to be repaid in
                 whole or in part at the option of the holder hereof, this bond
                 must be received, with the form entitled "Option to Elect
                 Repayment" below duly completed, by the Trustee at its
                 corporate trust office at 4 Albany Street, New York, New York,
                 or such address which the Company shall from time to time
                 notify the holders of the bond, not more than 60 nor less than
                 30 days prior to an Optional Repayment Date. Exercise of such
                 repayment option by the Holder hereof shall be irrevocable. If
                 specified above that this bond is subject to (i) "Annual
                 Redemption Percentage Reduction" or (ii) "Annual Redemption
                 Percentage Increase", then this bond may be redeemed in whole
                 or in part at the option of the Company on or after the Initial
                 Redemption Date specified on the face hereof on the terms set
                 forth on the above, together with interest accrued and unpaid
                 hereon to the date of redemption (except as provided below). If
                 this bond is subject to "Annual Redemption Percentage
                 Reduction", the Initial Redemption Percentage indicated on the
                 face hereof will be reduced on each anniversary of the Initial
                 Redemption Date specified above by the Annual Percentage
                 Reduction specified on the face hereof until the redemption
                 price of this bond is 100% of the principal amount hereof. If
                 this bond is subject to "Annual Redemption Percentage
                 Increase", the amount of original issue discount allocable to
                 such short accrual period is the Amortized Amount. "Amortized
                 Amount" means the original issue discount amortized from the
                 Original Issue Date to the date of redemption or declaration,
                 as the case may be, which amortization shall be calculated
                 using the "constant yield method" (computed in accordance with
                 the rules under the Internal Revenue Code of 1986, as amended,
                 and the regulations thereunder, in effect on the date of
                 redemption or declaration, as the case may be).
 
                   In case an event of default, as defined in the Indenture,
                 shall occur, the principal of all the bonds issued thereunder
                 may become or be declared due and payable, in the manner, with
                 the effect and subject to the conditions, provided in the
                 Indenture.
 
                   If specified above that this bond is subject to "Modified
                 Payment upon Acceleration," then (i) if the principal hereof is
                 declared to be due and payable as discussed in the preceding
                 paragraph, the amount of principal due and payable with respect
                 to this bond shall be limited to the sum of the Issue Price
                 specified above plus the Amortized Amount, (ii) for the purpose
                 of any vote of securityholders taken pursuant to the Indenture
                 prior to the acceleration of payment of this bond, the
                 principal amount hereof shall equal the amount that would be
                 due and payable hereon, calculated as set forth in clause (i)
                 above, if this bond were declared to be due and payable on the
                 date of any such vote and (iii) for the purpose of any vote of
                 securityholders taken pursuant to the
<PAGE>   16
                                       14
 
                 Indenture following the acceleration of payment of this bond,
                 the principal amount hereof shall equal the amount of principal
                 due and payable with respect to this bond, calculated as set
                 forth in clause (i) above.
 
                   This bond is transferable by the registered holder hereof, in
                 person or by his attorney duly authorized in writing, on the
                 books of the Company kept at its office or agency in the
                 Borough of Manhattan, The City and State of New York, upon
                 surrender and cancellation of this bond, and, thereupon, a new
                 registered bond or bonds of the same series of authorized
                 denominations for a like aggregate principal amount will be
                 issued to the transferee or transferees in exchange herefor,
                 and this bond with others of like form may in like manner be
                 exchanged for one or more new registered bonds of the same
                 series of other authorized denominations, but of the same
                 aggregate principal amount, all as provided and upon the terms
                 and conditions set forth in the Indenture, and upon payment, in
                 any event, of the charges prescribed in the Indenture.
 
                   No recourse shall be had for the payment of the principal of,
                 or the interest on, this bond, or for any claim based hereon or
                 otherwise in respect hereof or of the Indenture, or of any
                 indenture supplemental thereto, against any incorporator, or
                 against any past, present or future stockholder, director or
                 officer, as such, of the Company, or of any predecessor or
                 successor corporation, either directly or through the Company
                 or any such predecessor or successor corporation, whether for
                 amounts unpaid on stock subscriptions or by virtue of any
                 constitution, statute or rule of law, or by the enforcement of
                 any assessment or penalty or otherwise howsoever; all such
                 liability being, by the acceptance hereof and as part of the
                 consideration for the issue hereof, expressly waived and
                 released by every holder or owner hereof, as more fully
                 provided in the Indenture.
<PAGE>   17
                                       15
 
                                       [FORM OF TRUSTEE'S CERTIFICATE]

FORM OF                  This bond is one of the bonds, of the series designated
TRUSTEE'S                therein, described in the within-mentioned Indenture.
CERTIFICATE.
 
                                               BANKERS TRUST COMPANY,
                                                                      as Trustee
 
                                               By ..............................
                                                  Authorized Officer
 
                   FOR VALUE RECEIVED the undersigned hereby sells, assigns and
                 transfers unto
 
                 ---------------------------------------------------------------
                  (please insert social security or other identifying number of
                                            assignee)
 
                 ---------------------------------------------------------------
 
                 ---------------------------------------------------------------
                       (please print or type name and address of assignee)
 
                 the within bond of THE DETROIT EDISON COMPANY and does hereby
                 irrevocably constitute and appoint
 
                 ---------------------------------------------------------------
 
                 ---------------------------------------------------------------
 
                 Attorney, to transfer said bond on the books of the
                 within-mentioned Company, with full power of substitution in
                 the premises.
 
                 Dated:
 
               -----------------------------------------------------------------
 
                 Notice: The signature to this assignment must correspond with
                 the name as written upon the face of the bond in every
                 particular without alteration or enlargement or any change
                 whatsoever.
<PAGE>   18
                                       16
 
                                    OPTION TO ELECT REPAYMENT
 
                   The undersigned hereby irrevocably request(s) and instruct(s)
                 the Company to repay this bond (or portion hereof specified
                 below) pursuant to its terms at a price equal to the principal
                 amount hereof together with interest to the applicable Optional
                 Repayment Date, to the undersigned, at
 
                 ---------------------------------------------------------------
 
                 ---------------------------------------------------------------
                 (please print or typewrite name and address of the undersigned)
 
                   For this bond to be repaid, the Trustee must receive at 4
                 Albany St., New York, New York, or at such other place or
                 places of which the Company shall from time to time notify the
                 holder of this bond, not more than 60 nor less than 30 days
                 prior to an Optional Repayment Date, if any, shown on the face
                 of this bond, this bond with this "Option to Elect Repayment"
                 form duly completed.
 
                   If less than the entire principal amount of this bond is to
                 be repaid, specify the portion hereof (which shall be in
                 increments of $1,000) which the holder elects to have repaid
                 and specify the denomination or denominations (which shall not
                 be less than the minimum authorized denomination of this bond
                 and shall be an integral multiple of $1,000 of the bond to be
                 issued to the holder for the portion of this bond not being
                 repaid (in the absence of any such specification, one such bond
                 will be issued for the portion not being repaid).
 
                 $
                 ------------------------------------------------------------
 
                 Date
                 --------------------------------------------------------
 
                 Notice: The signature on this Option to Elect Repayment must
                 correspond with the name as written upon the face of this bond
                 in every particular, without alteration or enlargement or any
                 change whatever.
 
<TABLE>
<S>                      <C>
                           PART II.
                         RECORDING AND FILING DATA
 
RECORDING AND                The Original Indenture and indentures supplemental
FILING OF ORIGINAL       thereto have been recorded and/or filed and Certificates of
INDENTURE.               Provision for Payment have been recorded as hereinafter set
                         forth.
                             The Original Indenture has been recorded as a real
                         estate mortgage and filed as a chattel mortgage in the
                         offices of the respective Registers of Deeds of certain
                         counties in the State of Michigan as set forth in the
                         Supplemental Indenture dated as of September 1, 1947, has
                         been recorded as a real estate mortgage in the office of the
                         Register of Deeds of Genesee County, Michigan as set forth
                         in the Supplemental Indenture dated as of May 1, 1974, has
                         been filed in the Office of the Secretary of State of
                         Michigan on November 16, 1951 and has been filed and
                         recorded in the office of the Interstate Commerce Commission
                         on December 8, 1969.
 
RECORDING AND                Pursuant to the terms and provisions of the Original
FILING OF                Indenture, indentures supplemental thereto heretofore
SUPPLEMENTAL             entered into have been recorded as a real estate mortgage
INDENTURES.              and/or filed as a chattel mortgage or as a financing
                         statement in the offices of the respective Registers of
                         Deeds of certain counties in the State of Michigan, the
                         Office of the Secretary of State of Michigan and the Office
                         of the Interstate Commerce Commission, as set forth in
                         supplemental indentures as follows:
</TABLE>
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        June 1, 1925(a)(b)................  Series B Bonds                February 1, 1940
                        August 1, 1927(a)(b)..............  Series C Bonds                February 1, 1940
                        February 1, 1931(a)(b)............  Series D Bonds                February 1, 1940
</TABLE>
<PAGE>   19
                                       17
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        June 1, 1931(a)(b)................  Subject Properties            February 1, 1940
                        October 1, 1932(a)(b).............  Series E Bonds                February 1, 1940
                        September 25, 1935(a)(b)..........  Series F Bonds                February 1, 1940
                        September 1, 1936(a)(b)...........  Series G Bonds                February 1, 1940
                        November 1, 1936(a)(b)............  Subject Properties            February 1, 1940
                        February 1, 1940(a)(b)............  Subject Properties            September 1, 1947
                        December 1, 1940(a)(b)............  Series H Bonds and            September 1, 1947
                                                              Additional Provisions
                        September 1, 1947(a)(b)(c)........  Series I Bonds,               November 15, 1951
                                                              Subject Properties and
                                                              Additional Provisions
                        March 1, 1950(a)(b)(c)............  Series J Bonds                November 15, 1951
                                                              and Additional Provisions
                        November 15, 1951(a)(b)(c)........  Series K Bonds                January 15, 1953
                                                              Additional Provisions and
                                                              Subject Properties
                        January 15, 1953(a)(b)............  Series L Bonds                May 1, 1953
                        May 1, 1953(a)....................  Series M Bonds                March 15, 1954
                                                              and Subject Properties
                        March 15, 1954(a)(c)..............  Series N Bonds                May 15, 1955
                                                              and Subject Properties
                        May 15, 1955(a)(c)................  Series O Bonds                August 15, 1957
                                                              and Subject Properties
                        August 15, 1957(a)(c).............  Series P Bonds                June 1, 1959
                                                              Additional Provisions and
                                                              Subject Properties
                        June 1, 1959(a)(c)................  Series Q Bonds                December 1, 1966
                                                              and Subject Properties
                        December 1, 1966(a)(c)............  Series R Bonds                October 1, 1968
                                                              Additional Provisions and
                                                              Subject Properties
                        October 1, 1968(a)(c).............  Series S Bonds                December 1, 1969
                                                              and Subject Properties
</TABLE>
<PAGE>   20
                                       18
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        December 1, 1969(a)(c)............  Series T Bonds                July 1, 1970
                                                              and Subject Properties
                        July 1, 1970(c)...................  Series U Bonds                December 15, 1970
                                                              and Subject Properties
                        December 15, 1970(c)..............  Series V and                  June 15, 1971
                                                              Series W Bonds
                        June 15, 1971(c)..................  Series X Bonds                November 15, 1971
                                                              and Subject Properties
                        November 15, 1971(c)..............  Series Y Bonds                January 15, 1973
                                                              and Subject Properties
                        January 15, 1973(c)...............  Series Z Bonds                May 1, 1974
                                                              and Subject Properties
                        May 1, 1974.......................  Series AA Bonds               October 1, 1974
                                                              and Subject Properties
                        October 1, 1974...................  Series BB Bonds               January 15, 1975
                                                              and Subject Properties
                        January 15, 1975..................  Series CC Bonds               November 1, 1975
                                                              and Subject Properties
                        November 1, 1975..................  Series DDP Nos. 1-9 Bonds     December 15, 1975
                                                              and Subject Properties
                        December 15, 1975.................  Series EE Bonds               February 1, 1976
                                                              and Subject Properties
                        February 1, 1976..................  Series FFR Nos. 1-13 Bonds    June 15, 1976
                        June 15, 1976.....................  Series GGP Nos. 1-7 Bonds     July 15, 1976
                                                              and Subject Properties
                        July 15, 1976.....................  Series HH Bonds               February 15, 1977
                                                              and Subject Properties
                        February 15, 1977.................  Series MMP Bonds and Subject  March 1, 1977
                                                              Properties
                        March 1, 1977.....................  Series IIP Nos. 1-7 Bonds,    June 15, 1977
                                                              Series JJP Nos. 1-7 Bonds,
                                                              Series KKP Nos. 1-7 Bonds
                                                              and Series LLP Nos. 1-7
                                                              Bonds
                        June 15, 1977.....................  Series FFR No. 14 Bonds and   July 1, 1977
                                                              Subject Properties
                        July 1, 1977......................  Series NNP Nos. 1-7 Bonds     October 1, 1977
                                                              and Subject Properties
                        October 1, 1977...................  Series GGP Nos. 8-22 Bonds    June 1, 1978
                                                              and Series OOP Nos. 1-17
                                                              Bonds and Subject
                                                              Properties
                        June 1, 1978......................  Series PP Bonds,              October 15, 1978
                                                              Series QQP Nos. 1-9 Bonds
                                                              and Subject Properties
                        October 15, 1978..................  Series RR Bonds               March 15, 1979
                                                              and Subject Properties
                        March 15, 1979....................  Series SS Bonds               July 1, 1979
                                                              and Subject Properties
</TABLE>
<PAGE>   21
                                       19
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        July 1, 1979......................  Series IIP Nos. 8-22 Bonds,   September 1, 1979
                                                              Series NNP Nos. 8-21 Bonds
                                                              and Series TTP Nos. 1-15
                                                              Bonds and Subject
                                                              Properties
                        September 1, 1979.................  Series JJP No. 8 Bonds,       September 15, 1979
                                                              Series KKP No. 8 Bonds,
                                                              Series LLP Nos. 8-15
                                                              Bonds, Series MMP No. 2
                                                              Bonds and Series OOP No.
                                                              18 Bonds and Subject
                                                              Properties
                        September 15, 1979................  Series UU Bonds               January 1, 1980
                        January 1, 1980...................  1980 Series A Bonds and       April 1, 1980
                                                              Subject Properties
                        April 1, 1980.....................  1980 Series B Bonds           August 15, 1980
                        August 15, 1980...................  Series QQP Nos. 10-19 Bonds,  August 1, 1981
                                                              1980 Series CP Nos. 1-12
                                                              Bonds and 1980 Series DP
                                                              No. 1-11 Bonds and Subject
                                                              Properties
                        August 1, 1981....................  1980 Series CP Nos. 13-25     November 1, 1981
                                                              Bonds and Subject
                                                              Properties
                        November 1, 1981..................  1981 Series AP Nos. 1-12      June 30, 1982
                                                              Bonds
                        June 30, 1982.....................  Article XIV Reconfirmation    August 15, 1982
                        August 15, 1982...................  1981 Series AP Nos. 13-14     June 1, 1983
                                                              and Subject Properties
                        June 1, 1983......................  1981 Series AP Nos. 15-16     October 1, 1984
                                                              and Subject Properties
                        October 1, 1984...................  1984 Series AP and 1984       May 1, 1985
                                                              Series BP Bonds and
                                                              Subject Properties
                        May 1, 1985.......................  1985 Series A Bonds           May 15, 1985
                        May 15, 1985......................  1985 Series B Bonds and       October 15, 1985
                                                              Subject Properties
                        October 15, 1985..................  Series KKP No. 9 Bonds and    April 1, 1986
                                                              Subject Properties
</TABLE>
<PAGE>   22
                                       20
 
<TABLE>
<CAPTION>
                                                                                             RECORDED AND/OR
                                                                                          FILED AS SET FORTH IN
                                   SUPPLEMENTAL                      PURPOSE OF               SUPPLEMENTAL
                                    INDENTURE                       SUPPLEMENTAL                INDENTURE
                                   DATED AS OF                       INDENTURE                DATED AS OF:
                                   ------------                     ------------          ---------------------
                        <S>                                 <C>                           <C>
                        April 1, 1986.....................  1986 Series A and Subject     August 15, 1986
                                                              Properties
                        August 15, 1986...................  1986 Series B and Subject     November 30, 1986
                                                              Properties
                        November 30, 1986.................  1986 Series C                 January 31, 1987
                        January 31, 1987..................  1987 Series A                 April 1, 1987
                        April 1, 1987.....................  1987 Series B and 1987        August 15, 1987
                                                              Series C
                        August 15, 1987...................  1987 Series D and 1987        November 30, 1987
                                                              Series E and Subject
                                                              Properties
                        November 30, 1987.................  1987 Series F                 June 15, 1989
                        June 15, 1989.....................  1989 Series A                 July 15, 1989
                        July 15, 1989.....................  Series KKP No. 10             December 1, 1989
                        December 1, 1989..................  Series KKP No. 11 and 1989    February 15, 1990
                                                              Series BP
                        February 15, 1990.................  1990 Series A, 1990 Series    November 1, 1990
                                                              B, 1990 Series C, 1990
                                                              Series D, 1990 Series E
                                                              and 1990 Series F
                        November 1, 1990..................  Series KKP No. 12             April 1, 1991
                        April 1, 1991.....................  1991 Series AP                May 1, 1991
                        May 1, 1991.......................  1991 Series BP and 1991       May 15, 1991
                                                              Series CP
                        May 15, 1991......................  1991 Series DP                September 1, 1991
                        September 1, 1991.................  1991 Series EP                November 1, 1991
                        November 1, 1991..................  1991 Series FP                January 15, 1992
                        January 15, 1992..................  1992 Series BP                February 29, 1992 and
                                                                                          April 15, 1992
                        February 29, 1992.................  1992 Series AP                April 15, 1992
                        April 15, 1992....................  Series KKP No. 13             July 15, 1992
</TABLE>
 
                 ------------------------------------------
                 (a) See Supplemental Indenture dated as of July 1, 1970 for
                     Interstate Commerce Commission filing and recordation
                     information.
 
                 (b) See Supplemental Indenture dated as of May 1, 1953 for
                     Secretary of State of Michigan filing information.
 
                 (c) See Supplemental Indenture dated as of May 1, 1974 for
                     County of Genesee, Michigan recording and filing
                     information.
<PAGE>   23
                                       21
 
<TABLE>
<S>                      <C>
RECORDING OF                 All the bonds of Series A which were issued under the
CERTIFICATES             Original Indenture dated as of October 1, 1924, and of
OF PROVISION             Series B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, W,
FOR PAYMENT.             AA, BB, CC, DDP Nos. 1-9, FFR Nos. 1-14, GGP Nos. 1-22, HH,
                         IIP Nos. 1-22, JJP Nos. 1-8, KKP Nos. 1-8, LLP Nos. 1-15,
                         NNP Nos. 1-21, OOP Nos. 1-18, QQP Nos. 1-17, TTP Nos. 1-15,
                         UU, 1980 Series A, 1980 Series CP Nos. 1-25, 1980 Series DP
                         Nos. 1-11, 1981 Series AP Nos. 1-12, 1985 Series A, 1985
                         Series B, PP, RR, EE, MMP and MMP No. 2 which were issued
                         under Supplemental Indentures dated as of, respectively,
                         June 1, 1925, August 1, 1927, February 1, 1931, October 1,
                         1932, September 25, 1935, September 1, 1936, December 1,
                         1940, September 1, 1947, November 15, 1951, January 15,
                         1953, May 1, 1953, March 15, 1954, May 15, 1955, August 15,
                         1957, December 15, 1970, May 1, 1974, October 1, 1974,
                         January 15, 1975, November 1, 1975, February 1, 1976, June
                         15, 1976, July 15, 1976, October 1, 1977, March 1, 1977,
                         July 1, 1979, March 1, 1977, March 1, 1977, March 1, 1977,
                         September 1, 1979, July 1, 1977, July 1, 1979, September 15,
                         1979, October 1, 1977, June 1, 1978, October 1, 1977, July
                         1, 1979, January 1, 1980, August 15, 1980, November 1, 1981,
                         May 1, 1985, May 15, 1985, June 1, 1978, October 15, 1978,
                         December 15, 1975, February 15, 1977, and September 1, 1979
                         have matured or have been called for redemption and funds
                         sufficient for such payment or redemption have been
                         irrevocably deposited with the Trustee for that purpose; and
                         Certificates of Provision for Payment have been recorded in
                         the offices of the respective Registers of Deeds of certain
                         counties in the State of Michigan, with respect to all bonds
                         of Series A, B, C, D, E, F, G, H, K, L, M, O, W, BB, CC, DDP
                         Nos. 1 and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP No. 1, JJP
                         No. 1, KKP No. 1, LLP No. 1 and GGP No. 8.
                           PART III.
                         THE TRUSTEE.
TERMS AND                    The Trustee hereby accepts the trust hereby declared and
CONDITIONS OF            provided, and agrees to perform the same upon the terms and
ACCEPTANCE OF            conditions in the Original Indenture, as amended to date and
TRUST BY TRUSTEE.        as supplemented by this Supplemental Indenture, and in this
                         Supplemental Indenture set forth, and upon the following
                         terms and conditions:
                             The Trustee shall not be responsible in any manner
                         whatsoever for and in respect of the validity or sufficiency
                         of this Supplemental Indenture or the due execution hereof
                         by the Company or for or in respect of the recitals
                         contained herein, all of which recitals are made by the
                         Company solely.
                           PART IV.
                         MISCELLANEOUS.
CONFIRMATION OF              Except to the extent specifically provided therein, no
SECTION 318(C) OF        provision of this supplemental indenture or any future
TRUST INDENTURE          supplemental indenture is intended to modify, and the
ACT                      parties do hereby adopt and confirm, the provisions of
                         Section 318(c) of the Trust Indenture Act which amend and
                         supercede provisions of the Indenture in effect prior to
                         November 15, 1990.
EXECUTION IN                 THIS SUPPLEMENTAL INDENTURE MAY BE SIMULTANEOUSLY
COUNTERPARTS.            EXECUTED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH WHEN
                         SO EXECUTED SHALL BE DEEMED TO BE AN ORIGINAL; BUT SUCH
                         COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME
                         INSTRUMENT.
</TABLE>
<PAGE>   24
                                       22
<TABLE>
<S>                      <C>
TESTIMONIUM.                 IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND
                           BANKERS TRUST COMPANY HAVE CAUSED THESE PRESENTS TO BE
                         SIGNED IN THEIR RESPECTIVE CORPORATE NAMES BY THEIR
                         RESPECTIVE CHAIRMEN OF THE BOARD, PRESIDENTS, VICE
                         PRESIDENTS, ASSISTANT VICE PRESIDENTS, TREASURERS OR
                         ASSISTANT TREASURERS AND IMPRESSED WITH THEIR RESPECTIVE
                         CORPORATE SEALS, ATTESTED BY THEIR RESPECTIVE SECRETARIES OR
                         ASSISTANT SECRETARIES, ALL AS OF THE DAY AND YEAR FIRST
                         ABOVE WRITTEN.
                                                                          THE DETROIT EDISON COMPANY,
                         (Corporate Seal)                                 By
                                                                          -----------------------------------------------
                                                                              A. W. Anning
                                                                              Assistant Treasurer
 
EXECUTION.               Attest:
 
                         ------------------------------------------------
                         Ronald J. Gdowski
                         Assistant Secretary
 
                         Signed, sealed and delivered by THE
                         DETROIT EDISON COMPANY, in the
                         presence of
                         ------------------------------------------------
                         Jane E. Lenart
                         ------------------------------------------------
                         Janet A. Scullen
 
                         (Corporate Seal)
                                                                          BANKERS TRUST COMPANY,
                                                                          By
                                                                          -----------------------------------------------
                                                                              R. T. Gorman
                                                                              Vice President
 
                         Attest:
 
                         ------------------------------------------------
                         Shikha Dombek
                         Assistant Secretary
                         Signed, sealed and delivered by
                         BANKERS TRUST COMPANY, in the
                         presence of
 
                         ------------------------------------------------
                         Eric Hawner
                         ------------------------------------------------
                         Jacqueline DaSilva
</TABLE>
<PAGE>   25
                                       23
 
<TABLE>
<S>                      <C>
                         STATE OF MICHIGAN
                         SS.:
                         COUNTY OF WAYNE
ACKNOWLEDGMENT           On this   day of August, 1992, before me, the subscriber, a
OF EXECUTION             Notary Public within and for the County of Wayne, in the
BY COMPANY.              State of Michigan, personally appeared A. W. Anning, to me
                         personally known, who, being by me duly sworn, did say that
                         he does business at 2000 Second Avenue, Detroit, Michigan
                         48226 and is the Assistant Treasurer of THE DETROIT EDISON
                         COMPANY, one of the corporations described in and which
                         executed the foregoing instrument; that he knows the
                         corporate seal of the said corporation and that the seal
                         affixed to said instrument is the corporate seal of said
                         corporation; and that said instrument was signed and sealed
                         in behalf of said corporation by authority of its Board of
                         Directors and that he subscribed his name thereto by like
                         authority; and said A. W. Anning, acknowledged said
                         instrument to be the free act and deed of said corporation.
                                                                       ---------------------------------------------------
                                        (Notarial Seal)                          Pearl E. Kotter, Notary Public
                                                                                        Macomb County, MI
                                                                                    (Acting in Wayne County)
                                                                              My Commission Expires August 23, 1993
 
                                       STATE OF NEW YORK
                                             SS.:
                                      COUNTY OF NEW YORK
ACKNOWLEDGMENT           On this day of July, 1992, before me, the subscriber, a
OF EXECUTION             Notary Public within and for the County of Queens, in the
BY TRUSTEE.              State of New York, personally appeared R. T. Gorman, to me
                         personally known, who, being by me duly sworn, did say that
                         his business office is located at Four Albany Street, New
                         York, New York 10015, and he is Vice President of BANKERS
                         TRUST COMPANY, one of the corporations described in and
                         which executed the foregoing instrument; that he knows the
                         corporate seal of the said corporation and that the seal
                         affixed to said instrument is the corporate seal of said
                         corporation; and that said instrument was signed and sealed
                         in behalf of said corporation by authority of its Board of
                         Directors and that he subscribed his name thereto by like
                         authority; and said R. T. Gorman acknowledged said
                         instrument to be the free act and deed of said corporation.
                                        (Notarial Seal)
                                                                       ---------------------------------------------------
                                                                                        Marjorie Stanley
                                                                                Notary Public, State of New York
                                                                                         No. 41-4986405
                                                                                   Qualified in Queens County
                                                                              Certificate filed in New York County
                                                                                Commission Expires Sept. 16, 1993
</TABLE>
<PAGE>   26
                                       24
<TABLE>
<S>                      <C>                                           <C>
                                       STATE OF MICHIGAN
                                             SS.:
                                        COUNTY OF WAYNE
AFFIDAVIT AS TO          A. W. Anning, being duly sworn, says: that he is the
CONSIDERATION            Assistant Treasurer of THE DETROIT EDISON COMPANY, the
AND GOOD FAITH.          Mortgagor named in the foregoing instrument, and that he has
                         knowledge of the facts in regard to the making of said
                         instrument and of the consideration therefor; that the
                         consideration for said instrument was and is actual and
                         adequate, and that the same was given in good faith for the
                         purposes in such instrument set forth.
                                                                          ------------------------------------------------
                                                                                            A. W. Anning
                                 Sworn to before me this   day of
                                           August, 1992
 
                         ------------------------------------------------
                                  Pearl E. Kotter, Notary Public
                                        Macomb County, MI
                                     (Acting in Wayne County)
                              My Commission Expires August 23, 1993
                                         (Notarial Seal)
                          This instrument was drafted by Frances B. Rohlman, Esq., 2000 Second Avenue, Detroit, Michigan
                                                                       48226
</TABLE>