<PAGE>   1
                                                                  EXHIBIT 4-181 

                                                                  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 November 1, 1991
 
                            ------------------------
 
                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                          DATED AS OF OCTOBER 1, 1924
 
                                 PROVIDING FOR
 
 (A) GENERAL AND REFUNDING MORTGAGE BONDS, 1991 SERIES FP, DUE DECEMBER 1, 2021
 
                                      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 1991 Series FP................................        5
  Further Assurance.........................................        5
  Authorization of Supplemental Indenture...................        6
  Consideration for Supplemental Indenture..................        6

                                    PART I.
                      CREATION OF TWO HUNDRED NINETY-THIRD
                                SERIES OF BONDS
                     GENERAL AND REFUNDING MORTGAGE BONDS,
                                 1991 SERIES FP
Sec. 1. Terms of Bonds of 1991 Series FP....................        6
Sec. 2. Redemption of Bonds of 1991 Series FP...............        8
Sec. 3. Redemption in Event of Acceleration.................        8
Sec. 4. Consent.............................................        9
Sec. 5. Form of Bonds of 1991 Series FP.....................        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 Series 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 first day of
                    November, in the year one thousand nine hundred and
                    ninety-one, 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 and
                    September 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 eight
ISSUED.             hundred two million four hundred forty-seven thousand
                    dollars ($5,802,447,000) 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>
                        <S>       <C>                               <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,
                          (46-62)  Bonds of Series GGP Nos. 1-7 and
                                   8-17                              -- Principal Amount $32,450,000,
                             (63)  Bonds of Series HH                -- Principal Amount $50,000,000,
                          (64-77)  Bonds of Series IIP Nos. 1-6 and
                                   8-15                              -- Principal Amount $490,000,
                          (78-83)  Bonds of Series JJP Nos. 1-6      -- Principal Amount $690,000,
                          (84-89)  Bonds of Series KKP Nos. 1-6      -- Principal Amount $1,590,000,
                         (90-104)  Bonds of Series LLP Nos. 1-7 and
                                   8-15                              -- Principal Amount $8,850,000,
                        (105-118)  Bonds of Series NNP Nos. 1-6 and
                                   8-15                              -- Principal Amount $8,950,000,
                        (119-128)  Bonds of Series OOP Nos. 1-10     -- Principal Amount $3,350,000,
                        (129-144)  Bonds of Series QQP Nos. 1-9 and
                                   10-16                             -- Principal Amount $12,345,000,
                        (145-152)  Bonds of Series TTP Nos. 1-8      -- Principal Amount $440,000,
                             (153) Bonds of 1980 Series A            -- Principal Amount $50,000,000,
                        (154-178)  Bonds of 1980 Series CP Nos.
                                   1-12 and 13-25                    -- Principal Amount $35,000,000,
                        (179-189)  Bonds of 1980 Series DP Nos.
                                   1-11                              -- Principal Amount $10,750,000,
                        (190-201)  Bonds of 1981 Series AP Nos.
                                   1-12                              -- Principal Amount $24,000,000,
                            (202)  Bonds of 1985 Series A            -- Principal Amount $35,000,000,
                            (203)  Bonds of 1985 Series B            -- Principal Amount $50,000,000,
                            (204)  Bonds of Series PP                -- Principal Amount $70,000,000,
                            (205)  Bonds of Series RR                -- Principal Amount $70,000,000
</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;
 
                 (206) 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;
 
                 (207) 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;
 
                 (208) 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;
 
                 (209) 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;
 
                 (210) 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;
 
                 (211) 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;
 
                 (212) 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
 
                 (213) 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;
 
                 (214) Bonds of Series EE in the principal amount of Fifty
                 million dollars ($50,000,000), of which Thirty-five million
                 dollars ($35,000,000) principal amount have heretofore been
                 retired and Fifteen million dollars ($15,000,000) principal
                 amount are outstanding at the date hereof;
 
                 (215-219) Bonds of Series GGP Nos. 18-22 in the principal
                 amount of Nine million eight hundred fifty thousand dollars
                 ($9,850,000), all of which are outstanding at the date hereof;
 
                 (220-221) 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;
 
                 (222-229) 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;
 
                 (230-231) 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) are
                 outstanding at the date hereof;
 
                 (232-237) 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) are outstanding
                 at the date hereof;
 
                 (238-244) Bonds of Series NNP Nos. 7 and 16-21 in the principal
                 amount of Thirty-nine million ($39,000,000), of which Three
                 million three hundred thousand dollars ($3,300,000) principal
                 amount have heretofore been retired and Thirty-five million
                 seven hundred thousand dollars ($35,700,000) principal amount
                 are outstanding at the date hereof;
 
                 (245-252) 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)
                 are outstanding at the date hereof;
 
                 (253-255) 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;
 
                 (256) 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;
 
                 (257-263) Bonds of Series TTP Nos. 9-15 in the principal amount
                 of Three million three hundred sixty thousand dollars
                 ($3,360,000), all of which 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 mil-
<PAGE>   6
 
                                        4
 
                 lion 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;
 
                 (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;
<PAGE>   7
 
                                        5
 
                 (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;
 
                 and, accordingly, of the bonds so issued, Four billion fourteen
                 million five hundred fifty-three thousand dollars
                 ($4,014,553,000) principal amount are outstanding at the date
                 hereof; and
 
REASON FOR         WHEREAS, the Michigan Strategic Fund has agreed to issue
CREATION OF      and sell $98,375,000 principal amount of its Limited
NEW SERIES.      Obligation Refunding Revenue Bonds (The Detroit Edison
                 Company Pollution Control Bonds Project), Collateralized
                 Series 1991DD, 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 December 1, 1991 with the Michigan Strategic
                 Fund in connection with the issuance of the Collateralized
                 Series 1991DD 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
1991 SERIES FP.  Indenture to create such new series of bonds, to be
                 designated "General and Refunding Mortgage Bonds, 1991
                 Series FP"; 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;
<PAGE>   8
 
                                        6
 
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:
 
                                    PART I.
                      CREATION OF TWO HUNDRED NINETY-THIRD
                                SERIES OF BONDS.
                     GENERAL AND REFUNDING MORTGAGE BONDS,
                                 1991 SERIES FP
 
CERTAIN TERMS         SECTION 1. The Company hereby creates the Two hundred
OF BONDS OF         Ninety-third series of bonds to be issued under and secured
1991 SERIES FP.     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, 1991
                    Series FP" (elsewhere herein referred to as the "bonds of
                    1991 Series FP"). The aggregate principal amount of bonds of
                    1991 Series FP shall be limited to Ninety-eight million
                    three hundred seventy-five thousand dollars ($98,375,000),
                    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 1991 Series FP 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 November 1, 1991 (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
                    1991DD (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 December 1, 1991 (hereinafter called the "Strategic Fund
                    Agreement"), between the Company and the Strategic Fund.
 
                      The bonds of 1991 Series FP shall be issued as registered
                    bonds without coupons in denominations of a multiple of
                    $5,000. The bonds of 1991 Series FP shall be issued in the
                    aggregate principal amount of $98,375,000, shall mature on
                    December 1, 2021 and shall bear interest, payable
                    semi-annually on June 1 and December 1 of each year
                    (commencing June 1, 1992), at the rate of 6 7/8%, 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 1991 Series FP 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 1991 Series FP 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.
<PAGE>   9
 
                                        7
 
                      Except as provided herein, each bond of 1991 Series FP
                    shall be dated the date of its authentication and interest
                    shall be payable on the principal represented thereby from
                    the June 1 or December 1 next preceding the date thereof to
                    which interest has been paid on bonds of 1991 Series FP,
                    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 June 1, 1992, in which case
                    interest shall be payable from December 1, 1991.
 
                      The bonds of 1991 Series FP 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 1991 Series FP). Until bonds of 1991 Series FP 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 1991
                    Series FP in temporary form, as provided in Section 10 of
                    Article II of the Indenture. Temporary bonds of 1991 Series
                    FP, if any, may be printed and may be issued in authorized
                    denominations in substantially the form of definitive bonds
                    of 1991 Series FP, but with such omissions, insertions and
                    variations as may be appropriate for temporary bonds, all as
                    may be determined by the Company.
 
                      Bonds of 1991 Series FP 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
                    1991 Series FP shall in the same manner be exchangeable for
                    a like aggregate principal amount of bonds of 1991 Series FP
                    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 1991 Series
                    FP, during any period of ten days next preceding any
                    redemption date for such bonds.
 
                      Bonds of 1991 Series FP, 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 1991 Series FP 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.
<PAGE>   10
 
                                        8
 

REDEMPTION            SECTION 2. Bonds of 1991 Series FP shall be redeemed on
OF BONDS OF         the respective dates and in the respective principal amounts
1991 SERIES FP.     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 1991 Series
                    FP 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 1991 Series FP on the same
                    date as it gives notice of redemption of Strategic Fund
                    Revenue Bonds to the Strategic Fund Trust Indenture Trustee.
 
REDEMPTION            SECTION 3. In the event of an Event of Default under the
OF BONDS OF         Strategic Fund Trust Indenture and the acceleration of all
1991 SERIES FP      Strategic Fund Revenue Bonds, the bonds of 1991 Series FP
IN 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 1991 Series FP 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.
<PAGE>   11
 
                                        9
 
                      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.
 
CONSENT.              SECTION 4. The holders of the bonds of 1991 Series FP, 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 1991 Series FP and the form of
OF 1991 SERIES FP.  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
                  1991 SERIES FP, 6 7/8% DUE DECEMBER 1, 2021
 
                   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 December 1, 1991 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 December 1, 1991, 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 June 1 and December 1 of each year
                 (commencing June 1, 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 December 1, 1991
                 (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
                 1991DD (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 1991 Series FP, limited to
                 an aggregate principal amount of $98,375,000, 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 November 1, 1991)
                 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 November 1, 1991, 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 1991 Series FP, 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 November 1, 1991,
                 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 1991
                 Series FP (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 1991 Series FP 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
</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
                    September 1, 1991 providing for the terms of bonds to be
                    issued thereunder of 1991 Series EP 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 September 11, 1991
                    (Filing No. 14143B), has been filed and recorded in the
                    Office of the Interstate Commerce Commission (Recordation
                    No. 5485-UUU), 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...................  September 11, 1991            2676             737-760
                    Huron.....................  September 11, 1991             562             323-346
                    Ingham....................  September 11, 1991            1903             664-687
                    Lapeer....................  September 11, 1991             728              95-118
                    Lenawee...................  September 11, 1991            1169             338-361
                    Livingston................  September 11, 1991            1502             486-509
                    Macomb....................  September 11, 1991           05194             260-283
                    Mason.....................  September 11, 1991             408             470-493
                    Monroe....................  September 11, 1991            1181            0128-0151
                    Oakland...................  September 11, 1991           12065             482-505
                    Sanilac...................  September 11, 1991             421              77-100
                    St. Clair.................  September 11, 1991            1004             268-291
                    Tuscola...................  September 11, 1991             616             817-840
                    Washtenaw.................  September 11, 1991            2534              36-59
                    Wayne.....................  September 11, 1991           25320             389-412
</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. 1-8, FFR Nos. 1-14, GGP Nos. 1-17, 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. 1-6 and 8-15, OOP Nos. 1-10, QQP Nos.
                    1-16, TTP Nos. 1-8, 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 Secretary

                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/     KENWYN HACKSHAW
                ------------------------------
                        Kenwyn Hackshaw
<PAGE>   23
 
                                       21
 
                    STATE OF MICHIGAN
                                     SS.:
                    COUNTY OF WAYNE

ACKNOWLEDGMENT        On this 7th day of November, 1991, 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 4th day of November, 1991, 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
                    Secretary 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 7th day of
                    November, 1991
 
 
                    /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