<PAGE>   1
                                                                EXHIBIT 4-182 

                                                                CONFORMED COPY

 

                           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 January 15, 1992
 
                            ------------------------
 
                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                          DATED AS OF OCTOBER 1, 1924
 
                                 PROVIDING FOR
 
(A) GENERAL AND REFUNDING MORTGAGE BONDS, 1992 SERIES BP, DUE FEBRUARY 15, 2016
 
                                      AND
 
                         (B) RECORDING AND FILING DATA
<PAGE>   2
 
                                        i
 
                               TABLE OF CONTENTS*
 
                            ------------------------
 
                                                                  PAGE
                                                                  ----
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 BP................................        5
  Further Assurance.........................................        5
  Authorization of Supplemental Indenture...................        5
  Consideration for Supplemental Indenture..................        6

                                    PART I.
                     CREATION OF TWO HUNDRED NINETY-FOURTH
                                SERIES OF BONDS
                     GENERAL AND REFUNDING MORTGAGE BONDS,
                                 1992 SERIES BP
Sec. 1. Terms of Bonds of 1992 Series BP....................        6
Sec. 2. Redemption of Bonds of 1992 Series BP...............        8
Sec. 3. Redemption in Event of Acceleration.................        8
Sec. 4. Consent.............................................        9
Sec. 5. Form of Bonds of 1992 Series BP.....................        9
        Form of Trustee's Certificate.......................       14

                                    PART II.
                           RECORDING AND FILING DATA
Recording and filing of Original Indenture..................       14
Recording and filing of Supplemental Indentures.............       14
Recording of Certificates of Provision for Payment..........       19

                                   PART III.
                                  THE TRUSTEE
Terms and conditions of acceptance of trust by Trustee......       19

                                    PART IV.
                                 MISCELLANEOUS
Confirmation of Section 318(c) of Trust Indenture Act.......       19
Execution in Counterparts...................................       19
Testimonium.................................................       20
Execution...................................................       20
Acknowledgements............................................       21
Affidavit as to consideration and good faith................       22
 
------------------------
* 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
 
PARTIES.              SUPPLEMENTAL INDENTURE, dated as of the fifteenth day of
                    January, 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 "Trustee"), 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 and November 1, 1991 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 Five billion nine
ISSUED.             hundred million eight hundred twenty-two thousand dollars
                    ($5,900,822,000) have heretofore been issued under the
                    Indenture as follows, viz:
 
<TABLE>
                            <S>    <C>                               <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,
</TABLE>
<PAGE>   4
 
                                        2
 
<TABLE>
<CAPTION>
 
                        <C>        <S>                               <C>
                             (13)  Bonds of Series M                 -- Principal Amount $40,000,000,
                             (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,
                          (69-82)  Bonds of Series IIP Nos. 1-6 and
                                   8-15                              -- Principal Amount $490,000,
                          (83-88)  Bonds of Series JJP Nos. 1-6      -- Principal Amount $690,000,
                          (89-94)  Bonds of Series KKP Nos. 1-6      -- Principal Amount $1,590,000,
                         (95-109)  Bonds of Series LLP Nos. 1-7 and
                                   8-15                              -- Principal Amount $8,850,000,
                        (110-130)  Bonds of Series NNP Nos. 1-21     -- Principal Amount $47,950,000,
                        (131-140)  Bonds of Series OOP Nos. 1-10     -- Principal Amount $3,350,000,
                        (141-156)  Bonds of Series QQP Nos. 1-9 and
                                   10-16                             -- Principal Amount $12,345,000,
                        (157-171)  Bonds of Series TTP Nos. 1-15     -- Principal Amount $3,800,000,
                             (172) Bonds of 1980 Series A            -- Principal Amount $50,000,000,
                        (173-197)  Bonds of 1980 Series CP Nos.
                                   1-12 and 13-25                    -- Principal Amount $35,000,000,
                        (198-208)  Bonds of 1980 Series DP Nos.
                                   1-11                              -- Principal Amount $10,750,000,
                        (209-220)  Bonds of 1981 Series AP Nos.
                                   1-12                              -- Principal Amount $24,000,000,
                            (221)  Bonds of 1985 Series A            -- Principal Amount $35,000,000,
                            (222)  Bonds of 1985 Series B            -- Principal Amount $50,000,000,
                            (223)  Bonds of Series PP                -- Principal Amount $70,000,000,
                            (224)  Bonds of Series RR                -- Principal Amount $70,000,000,
                            (225)  Bonds of Series EE                -- Principal Amount $50,000,000
</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;
 
                 (226) 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;
 
                 (227) 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;
 
                 (228) 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;
 
                 (229) 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;
 
                 (230) 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;
 
                 (231) 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;
 
                 (232) Bonds of Series Y in the principal amount of Sixty
                 million dollars ($60,000,000), all of which are outstanding at
                 the date hereof;
<PAGE>   5
 
                                        3
 
                 (233) 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;
 
                 (234-235) Bonds of Series MMP and MMP No. 2 in the principal
                 amount of Five million four hundred thirty thousand dollars
                 ($5,430,000), of which One million three hundred eighty
                 thousand dollars ($1,380,000) principal amount have heretofore
                 been retired and Four million fifty thousand dollars
                 ($4,050,000) principal amount are outstanding at the date
                 hereof;
 
                 (236-243) Bonds of Series IIP Nos. 7 and 16-22 in the principal
                 amount of Three million two hundred sixty thousand dollars
                 ($3,260,000), of which Two hundred twenty thousand dollars
                 ($220,000) principal amount have heretofore been retired and
                 Three million forty thousand dollars ($3,040,000) principal
                 amount are outstanding at the date hereof;
 
                 (244-245) Bonds of Series JJP Nos. 7-8 in the principal amount
                 of Six million one hundred sixty thousand dollars ($6,160,000),
                 of which Six hundred twenty thousand dollars ($620,000)
                 principal amount have heretofore been retired and Five million
                 five hundred forty thousand dollars ($5,540,000) principal
                 amount are outstanding at the date hereof;
 
                 (246-251) Bonds of Series KKP Nos. 7-12 in the principal amount
                 of One hundred twenty-three million seven hundred ninety
                 thousand dollars ($123,790,000), of which One million three
                 hundred thousand dollars ($1,300,000) principal amount have
                 heretofore been retired and One hundred twenty-two million four
                 hundred ninety thousand dollars ($122,490,000) principal amount
                 are outstanding at the date hereof;
 
                 (252-259) Bonds of Series OOP Nos. 11-18 in the principal
                 amount of Fifteen million five hundred thirty thousand dollars
                 ($15,530,000), of which Three hundred twenty thousand dollars
                 ($320,000) principal amount have heretofore been retired and
                 Fifteen million two hundred ten thousand dollars ($15,210,000)
                 principal amount are outstanding at the date hereof;
 
                 (260-262) Bonds of Series QQP Nos. 17-19 in the principal
                 amount of One million three hundred five thousand dollars
                 ($1,305,000), all of which are outstanding at the date hereof;
 
                 (263) Bonds of Series SS in the principal amount of One hundred
                 fifty million dollars ($150,000,000), of which Ninety million
                 dollars ($90,000,000) principal amount have heretofore been
                 retired and Sixty million dollars ($60,000,000) principal
                 amount are outstanding at the date hereof;
 
                 (264) Bonds of 1980 Series B in the principal amount of One
                 hundred million dollars ($100,000,000), of which Sixty-six
                 million five hundred thousand dollars ($66,500,000) principal
                 amount have heretofore been retired and Thirty-three million
                 five hundred thousand dollars ($33,500,000) principal amount
                 are outstanding at the date hereof;
 
                 (265-268) 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;
 
                 (269) 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;
 
                 (270) 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;
 
                 (271) 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;
 
                 (272) 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;
<PAGE>   6
 
                                        4
 
                 (273) 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;
 
                 (274) 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;
 
                 (275) 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;
 
                 (276) 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;
 
                 (277) 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;
 
                 (278) 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;
 
                 (279) 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;
 
                 (280) 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;
 
                 (281) Bonds of 1989 Series BP in the principal amount of
                 Sixty-six million five hundred sixty-five thousand
                 ($66,565,000), all of which are outstanding at the date hereof;
 
                 (282) Bonds of 1990 Series A in the principal amount of One
                 hundred ninety-four million six hundred forty-nine thousand
                 ($194,649,000) of which Twelve million five hundred fifty-eight
                 thousand ($12,558,000) principal amount have heretofore been
                 retired and One hundred eighty-two million ninety-one thousand
                 ($182,091,000) principal amount are outstanding at the date
                 hereof;
 
                 (283) Bonds of 1990 Series B in the principal amount of Two
                 hundred fifty-six million nine hundred thirty-two thousand
                 ($256,932,000) of which Nineteen million thirty-two thousand
                 ($19,032,000) principal amount have heretofore been retired and
                 Two hundred thirty-seven million nine hundred thousand
                 ($237,900,000) principal amount are outstanding at the date
                 hereof;
 
                 (284) Bonds of 1990 Series C in the principal amount of
                 Eighty-five million four hundred seventy-five thousand
                 ($85,475,000) of which Six million eight hundred thirty-eight
                 thousand ($6,838,000) principal amount have heretofore been
                 retired and Seventy-eight million six hundred thirty-seven
                 thousand ($78,637,000) principal amount are outstanding at the
                 date hereof;
 
                 (285) Bonds of 1991 Series AP in the principal amount of
                 Thirty-two million three hundred seventy-five thousand
                 ($32,375,000), all of which are outstanding at the date hereof;
 
                 (286) Bonds of 1991 Series BP in the principal amount of
                 Twenty-five million nine hundred ten thousand ($25,910,000),
                 all of which are outstanding at the date hereof;
 
                 (287) Bonds of 1991 Series CP in the principal amount of
                 Thirty-two million eight hundred thousand ($32,800,000), all of
                 which are outstanding at the date hereof;
 
                 (288) Bonds of 1991 Series DP in the principal amount of
                 Thirty-seven million six hundred thousand ($37,600,000), all of
                 which are outstanding at the date hereof; and
 
                 (289) Bonds of 1991 Series EP in the principal amount of
                 Forty-one million four hundred eighty thousand ($41,480,000),
                 all of which are outstanding at the date hereof;
 
                 (290) 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;
 
                 and, accordingly, of the bonds so issued, Four billion
                 forty-nine million eighteen thousand dollars ($4,049,018,000)
                 principal amount are outstanding at the date hereof; and
<PAGE>   7
 
                                        5
 
REASON FOR            WHEREAS, the Michigan Strategic Fund has agreed to issue
CREATION OF         and sell $20,975,000 principal amount of its Limited
NEW SERIES.         Obligation Refunding Revenue Bonds (The Detroit Edison
                    Company Pollution Control Bonds Project), Collateralized
                    Series 1992BB, in order to provide funds for the refunding
                    of certain pollution control related bonds previously issued
                    to finance pollution control projects of the Company; and
 
                      WHEREAS, the Company has entered into a Loan Agreement,
                    dated as of February 15, 1992 with the Michigan Strategic
                    Fund in connection with the issuance of the Collateralized
                    Series 1992BB Bonds, in order to refund certain pollution
                    control related bonds, and pursuant to such Loan Agreement
                    the Company has agreed to issue its General and Refunding
                    Mortgage Bonds under the Indenture in order further to
                    secure its obligations under such Loan Agreement; and
 
                      WHEREAS, for such purposes the Company desires to issue a
                    new series of bonds to be issued under the Indenture and 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
1992 SERIES BP.     Indenture to create such new series of bonds, to be
                    designated "General and Refunding Mortgage Bonds, 1992
                    Series BP"; 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         WHEREAS, the Company in the exercise of the powers and
OF 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         NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The
FOR SUPPLEMENTAL    Detroit Edison Company, in consideration of the premises and
INDENTURE.          of the 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:
<PAGE>   8
 
                                        6
 
                                    PART I.
                     CREATION OF TWO HUNDRED NINETY-FOURTH
                                SERIES OF BONDS.
                     GENERAL AND REFUNDING MORTGAGE BONDS,
                                 1992 SERIES BP
 
CERTAIN TERMS         SECTION 1. The Company hereby creates the Two hundred
OF BONDS OF         Ninety-fourth series of bonds to be issued under and secured
1992 SERIES BP.     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 "General and Refunding Mortgage Bonds, 1992
                    Series BP" (elsewhere herein referred to as the "bonds of
                    1992 Series BP"). The aggregate principal amount of bonds of
                    1992 Series BP shall be limited to Twenty million nine
                    hundred seventy-five thousand dollars ($20,975,000), except
                    as provided in Sections 7 and 13 of Article II of the
                    Original Indenture with respect to exchanges and
                    replacements of bonds.
 
                      Each bond of 1992 Series BP is to be irrevocably assigned
                    to, and registered in the name of, Manufacturers Bank, N.A.,
                    as trustee, or a successor trustee (said trustee or any
                    successor trustee being hereinafter referred to as the
                    "Strategic Fund Trust Indenture Trustee"), under the Trust
                    Indenture, dated as of February 15, 1992 (hereinafter called
                    the "Strategic Fund Trust Indenture"), between the Michigan
                    Strategic Fund (hereinafter called "Strategic Fund"), and
                    the Strategic Fund Trust Indenture Trustee, to secure
                    payment of the Michigan Strategic Fund Limited Obligation
                    Refunding Revenue Bonds (The Detroit Edison Company
                    Pollution Control Bonds Project), Collateralized Series
                    1992BB (hereinafter called the "Strategic Fund Revenue
                    Bonds"), issued by the Strategic Fund under the Strategic
                    Fund Trust Indenture, the proceeds of which have been
                    provided for the refunding of certain pollution control
                    related bonds which the Company has agreed to refund
                    pursuant to the provisions of the Loan Agreement, dated as
                    of February 15, 1992 (hereinafter called the "Strategic Fund
                    Agreement"), between the Company and the Strategic Fund.
 
                      The bonds of 1992 Series BP shall be issued as registered
                    bonds without coupons in denominations of a multiple of
                    $5,000. The bonds of 1992 Series BP shall be issued in the
                    aggregate principal amount of $20,975,000, shall mature on
                    February 15, 2016 and shall bear interest, payable
                    semi-annually on February 15 and August 15 of each year
                    (commencing August 15, 1992), at the rate of 6 1/2%, until
                    the principal thereof shall have become due and payable and
                    thereafter until the Company's obligation with respect to
                    the payment of said principal shall have been discharged as
                    provided in the Indenture.
 
                      The bonds of 1992 Series BP shall be payable as to
                    principal, premium, if any, and interest as provided in the
                    Indenture, but only to the extent and in the manner herein
                    provided. The bonds of 1992 Series BP shall be payable, both
                    as to principal and interest, at the office or agency of the
                    Company in the Borough of Manhattan, The City and 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.
 
                      Except as provided herein, each bond of 1992 Series BP
                    shall be dated the date of its authentication and interest
                    shall be payable on the principal represented thereby from
                    the February 15 or August 15 next preceding the date thereof
                    to which interest has been paid on bonds of 1992 Series BP,
                    unless the bond is authenticated on a date to which interest
                    has been paid, in which case interest shall be payable from
                    the date of authentication, or unless the date of
                    authentication is prior to August 15, 1992, in which case
                    interest shall be payable from February 15, 1992.
<PAGE>   9
 
                                        7
 
                      The bonds of 1992 Series BP 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 denominations of
                    bonds of 1992 Series BP). Until bonds of 1992 Series BP 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 BP in temporary form, as provided in Section 10 of
                    Article II of the Indenture. Temporary bonds of 1992 Series
                    BP, if any, may be printed and may be issued in authorized
                    denominations in substantially the form of definitive bonds
                    of 1992 Series BP, but with such omissions, insertions and
                    variations as may be appropriate for temporary bonds, all as
                    may be determined by the Company.
 
                      Bonds of 1992 Series BP shall not be assignable or
                    transferable except as may be required to effect a transfer
                    to any successor trustee under the Strategic Fund Trust
                    Indenture, or, subject to compliance with applicable law, as
                    may be involved in the course of the exercise of rights and
                    remedies consequent upon an Event of Default under the
                    Strategic Fund Trust Indenture. Any such transfer shall be
                    made upon surrender thereof for cancellation at the office
                    or agency of the Company in the Borough of Manhattan, The
                    City and 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. Bonds of
                    1992 Series BP shall in the same manner be exchangeable for
                    a like aggregate principal amount of bonds of 1992 Series BP
                    upon the terms and conditions specified herein and in
                    Section 7 of Article II of the Indenture. 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
                    BP, during any period of ten days next preceding any
                    redemption date for such bonds.
 
                      Bonds of 1992 Series BP, 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 as may be specified in the Strategic Fund Agreement.
 
                      Upon payment of the principal or premium, if any, or
                    interest on the Strategic Fund Revenue Bonds, whether at
                    maturity or prior to maturity by redemption or otherwise, or
                    upon provision for the payment thereof having been made in
                    accordance with Articles I or IV of the Strategic Fund Trust
                    Indenture, bonds of 1992 Series BP in a principal amount
                    equal to the principal amount of such Strategic Fund Revenue
                    Bonds, shall, to the extent of such payment of principal,
                    premium or interest, be deemed fully paid and the obligation
                    of the Company thereunder to make such payment shall
                    forthwith cease and be discharged, and, in the case of the
                    payment of principal and premium, if any, such bonds shall
                    be surrendered for cancellation or presented for appropriate
                    notation to the Trustee.
 
REDEMPTION            SECTION 2. Bonds of 1992 Series BP shall be redeemed on
OF BONDS OF         the respective dates and in the respective principal amounts
1992 SERIES BP.     which correspond to the redemption dates for, and the
                    principal amounts to be redeemed of, the Strategic Fund
                    Revenue Bonds.

                      In the event the Company elects to redeem any Strategic
                    Fund Revenue Bonds prior to maturity in accordance with the
                    provisions of the Strategic Fund Trust Indenture, the
                    Company shall on the same date redeem bonds of 1992 Series
                    BP in principal amounts and at redemption prices
                    corresponding to the Strategic Fund Revenue Bonds so
                    redeemed. The Company agrees to give the Trustee notice of
                    any such redemption of bonds of 1992 Series BP on the same
                    date as it gives notice of redemption of Strategic Fund
                    Revenue Bonds to the Strategic Fund Trust Indenture Trustee.
<PAGE>   10
 
                                        8
 
REDEMPTION            SECTION 3. In the event of an Event of Default under the
OF BONDS OF 1992    Strategic Fund Trust Indenture and the acceleration of all
SERIES BP IN        Strategic Fund Revenue Bonds, the bonds of 1992 Series BP
EVENT OF            shall be redeemable in whole upon receipt by the Trustee of
ACCELERATION        a written demand (hereinafter called a "Redemption Demand")
OF STRATEGIC FUND   from the Strategic Fund Trust Indenture Trustee stating that
REVENUE BONDS.      there has occurred under the Strategic Fund Trust Indenture
                    both an Event of Default and a declaration of acceleration
                    of payment of principal, accrued interest and premium, if
                    any, on the Strategic Fund Revenue Bonds, specifying the
                    last date to which interest on the Strategic Fund Revenue
                    Bonds has been paid (such date being hereinafter referred to
                    as the "Initial Interest Accrual Date") and demanding
                    redemption of the bonds of said series. The Trustee shall,
                    within five days after receiving such Redemption Demand,
                    mail a copy thereof to the Company marked to indicate the
                    date of its receipt by the Trustee. Promptly upon receipt by
                    the Company of such copy of a Redemption Demand, the Company
                    shall fix a date on which it will redeem the bonds of said
                    series so demanded to be redeemed (hereinafter called the
                    "Demand Redemption Date"). Notice of the date fixed as the
                    Demand Redemption Date shall be mailed by the Company to the
                    Trustee at least ten days prior to such Demand Redemption
                    Date. The date to be fixed by the Company as and for the
                    Demand Redemption Date may be any date up to and including
                    the earlier of (x) the 60th day after receipt by the Trustee
                    of the Redemption Demand or (y) the maturity date of such
                    bonds first occurring following the 20th day after the
                    receipt by the Trustee of the Redemption Demand; provided,
                    however, that if the Trustee shall not have received such
                    notice fixing the Demand Redemption Date on or before the
                    10th day preceding the earlier of such dates, the Demand
                    Redemption Date shall be deemed to be the earlier of such
                    dates. The Trustee shall mail notice of the Demand
                    Redemption Date (such notice being hereinafter called the
                    "Demand Redemption Notice") to the Strategic Fund Trust
                    Indenture Trustee not more than ten nor less than five days
                    prior to the Demand Redemption Date.
 
                      Each bond of 1992 Series BP shall be redeemed by the
                    Company on the Demand Redemption Date therefore upon
                    surrender thereof by the Strategic Fund Trust Indenture
                    Trustee to the Trustee at a redemption price equal to the
                    principal amount thereof plus accrued interest thereon at
                    the rate specified for such bond from the Initial Interest
                    Accrual Date to the Demand Redemption Date plus an amount
                    equal to the aggregate premium, if any, due and payable on
                    such Demand Redemption Date on all Strategic Fund Revenue
                    Bonds; provided, however, that in the event of a receipt by
                    the Trustee of a notice that, pursuant to Section 604 of the
                    Strategic Fund Trust Indenture, the Strategic Fund Trust
                    Indenture Trustee has terminated proceedings to enforce any
                    right under the Strategic Fund Trust Indenture, then any
                    Redemption Demand shall thereby be rescinded by the
                    Strategic Fund Trust Indenture Trustee, and no Demand
                    Redemption Notice shall be given, or, if already given,
                    shall be automatically annulled; but no such rescission or
                    annulment shall extend to or affect any subsequent default
                    or impair any right consequent thereon.
 
                      Anything herein contained to the contrary notwithstanding,
                    the Trustee is not authorized to take any action pursuant to
                    a Redemption Demand and such Redemption Demand shall be of
                    no force or effect, unless it is executed in the name of the
                    Strategic Fund Trust Indenture Trustee by its President or
                    one of its Vice Presidents.
<PAGE>   11
 
                                        9
 
CONSENT.              SECTION 4. The holders of the bonds of 1992 Series BP, 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 4, or
                    in writing, or by affirmative vote cast at a meeting called
                    pursuant to said Article XV, or by any combination thereof.
 
FORM OF BONDS         SECTION 5. The bonds of 1992 Series BP and the form of
OF 1992 SERIES BP.  Trustee's Certificate to be endorsed on such bonds shall be
                    substantially in the following forms, respectively:
<PAGE>   12
 
                                       10
 
                             [FORM OF FACE OF BOND]
 
                           THE DETROIT EDISON COMPANY
                      GENERAL AND REFUNDING MORTGAGE BOND
                  1992 SERIES BP, 6 1/2% DUE FEBRUARY 15, 2016
 
                   Notwithstanding any provisions hereof or in the Indenture,
                 this bond is not assignable or transferable except as may be
                 required to effect a transfer to any successor trustee under
                 the Trust Indenture, dated as of February 15, 1992 between
                 the Michigan Strategic Fund and Manufacturers Bank, N.A., as
                 trustee, or, subject to compliance with applicable law, as
                 may be involved in the course of the exercise of rights and
                 remedies consequent upon an Event of Default under said
                 Trust Indenture.

                   $.........                                    No..........

                   THE DETROIT EDISON COMPANY (hereinafter called the
                 "Company"), a corporation of the State of Michigan, for
                 value received, hereby promises to pay to the Michigan
                 Strategic Fund, or registered assigns, at the Company's
                 office or agency in the Borough of Manhattan, The City and
                 State of New York, the principal sum of            dollars
                 ($)            in lawful money of the United States of
                 America on the date specified in the title hereof and
                 interest thereon at the rate specified in the title hereof,
                 in like lawful money, from February 15, 1992, and after the
                 first payment of interest on bonds of this Series has been
                 made or otherwise provided for, from the most recent date to
                 which interest has been paid or otherwise provided for,
                 semi-annually on February 15 and August 15 of each year
                 (commencing August 15, 1992), 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 the Indenture hereinafter mentioned on the
                 reverse hereof and in the supplemental indenture pursuant to
                 which this bond has been issued.

                   Under a Trust Indenture, dated as of February 15, 1992
                 (hereinafter called the "Strategic Fund Trust Indenture"),
                 between the Michigan Strategic Fund (hereinafter called
                 "Strategic Fund"), and Manufacturers Bank, N.A., as trustee
                 (hereinafter called the "Strategic Fund Trust Indenture
                 Trustee"), the Strategic Fund has issued Limited Obligation
                 Refunding Revenue Bonds (The Detroit Edison Company
                 Pollution Control Bonds Project), Collateralized Series
                 1992BB (hereinafter called the "Strategic Fund Revenue
                 Bonds"). This bond was originally issued to the Strategic
                 Fund and simultaneously irrevocably assigned to the
                 Strategic Fund Trust Indenture Trustee so as to secure the
                 payment of the Strategic Fund Revenue Bonds. Payments of
                 principal of, or premium, if any, or interest on, Strategic
                 Fund Revenue Bonds shall constitute like payments on this
                 bond as further provided herein and in the supplemental
                 indenture pursuant to which this bond has been issued.

                   Reference is hereby made to such 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.
<PAGE>   13
 
                                       11
 
 
                   IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY has caused
                 this instrument to be executed 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 with his or her 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 1992 Series BP, limited to
                  an aggregate principal amount of $20,975,000, 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 January 15, 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 January 15, 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 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 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 holders of the bonds of 1992 Series BP, 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 4 of Part I
                  of the Supplemental Indenture dated as of January 15, 1992,
                  or in writing, or by affirmative vote cast at a meeting
                  called pursuant to said Article XV, or by any combination
                  thereof.
<PAGE>   15
 
                                       13
 
                    This bond is redeemable upon the terms and conditions set
                  forth in the Indenture, including provision for redemption
                  upon demand of the Strategic Fund Trust Indenture Trustee
                  following the occurrence of an Event of Default under the
                  Strategic Fund Trust Indenture and the acceleration of the
                  principal of the Strategic Fund Revenue Bonds.

                    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 BP (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.

                    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.

                    Upon payment of the principal of, or premium, if any, or
                  interest on, the Strategic Fund Revenue Bonds, whether at
                  maturity or prior to maturity by redemption or otherwise or
                  upon provision for the payment thereof having been made in
                  accordance with Articles I or IV of the Strategic Fund Trust
                  Indenture, bonds of 1992 Series BP in a principal amount
                  equal to the principal amount of such Strategic Fund Revenue
                  Bonds and having both a corresponding maturity date and
                  interest rate shall, to the extent of such payment of
                  principal, premium or interest, be deemed fully paid and the
                  obligation of the Company thereunder to make such payment
                  shall forthwith cease and be discharged, and, in the case of
                  the payment of principal and premium, if any, such bonds of
                  said series shall be surrendered for cancellation or
                  presented for appropriate notation to the Trustee.

                    This bond is not assignable or transferable except as may
                  be required to effect a transfer to any successor trustee
                  under the Strategic Fund Trust Indenture, or, subject to
                  compliance with applicable law, as may be involved in the
                  course of the exercise of rights and remedies consequent
                  upon an Event of Default under the Strategic Fund Trust
                  Indenture. Any such transfer shall be made 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 of the same series of
                  authorized denominations for a like aggregate principal
                  amount will be issued to the transferee in exchange
                  therefor, and this bond with others in like form may in like
                  manner be exchanged for one or more new 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>   16
 
                                       14
 
 
                           [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
 

                                    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>
<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
                        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 Ad-        September 1, 1947
                                                              ditional 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
</TABLE>
<PAGE>   17
 
                                       15
 
<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>
                         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                                      
                         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 and  December 15, 1975              
                                                                       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 and  July 15, 1976                  
                                                                       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 and  October 1, 1977                
                                                                       Subject Properties                                          
</TABLE>
<PAGE>   18
 
                                       16
 
<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>
                         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                               
                         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 and  June 1, 1983            
                                                                       Subject Properties                                   
                         June 1, 1983..............................  1981 Series AP Nos. 15-16 and  October 1, 1984         
                                                                       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>   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>
                         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 Series  August 15, 1987             
                                                                       C                                                        
                         August 15, 1987...........................  1987 Series D and 1987 Series  November 30, 1987           
                                                                       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 B,  November 1, 1990            
                                                                       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            
</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>   20
 
                                       18
 
                      Further, pursuant to the terms and provisions of the
                  Original Indenture, a Supplemental Indenture dated as of
                  November 1, 1991 providing for the terms of bonds to be
                  issued thereunder of 1991 Series FP has heretofore been
                  entered into between the Company and the Trustee and has
                  been filed in the Office of the Secretary of State of
                  Michigan as a financing statement on November 19, 1991
                  (Filing No. C540010), has been filed and recorded in the
                  Office of the Interstate Commerce Commission (Recordation
                  No. 5485-VVV) on November 14, 1991, and has been recorded as
                  a real estate mortgage in the offices of the respective
                  Register of Deeds of certain counties in the State of
                  Michigan, as follows:
 
<TABLE>
<CAPTION>
                                                                         LIBER OF
                                                                         MORTGAGES
                                                                         OR COUNTY
                            COUNTY                 RECORDED               RECORDS             PAGE
                            ------                 --------              ---------            ----
                  <S>                          <C>                       <C>               <C>
                  Genesee....................  November 19, 1991            2693             518-541
                  Huron......................  November 18, 1991             566             375-398
                  Ingham.....................  November 21, 1991            1917             559-582
                  Lapeer.....................  November 18, 1991             734             761-784
                  Lenawee....................  November 15, 1991            1177             525-598
                  Livingston.................  November 18, 1991            1591             007-030
                  Macomb.....................  November 15, 1991            5249             606-629
                  Mason......................  November 18, 1991             410             666-689
                  Monroe.....................  November 15, 1991            1191             272-0295
                  Oakland....................  November 20, 1991           12189             452-475
                  Sanilac....................  November 18, 1991             422             837-860
                  St. Clair..................  November 15, 1991            1012             973-996
                  Tuscola....................  November 15, 1991             618             988-1011
                  Washtenaw..................  November 18, 1991            2556             265-288
                  Wayne......................  November 14, 1991           25729             086-109
</TABLE>
<PAGE>   21
 
                                       19
 
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. 1-6 and 8-15, JJP Nos. 1-6, KKP Nos. 1-6, LLP Nos.
                    1-7 and 8-15, NNP Nos. 1-21, OOP Nos. 1-10, QQP Nos. 1-16,
                    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 and RR 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 and October 15, 1978
                    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.
<PAGE>   22
 
                                       20
 
 
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 /s/   C. C. ARVANI
                                                  -----------------------------
                                                        C. C. Arvani
                                                     Assistant Treasurer
 
EXECUTION.          Attest:
                    
                    /s/      SUSAN M. BEALE
                    ------------------------------
                             Susan M. Beale
                               Secretary
                         
                    Signed, sealed and delivered by THE 
                    DETROIT EDISON COMPANY, in the 
                    presence of
                    
                    /s/        JANE E. LENART
                    ------------------------------              
                             Jane E. Lenart

                    /s/       JANET A. SCULLEN
                    ------------------------------ 
                           Janet A. Scullen
     

                    (Corporate Seal)
                                               BANKERS TRUST COMPANY,
                                               
                                               By /s/   SAMIR M. PANDIRI
                                               --------------------------------
                                                        Samir M. Pandiri
                                                     Assistant Vice President

                    Attest:
                    
                    /s/    JOHN J. MAZZUCA
                    ------------------------------
                           John J. Mazzuca
                         Assistant Secretary

                    Signed, sealed and delivered by
                    BANKERS TRUST COMPANY, in the
                    presence of

                    /s/       ERIC HAWNER
                    ------------------------------ 
                              Eric Hawner

                   /s/        SHIKHA DOMBEK
                   -------------------------------
                              Shikha Dombek
<PAGE>   23
 
                                       21
 

                    STATE OF MICHIGAN
                                      SS.:
                    COUNTY OF WAYNE

ACKNOWLEDGMENT      On this 31st day of January, 1992, before me, the
OF EXECUTION        subscriber, a Notary Public within and for the County of
BY COMPANY.         Wayne, in the State of Michigan, personally appeared C. C.
                    Arvani, 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 de-
                    scribed 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 C. C. Arvani, acknowledged said
                    instrument to be the free act and deed of said corporation.


                                              /s/     PEARL E. KOTTER
                                              ----------------------------------
                    (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 31st day of January, 1992, before me, the
OF EXECUTION        subscriber, a Notary Public within and for the County of
BY TRUSTEE.         Queens, in the State of New York, personally appeared Samir
                    M. Pandiri, 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 Assistant
                    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
                    Samir M. Pandiri acknowledged said instrument to be the free
                    act and deed of said corporation.
 

                    (Notarial Seal)
                                             /s/     MARJORIE STANLEY
                                             --------------------------------
                                                     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
<PAGE>   24
 
                                       22
 

                    STATE OF MICHIGAN
                                    SS.:
                    COUNTY OF WAYNE

AFFIDAVIT AS TO       C. C. Arvani, 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.

                                              /s/       C. C. ARVANI
                                              ---------------------------------
                                                        C. C. Arvani

                    Sworn to before me this 31st day of
                    January, 1992
 
                    /s/     PEARL E. KOTTER
                    ------------------------------------
                      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