Document:

Forty-Ninth Supplemental Indenture, dated May 1, 1964

 Exhibit 4.12 
  
  
 PUGET SOUND POWER & LIGHT COMPANY

 TO 
 OLD COLONY TRUST COMPANY,

 OF BOSTON, 
                                         
                            TRUSTEE. 
 Forty-Ninth Supplemental Indenture 
 Dated as of May 1, 1964 
  
  
 Relating to an issue of First Mortgage Bonds, 4 3/4 % Series 
 Due May 1, 1994

  
  
 Supplemental to Indenture dated as of June 2, 1924, 
 as supplemented and modified 
  
  
 (NOT PART OF INDENTURE) 

 THIS FORTY-NINTH SUPPLEMENTAL INDENTURE, made as of the first day of May, 1964, by and between
PUGET SOUND POWER & LIGHT COMPANY, a corporation duly organized and existing under and by virtue of the laws of the State of Washington (hereinafter sometimes called
the “Company”), party of the first part, and OLD COLONY TRUST COMPANY, a corporation duly organized and existing under and by virtue of the laws of the Commonwealth of
Massachusetts and having its principal office in the City of Boston, in said Commonwealth (hereinafter sometimes called the “Trustee”), as Trustee under the First Mortgage (originally, and before modification thereof by certain
supplemental indentures, called “First and Refunding Mortgage”) from PUGET SOUND POWER & LIGHT COMPANY, a Massachusetts corporation (hereinafter sometimes
called the “Predecessor Company”), dated as of June 2, 1924 (said Mortgage being hereinafter sometimes called the “Original Mortgage”), as supplemented and modified by all indentures supplemental thereto heretofore executed
and delivered, party of the second part; 
 WITNESSETH: That 
 WHEREAS, the Predecessor Company did by the Original Mortgage, filed for record in the offices of the Auditors of the Counties of Chelan,
Clallam, Cowlitz, Douglas, Grant, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Lewis, Mason, Pacific, Pierce, Skagit, Snohomish, Thurston and Whatcom, all in the State of Washington, and left on file as a chattel mortgage in each of said
counties, convey and pledge certain property therein described to Old Colony Trust Company, as Trustee, to be held upon the trusts expressed in the Original Mortgage to equally secure an unlimited authorized amount of mortgage bonds (therein and
herein called the “Bonds”) issued or to be issued in one or more series, all as more fully provided in the Original Mortgage; and 
 WHEREAS, the Predecessor Company, prior to September 1, 1954, had executed and delivered to the Trustee thirty-nine supplemental indentures, supplementing and in certain respects modifying the Original Mortgage and
providing for the execution, certification and delivery of Bonds of various series from time to time pursuant thereto (which Original Mortgage, as so supplemented and modified, is therein and herein sometimes called the “First Mortgage”);
and 

 WHEREAS, the Predecessor Company
executed and delivered to the Trustee a Fortieth Supplemental Indenture, dated as of September 1, 1954, which Supplemental Indenture is divided into two parts, designated as Part I and Part II, and Part I thereof provided for the establishment
and the execution, certification and delivery initially of Twenty-five Million Dollars ($25,000,000) principal amount of a series of Bonds, designated as First Mortgage Bonds, 31/2 % Series due 1984, and contained certain covenants, restrictions, conditions and provisions affecting, and
provided for certain modifications of, the First Mortgage (the First Mortgage, as so supplemented and modified by said Part I, being sometimes in said Fortieth Supplemental Indenture and herein called the “Revised First Mortgage”) and Part
II thereof provided for modifications of the Revised First Mortgage as therein set forth, which modifications became effective on October 20, 1955 (the Revised First Mortgage as so modified by Part II of the Fortieth Supplemental Indenture as
heretofore, hereby, and hereafter supplemented and modified being sometimes in said Part II and herein called the “Indenture” and references herein to Sections, Articles or other provisions of the Indenture being to the revised or modified
provisions thereof as set forth in Part II of the Fortieth Supplemental Indenture) ; and 
 WHEREAS, the Predecessor Company
has heretofore executed and delivered to the Trustee a Forty-first Supplemental Indenture dated as of December 1, 1954, a Forty-second Supplemental Indenture dated as of July 1, 1957, a Forty-third Supplemental Indenture dated as of
May 1, 1958, a Forty-fourth Supplemental Indenture dated as of November 1, 1959, and a Forty-fifth Supplemental Indenture dated as of April 1, 1960, all of which mortgaged, pledged, assigned, conveyed and transferred to the Trustee
and subjected to the lien of the Indenture additional property acquired or constructed, and betterments, improvements and additions made to the mortgaged property since the execution and delivery of the Fortieth Supplemental Indenture; and

 WHEREAS, the Company has executed and delivered to the Trustee a Forty-sixth Supplemental Indenture dated as of
November 10, 1960, whereby the Company has succeeded to the Predecessor Company with the same effect as if the Company had been named in the Indenture as the mortgagor company and in the Bonds and coupons as the obligor thereon or maker
thereof, and the Predecessor Company merged into the Company on November 16, 

  

 2 

 
1960 whereupon the Company acquired all the property, real, personal or mixed, including all rights, privileges, easements, licenses and franchises,
described in the Indenture and thereby conveyed and mortgaged or intended so to be, including also all such property acquired by the Predecessor Company since the execution and delivery of the Original Mortgage, which by the terms of the Indenture
is subjected or intended to be subjected to the lien thereof; and 
 WHEREAS, the Company has executed and delivered to the
Trustee a Forty-seventh Supplemental Indenture dated as of February 1, 1961 and a Forty-eighth Supplemental Indenture dated as of November 1, 1963, both of which mortgaged, pledged, assigned, conveyed and transferred to the Trustee and
subjected to the lien of the Indenture additional property acquired or constructed, and betterments, improvements and additions made to the mortgaged property since the execution and delivery of the Fortieth Supplemental Indenture; and 

WHEREAS, all Bonds of any series heretofore executed, authenticated and
delivered pursuant to the Original Mortgage, as from time to time supplemented and modified, have been retired and cancelled or payment duly and irrevocably provided for, except the Twenty-five Million Dollars ($25,000,000) principal amount of First
Mortgage Bonds, 31/2 % Series due 1984,
the Thirty Million Dollars ($30,000,000) principal amount of First Mortgage Bonds, 41/8 % Series due 1988, the Fifteen Million Dollars ($15,000,000) principal amount of First Mortgage Bonds, 45/8 % Series due 1991, and the Forty Million Dollars ($40,000,000) principal amount of First Mortgage Bonds, 4
5/8 % Series due 1993, which Bonds are now
outstanding and constitute the only Bonds of the Company outstanding under the Indenture; and 
 WHEREAS, the Board of Directors of the Company has established a new series of Bonds to be designated First Mortgage Bonds, 4 3/4 % Series due 1994 (hereinafter sometimes called “Bonds of the 1994 Series”), and has authorized an initial issue of Fifteen Million Dollars ($15,000,000) principal amount
thereof, and the Company has complied or will comply with all provisions required to issue additional Bonds provided for in the Indenture; and 
  

 3 

 WHEREAS, the Company desires to execute and deliver this Forty-ninth Supplemental
Indenture, in accordance with the provisions of the Indenture, for the purposes of (a) further assuring, conveying, mortgaging and assigning unto the Trustee certain additional property acquired by the Company, (b) providing for the
creation of a new series of Bonds, designating the series to be created and specifying the form and provisions of the Bonds of such series, and (c) adding to the Indenture other covenants and agreements to be hereafter observed by the Company;
and 
 WHEREAS, all things necessary have been done to authorize the execution, delivery and recording of these presents
validly to secure the payment of the principal of, and the premium, if any, and interest on, the initial issue of Fifteen Million Dollars ($15,000,000) principal amount of Bonds of the 1994 Series, and to make such Bonds, when executed by the
Company, authenticated and delivered by the Trustee and duly issued, the valid and binding legal obligations of the Company, and to constitute the Indenture, a valid and binding mortgage for the security of all of the Bonds in accordance with its
and their terms; 
 NOW, THEREFORE, this Forty-ninth Supplemental Indenture 
 WITNESSETH, that, pursuant to and in execution of the powers, authorities and obligations conferred, imposed and reserved in the
Indenture, and pursuant to and in execution of every other power, authority and obligation thereto appertaining and/or enabling, in order to secure the payment of the principal of, and the premium, if any, and interest on, the Bonds issued and to be
issued under the Indenture, and secured thereby and hereby at any time outstanding according to their tenor and effect, and the performance of all the covenants and conditions therein and herein and in said Bonds contained, and for the purpose of
confirming the lien of the Indenture, said Puget Sound Power & Light Company, organized and existing under the laws of the State of Washington, in consideration of the premises and of One Dollar ($1.00) and other good and valuable
consideration to it duly paid by the Trustee, at or before the execution and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, conveyed, transferred, assigned, remised, released, mortgaged, set
over and confirmed and by these presents does grant, bargain, sell, convey, transfer, assign, remise, release, mortgage, set over and confirm unto Old Colony 

  

 4 

 
Trust Company, as Trustee, and to its successor or successors in the trust created by the Indenture, and to said Trustee and its assigns forever, for the
uses and purposes created by the Indenture, all property, real, personal or mixed, including all rights, privileges, easements, licenses and franchises, described in the Indenture and thereby conveyed and mortgaged or intended so to be, including
also all such property acquired by the Company since the execution and delivery of the Original Mortgage, which by the terms of the Indenture, is subjected or intended to be subjected to the lien thereof, and including also all such property as the
Company may hereafter acquire which by the terms of the Indenture is subjected or intended to be subjected to the lien thereof, excepting from the foregoing, however, all property included within the foregoing general description, whether now owned
or hereafter acquired, which by the provisions of the Indenture, is excepted or to be excepted from the conveyance and lien of the Indenture, or which has heretofore been released from the lien of the Indenture or otherwise disposed of by the
Company free from the lien of the Indenture in accordance with the provisions thereof: 
 INCLUDING NEVERTHELESS
in the property hereby conveyed and confirmed to the Trustee (without limiting the generality of the foregoing general description of such property and without prejudice to the conveyance and confirmance of all such property by such general
description) the following: 
 All property, real, personal or mixed, together with all buildings or improvements thereon and the
appurtenances thereto, located in the State of Washington and described below or conveyed to the Company by the deeds listed on the list of properties and deeds below, to which deeds and the records thereof in the County Auditor’s office of the
respective counties in the State of Washington below stated (in all cases where said deeds and/or records are below specified) reference is hereby made for a more particular description of the property hereby conveyed and confirmed to the Trustee
and its respective successor or successors and assigns as aforesaid, to wit: 
  

 5 

 LIST OF REAL ESTATE ACQUIRED BY PUGET SOUND POWER & LIGHT 
 COMPANY TO DATE, AND NOT HERETOFORE SPECIFICALLY DESCRIBED 
 IN ANY PRIOR SUPPLEMENTAL MORTGAGE 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

		  		  		  	ISLAND COUNTY	  		  		  	
							
	31	  	33N*	  	2E*	  	That portion of Gov. Lot 12, described as follows: Beginning at a point N 88°18’10” W, 1039.40 feet and N 1°41’50” E, 20 feet from the NE corner of the James H.
Mounts Donation Land Claim in Sec. 31 of said Township and Range; thence N 1°20’41” E, 100.62 feet to the true point of beginning; thence N 88°29’19” W, 100.00 feet; thence N 1°20’41” E, 25 feet; thence S
88°39’19” E, 100.00 feet; thence S 1°20’41” W, 25 feet to the true point of beginning.	  	Thomas Koetje and Orpha Koetje, his wife. Jan. 27, 1964	  	131	  	41
							
		  		  		  	JEFFERSON COUNTY	  		  		  	
					
	Lisenbeis Addition, according to the plat recorded in Vol. 1 of Plats, Page 50	  	Lots 5, 6, 7 and 8 in Block 110.	  	Floyd E. Logue and Helga M. Logue, his wife. Jan. 12, 1964	  	163	  	124
					
	Pettygrove’s Second Add’n to Port Townsend, according to the plat recorded in Vol. 2, Page 17.	  	Lots 3, 4, 5 and 6 in Block 51.	  	Lillian M. Adams, as her separate estate. Jan. 13, 1964	  	163	  	124
							
		  		  		  	KING COUNTY	  		  		  	
							
	28	  	25	  	5E	  	The N 180 feet of NE 1/4 of NE 1/4 lying W of line parallel to E line of said Sec. 28 and 577.5 feet distant from said E line and lying E of 130th Ave. NE. EXCEPT
portion for NE 24th Street.	  	Clarence E. Elford and Vivian E. Elford, his wife. July 24, 1963	  	4437	  	554

  

	*	All numbers in the columns of the following tabulation under designation “Twp” indicate townships north of the Willamette Base Line, and the letters “E” and
“W” in the column under the designation “Range” indicate ranges east or west, as the case may be, of the Willamette Meridian. 

  

 6 

 KING COUNTY—Continued 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	 24
	  	23	  	4E	  	That portion of the SW 1/4 of the NE 1/4, described as follows: Beginning at the SW corner of said SW 1/4; thence N 0°55’12” E, along the W side, 348.27 feet to the point of beginning of the tract of land herein described; thence N 77°29’12” E, 438.59 feet, to an
intersection with the northerly margin of the Puget Sound Electric Railroad right of way; thence northeasterly along said northerly margin an arc distance of 274.18 feet to a point of tangency, the radial line of which bears S
12°30’48” E for a distance of 741.82 feet to the radial center; thence N 77°29’12” E along said northerly margin 672.76 feet to the easterly line of said SW 1/4; thence N 0°45’23” E along said E line 25.69 feet to the southerly margin of the Northern Pacific Railroad right of way; thence S 77°29’12” W,
along said southerly margin 1118.28 feet to a point of curve, having a radius of 905.35 feet, the radial center of which bears S 12°30’48” E; thence southwesterly along said curve and south margin an arc distance of 261.61 feet to an
intersection with the W line of said SW1/4;
thence S 0°55’12” W 38.52 feet to the point of beginning. Also: that portion of the SW 1/4 of the NE 1/4 of said Section 24, described as follows: Beginning at the SW corner of said SW 1/4; thence N 0°55’12” E along the W line thereof, 5.59 feet to the N margin of State Road No. 5-1; thence N 67°00’08” E along said N margin 267.1
feet to the true point of beginning; thence continuing N 67°00’08” E 67.72 feet; thence N 19°24’16” E, 212.65 feet to the southeasterly margin of the P.S.E. Railroad right of way; thence SW along said SE margin to a point
which bears N 19°24’16” E from the true point of beginning; thence S 19°24’16” W, 139.86 feet, to the true point of beginning.	  	 M. W. Lotto, Marge Lotto, William J. O’Neil and Viola O’Neil, doing business as M. B. Investment Company.
 December 9, 1963 and Jan. 7, 1964
	  	4491	  	319

  

 7 

 KING COUNTY—Continued 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	 33
	  	24	  	6E	  	A strip of land 50 feet in width, being 25 feet on each side of the center line described as follows: Commencing at the NE corner of the NW 1/4 of the NW 1/4 of said Sec. 33; thence S
2°20’28” W, 28.02 feet along the E side of said subdivision to the true point of beginning; thence N 89°05’19” W 168.32 feet; thence S 76°06’31” W 273.98 feet; thence S 62°33’54” W 1020.33
feet, more or less, to a point on the W line of said NW 1/4 of the NW 1/
4, said point lying S 2°19’25” W 589.36 feet, more or less, from the NW corner of said Section. For the purposes of this description the bearing of the N line of the
NW 1/4 of the NW 1/4 of said Sec. 33 is S 88°47’47” E.	  	Silver Pacific Company Dec. 28, 1963	  	4495	  	356
							
	 10
	  	22N	  	4E	  	That portion of the SW1/4 of the SW1/4
of Sec. 10, described as follows: Beginning at the SE corner of said subdivision; thence N 0°03’34” W along the easterly line thereof, 150 feet; thence S 88°38’20” W parallel with the southerly line of said subdivision,
440.05 feet; thence S 0°47’30” W 150.105 feet to the southerly line of said subdivision; thence N 88°38’20” E along said southerly line 442.30 feet to the true point of beginning. (Being known as Tract 25 and S 50 feet of
Tract 26 of Richard’s Grand View Acre Tracts, according to the unrecorded plat).	  	Roy R. Dunning, who acquired title as R. R. Dunning and Vendella E. Dunning, his wife April 4, 1962	  	4260	  	351
							
	 10
	  	22N	  	4E	  	That portion of the SW 1/4 of the SW1/4 of Sec. 10 described as follows: Commencing at intersection of S line of said
Sec. 10 with E line of new Military Road as laid out and established, the true point of beginning; thence N on said E line 145.6 feet; thence N 88°48’30” E 430 feet; thence S 0°47’30” W 144.42 feet to the S line of Sec.
10; thence S 88°38’20” W on said Sec. line to place of beginning. (Being	  	William Arthur Witzke and Margaret Martha Witzke, his wife October 11, 1961	  	4202	  	148

  

 8 

 KING COUNTY—Continued 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

		  		  		  	known as tract 13, Richards Grand View Acre Tracts, an unrecorded plat.) ALSO: That portion of the SW1/4 of the SW1/4 of Sec. 10 described as follows; Commencing at the intersection of the S line of said Sec. 10 with E line of new Military Road, as laid out and established,
thence N on said E line 145.6 feet to the true point of beginning; thence continuing N on said E line 100 feet; thence N 88°48’30” E 430 feet; thence S 0°47’30” W 100 feet; thence S 88°48’30” W 430 feet to
the point of beginning. (Being known as tract 14, Richards Grand View Acre Tracts, an unrecorded plat.) EXCEPT the N 95 feet.	  		  		  	
							
	 10
	  	22N	  	4E	  	That portion of the SW1/4 of the SW1/4
of Sec. 10, described as follows: Beginning at the SW corner of said Sec. 10, and running thence N 88°38’20” E along the southerly line of said Sec. 10, a distance of 380.4 feet to the westerly line of New Military Road; thence N
0°47’30” E, along the westerly line of said New Military Road, 245.8 feet; thence S 88°48’30” W 383.7 feet to the W line of said Sec. 10; thence S along said W line 246.5 feet to the place of beginning. (Being known as
Tracts 11 and 12, Richards Grand View Acre Tract, according to the unrecorded plat.)	  	Oral W. Petersen and Mary Petersen, his wife October 20, 1961	  	4212	  	629
					
	Donation Land Claim of David A Neely, Designated as claim No. 37	  	The S 100 feet of that portion of the Donation Land Claim of David A. Neely, designated as claim No. 37, being parts of Secs. 10, 11, 14, & 15, Township 22 N, Range 4 E, described as
follows: Beginning at the NE corner of said Donation Land Claim; thence S 2°23’10” W along the easterly line 794.91 feet to the SE corner of that tract conveyed to Mary I. Shea by deed dated April 18, 1899, recorded in Vol. 240 of
Deeds, Pg. 6,	  	William Good and Elizabeth Ann Good, his wife April 18, 1962	  	4268	  	46

  

 9 

 KING COUNTY—Continued 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

		  		  		  	records of King County; thence N 88°34’50” W along the southerly line of said Mary I. Shea tract which line is parallel to the northerly line of said Donation Land Claim, to the
easterly bank of the White River; thence northerly along said easterly bank of the White River to a point which is N 88°34’50” W from the NE corner of said Donation Land Claim; thence S 88°34’50” E to the point of
beginning. ALSO: that portion of said Donation Land Claim of David A. Neely, described as follows: Commencing at a point on the easterly line of said Donation Land Claim, 694.91 feet from the NE corner of said Claim; thence N 2°23’10”
E along said easterly line 121.76 feet; thence S 83°53’33” W 950.29 feet to a point that lies N 88°34’50” W 940.00 feet from the point of beginning; thence S 88°34’50” E 940.00 feet to the point of
beginning.	  		  		  	
					
	Donation Land Claim of David A Neely, designated as claim No. 37	  	That portion of the Donation Land Claim of David A Neely, designated as Claim No. 37, being parts of Sections 10, 11, 14 & 15, township 22 N, Range 4 E, described as follows: Commencing at
the NE corner of said D. A. Neely Donation Land Claim; thence S 2o23’10”, W along the easterly line 794.91 feet to the point of beginning, and the SE corner of the tract of land conveyed to Mary I. Shea by deed dated April 18, 1899,
recorded in volume 240 of deeds, page 6, records of said county; thence N 88°34’50” W along the S line of said Mary I. Shea tract which is parallel to the N boundary of said Donation Land Claim to the easterly bank of the White River;
thence southerly along the easterly bank of said river to a point that is 50.00 feet southerly and perpendicular to the south line of Mary I. Shea tract; thence S 88°34’50”	  	Arthur L. Lee and Gladys E. Lee, his wife June 1, 1962	  	4284	  	211

  

 10 

 KING COUNTY—Continued 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

		  		  		  	E to a point that is S 2°23’10” W 50.00 feet from the point of beginning; thence N 2°23’10” E 50.00 feet to the point of beginning, EXCEPT that portion of County Road
No. 8, also known as The Russell Road.	  		  		  	
							
	 11
	  	22N	  	4E	  	That portion of the SW 1/4 of the SE 1/4 of Sec. 11, described as follows: Beginning at the S quarter corner of said Sec. 11; thence E along the S line of said Sec. to the
SE corner of said subdivision; thence N along the E line of said subdivision 500 feet; thence in a southwesterly direction to a point on the westerly line of said subdivision, distant 280 feet from the true point of beginning; thence S along the W
line of said subdivision 280 feet to the true point of beginning.	  	Martha Bevaart, as her separate property September 25, 1961	  	4198	  	505
							
	 11
	  	22N	  	4E	  	The N 160 feet of that portion of the S 1/2 of the SE 1/4 of the SE 1/4 of sec. 11, lying S of a line which begins at a point on the E line of said subdivision, distant southerly 159 feet from the NE corner thereof, and runs thence westerly, parallel with the N line of said subdivision, to the west line
thereof, EXCEPT portion thereof within Secondary State Highway No. 5-M, and EXCEPT right of ways for ditches condemned by Drainage District No. 1, in King County Superior Court Cause No. 32913. ALSO: The N 159 feet, as measured along the W line of
Highway, of portion of the S1/2 of the SE1/4 of the SE 1/4 of Sec. 11, lying west of Secondary State Highway No. 5-M, EXCEPT the
E 543 feet thereof, measured along the N line, and EXCEPT right of ways for ditches condemned by Drainage District No. 1, in King County Superior Court Cause No. 32913.	  	Verle W. Miner and Lucille J. Miner, his wife October 2, 1961	  	4212	  	631

  

 11 

 KING COUNTY—Continued 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	 11
	  	22N	  	4E	  	That portion of the SE1/4 of the SW1/4 of Sec. 11, lying southerly of the following described line: Beginning at a point on the E line of said subdivision northerly 280 feet from the SE corner thereof; thence
southwesterly to a point on the E line of the D. A. Neely Donation Land Claim No. 37, northerly 155 feet from the S line of said Sec. 11, and the terminus of said line.	  	Jake J. Breimer and Trina Breimer his wife September 30, 1961	  	4198	  	506
							
	 12
	  	22N	  	4E	  	The N 150 feet of the S 490 feet of that portion of the SW1/4 of the SW1/4 of Sec. 12, lying easterly of the plat of Ross Fair Addition (Corrected) according to plat recorded in volume 44 of plats, page 82. ALSO: The N 150 feet of Lot 12, Block 3, Ross Fair
Addition (Corrected) according to plat recorded in volume 44 of plats, page 82.	  	George Horath and Ann Horath his wife February 3, 1962	  	4240	  	502
							
	 12
	  	22N	  	4E	  	That portion of the SE1/4 of the SW1/4
of Sec. 12, lying westerly of the Puget Sound Power & Light Company Right-of-way; EXCEPT the S 340 feet thereof.	  	Fletcher R. Johnson, husband of Theckla Johnson, as his separate estate September 21, 1961.	  	4198	  	507
							
		  		  		  	SKAGIT COUNTY	  		  		  	
							
	 13
	  	35	  	8E	  	Portion of the E 1/2 of the SE 1/4, described as follows: Beginning at the intersection of the northerly line of lateral Highway No. 3, as condemned by decree
entered in the Superior Court for Skagit County, Cause No. 13685 on May 27, 1931, running in a general easterly and westerly direction through said subdivision, and a line which is parallel with and distant, when measured at right angles, 200 feet W
of the E line of said SE 1/4; thence N along said parallel line 200 feet; thence E 200 feet to the E line of said SE 1/4; thence S along said E line to the northerly line of said highway; thence westerly along said northerly line to the place of
beginning.	  	Olaf Karlsson and Agnes Karlsson, his wife Jan. 23, 1964	  	3350	  	726

  

 12 

 TO HAVE AND TO HOLD all and
singular the said rights, privileges, easements, licenses and franchises and also all other property and interest of any kind and of every nature that, by virtue of any provision hereof or of the Indenture or otherwise, has or shall hereafter become
subject to the Indenture, to the Trustee, its successor or successors and assigns, forever; 
 BUT IN
TRUST NEVERTHELESS, for the equal and proportionate benefit and security (except as otherwise expressly provided) of all present and future holders of the Bonds and interest obligations issued and to be issued under and
secured by the Indenture, and to secure the payment of such Bonds and the interest thereon, in accordance with the provisions of said Bonds and of the Indenture, without priority or distinction as to lien or otherwise of any Bonds over any other
Bonds so that, except as otherwise expressly provided, the principal of, and the premium, if any, and interest on, every such Bond shall be equally and proportionately secured by the Indenture, as if all said Bonds had been issued, sold and
delivered for value simultaneously with the execution of the Original Mortgage, and to secure the performance of and compliance with the covenants and conditions of the Indenture, pursuant to and under and subject to the provisions and conditions
and for the uses hereinafter and in the Indenture set forth; it being hereby agreed as follows, to wit: 
 ARTICLE ONE. 
 Bonds of the 1994 Series and Certain Provisions 
 Relating Thereto. 
 SECTION 1.01. A. Terms of
Bonds of the 1994 Series. There shall be hereby established a series of Bonds, known as and entitled “First Mortgage Bonds, 43/4 % Series due 1994”, (herein referred to as the “Bonds of the 1994 Series”). The aggregate principal amount of the Bonds of the 1994 Series
shall not be limited, except as provided in Section 3.01 and in Article Five of the Indenture, and hereafter as may be provided in any indenture supplemental thereto. 
 The definitive Bonds of the 1994 Series shall be coupon Bonds of the denomination of $1,000, registerable as to principal, and registered Bonds without
coupons of the denominations of $1,000 or any multiple thereof. 
 The coupon Bonds of the 1994 Series shall be dated as of May 1, 1964,
which date shall be the date of the commencement of the first interest 

  

 13 

 
period for all Bonds of the 1994 Series, and the registered Bonds of the 1994 Series without coupons shall be dated as provided in Section 3.05 of the
Indenture. All Bonds of the 1994 Series shall mature May 1, 1994, and shall bear interest at the rate of 43/4 % per annum until the payment of the principal thereof, such interest to be payable semi-annually on May 1 and November 1 in each year. The principal of, and the
premium, if any, and interest on, the Bonds of the 1994 Series shall be paid in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, at the principal corporate
trust office of the Trustee in the City of Boston, Massachusetts, or of its successor in trust, or, at the option of the holders of the Bonds of the 1994 Series, at the office or agency of the Company in the Borough of Manhattan, City and State of
New York, or in the City of Seattle, State of Washington. 
 The definitive Bonds of the 1994 Series may be issued in the form of Bonds
engraved, printed or lithographed on steel engraved borders. 
 As permitted by the provisions of Section 3.10 of the Indenture and upon
payment at the option of the Company of the charges provided in Section 3.11 of the Indenture, registered Bonds of the 1994 Series without coupons may be exchanged for a new registered Bond or Bonds of different authorized denominations of like
aggregate principal amount or for a like aggregate principal amount of coupon Bonds of said series, with coupons attached representing interest from the last interest payment date to which interest has been paid on the registered Bonds surrendered
in exchange, or both, and coupon Bonds of the 1994 Series may be exchanged for a like aggregate principal amount of registered Bonds of the said series without coupons of the same or a different authorized denomination or denominations. 

The Trustee hereunder shall, by virtue of its office as such Trustee, be a paying agent of the Company for the purpose of the payment of the principal
of, and premium, if any, and interest on, the Bonds of the 1994 Series and the registrar and transfer agent of the Company for the purpose of registering and transferring Bonds of the 1994 Series. 
 B. Forms of Bonds of the 1994 Series. The coupon Bonds of the 1994 Series, the interest coupons to be attached thereto, the registered Bonds of
said series, and the Trustee’s authentication certificate to be executed on all of the Bonds of said series, shall be in substantially the following forms, respectively: 
  

 14 

 [FORM OF COUPON BOND OF THE 1994 SERIES] 
  

			
	 NO. M
	  	$1,000

 PUGET SOUND POWER & LIGHT COMPANY 
 Incorporated under the Laws of the State of Washington 
 FIRST MORTGAGE BOND, 4 3/4 %
SERIES DUE 1994 
 DUE MAY 1, 1994 
 PUGET SOUND POWER & LIGHT
COMPANY, a corporation organized and existing under the laws of Washington (hereinafter called the “Company” which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for value
received, hereby promises to pay to the bearer, or, if this bond be registered, to the registered owner hereof, the sum of One Thousand Dollars ($1,000) on May 1, 1994, or earlier as hereinafter provided, with interest thereon from May 1,
1964, at the rate of 4 3/4 % per annum, payable semi-annually on the first days of May and November in each year until
payment of the principal hereof but, as to interest due at or prior to maturity, only upon surrender of the appropriate coupons attached hereto as they severally become due. 
 Both principal and interest of this bond (and premium, if any) are to be paid in any coin or currency of the United States of America which at the time
of payment is legal tender for the payment of public and private debts, at the principal corporate trust office of Old Colony Trust Company, Boston, Massachusetts, or of its successor in trust, or, at the option of the holder hereof, at the office
or agency of the Company in the Borough of Manhattan, City and State of New York, or in the City of Seattle, State of Washington. 
 This
bond is one of the bonds, of the above designated series, of an unlimited authorized amount of coupon bonds or registered bonds without coupons, or both, known as First Mortgage Bonds, all issued or to be issued in one or more series under and
secured by a First Mortgage dated as of June 2, 1924, executed and delivered by the Company to Old Colony Trust Company as Trustee, as supplemented and/or modified by indentures supplemental thereto, including particularly the Fortieth
Supplemental Indenture, dated as of September 1, 1954, in Part II of which are set forth the revised provisions of said First Mortgage as theretofore and then supplemented and modified, and the Forty-ninth Supplemental Indenture dated as of
May 1, 1964, relating, among other things, to the bonds of the above designated series, and by all other instruments supplemental thereto (herein sometimes called the “Indenture”) reference to each and 

  

 15 

 
all of which is hereby made for a description of the property mortgaged and pledged as security for said bonds, the rights and remedies of the holder of this
bond in regard thereto, and the terms and conditions upon which bonds may be issued. 
 This bond is to be treated as negotiable, subject to
the requirements for registration as to principal hereinbelow provided, and all persons are invited by the Company and the holder hereof for the time being to act accordingly. The principal and interest hereby secured will be paid without regard to
any equities between the Company and the original or any intermediate holder hereof. 
 The bonds of this series are subject to redemption
prior to maturity as a whole at any time or in part from time to time (a) at the option of the Company, upon payment of the applicable percentage of the called principal amount thereof during the respective periods set forth in the tabulation
below under the heading “Regular Redemption Price” (provided, however, that such right of redemption prior to May 1, 1969 shall be limited as provided in said Forty-ninth Supplemental Indenture), and (b) for the sinking and
improvement fund for the bonds of this series, for the depreciation fund provided for in the Indenture, and by the application of proceeds of certain property subject to the lien thereof as provided in the Indenture, upon payment of the applicable
percentage of the called principal amount thereof during the respective periods set forth in the tabulation below under the heading “Special Redemption Price”: 
  

											
	 Twelve Months’ Period Beginning May 1
	  	Regular
Redemption
Price
%	  	Special
Redemption
Price
%	    	 Twelve Months’ Period Beginning May 1
	  	Regular
Redemption
Price
%	  	Special
Redemption
Price
%
	 1964
	  	104.75	  	100.00	    	1979	  	102.30	  	100.00
	 1965
	  	104.59	  	100.00	    	1980	  	102.13	  	100.00
	 1966
	  	104.43	  	100.00	    	1981	  	101.97	  	100.00
	 1967
	  	104.26	  	100.00	    	1982	  	101.81	  	100.00
	 1968
	  	104.10	  	100.00	    	1983	  	101.64	  	100.00
	 1969
	  	103.94	  	100.00	    	1984	  	101.48	  	100.00
	 1970
	  	103.77	  	100.00	    	1985	  	101.32	  	100.00
	 1971
	  	103.61	  	100.00	    	1986	  	101.15	  	100.00
	 1972
	  	103.44	  	100.00	    	1987	  	100.99	  	100.00
	 1973
	  	103.28	  	100.00	    	1988	  	100.82	  	100.00
	 1974
	  	103.12	  	100.00	    	1989	  	100.66	  	100.00
	 1975
	  	102.95	  	100.00	    	1990	  	100.50	  	100.00
	 1976
	  	102.79	  	100.00	    	1991	  	100.33	  	100.00
	 1977
	  	102.63	  	100.00	    	1992	  	100.17	  	100.00
	 1978
	  	102.46	  	100.00	    	1993	  	100.00	  	100.00

  

 16 

 together in any case with interest accrued thereon to the date fixed for redemption, upon prior notice (unless notice is
waived by the holders of all the bonds of this series called for redemption) given by publication at least once each week for three successive calendar weeks, the first publication to be not less than thirty days nor more than ninety days prior to
the date fixed for redemption, in a newspaper (printed in the English language and customarily published at least five days a week, excluding legal holidays) of general circulation in the City of Boston, Massachusetts, and in newspapers (similarly
printed and published) of general circulation in the Borough of Manhattan, City and State of New York and in the City of Seattle, State of Washington, respectively; provided that if all of the bonds of this series at the time outstanding shall be
registered bonds without coupons and/or coupon bonds registered as to principal, such notice may be given by registered mail in lieu of such publication; all as more fully provided in the Indenture. 
 If this bond is duly designated for redemption, if payment of the principal hereof, together with accrued interest, and premium, if any, is irrevocably
provided for, and if notice of such redemption shall have been duly given, provided for or waived, this bond shall cease to be entitled to the lien of the Indenture from and after the date such payment is irrevocably so provided for and shall cease
to bear interest from and after the date fixed for redemption. 
 The Indenture provides that ( 1 ) the Company and the Trustee, with the
consent of the holders of not less than sixty-six and two-thirds per cent in principal amount of the bonds at the time outstanding (determined as provided in the Indenture) including, if more than one series of bonds shall be at the time
outstanding, not less than sixty-six and two-thirds per cent in principal amount of the bonds at the time outstanding of each series affected, may effect, by an indenture supplemental to the Indenture, further modifications or alterations of the
Indenture and of the rights and obligations of the Company and of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the consent of the holder hereof which will (a) extend the
maturity of this bond or reduce the rate or extend or otherwise change the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, or (b) permit the creation of any
lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or alter the equal and proportionate security afforded by the lien of the Indenture for 

  

 17 

 
the bonds issued thereunder, or (c) reduce the number or percentage of the principal amount of the bonds upon the consent of the holders of which
modifications or alterations may be made as aforesaid or defaults may be waived; and (2) the holders of like percentages of the principal amount of the bonds outstanding and of each series thereof may waive certain uncured past defaults and the
consequences thereof. 
 In certain events of default, the principal of this bond may become or be declared due and payable before maturity
as provided in said Indenture. 
 This bond, with all appropriate coupons, is either singly, or together with other coupon bonds of the same
series as this bond, exchangeable at the option of the holder, upon surrender thereof in bearer form and upon payment of a reasonable charge, but subject to the terms, conditions and limitations expressed in said Indenture, for a registered bond or
bonds without coupons of the same series as this bond, and of the same aggregate principal amount of any denomination or denominations authorized by the Indenture. 
 This bond shall pass by delivery except while registered as to principal. 
 This bond, but not its coupons,
may from time to time be registered as to principal at the option of the holder on the books of the Company at the principal corporate trust office of the Trustee, and if so registered shall pass only by transfer on such books, unless such transfer
shall have been made and registered to bearer, in which case it shall again pass by delivery until again registered. Registration shall not affect the negotiability of the coupons, which shall continue to be transferable by delivery, and the payment
of any coupon to the bearer thereof shall be a discharge of the Company in respect of the interest therein mentioned. 
 It is a part of the
contract herein contained that each holder hereof waives all right of recourse to any personal, statutory or other liability of any promoter, stockholder, officer or director, past, present or future, of the Company or of any predecessor or
successor corporation for the collection of any indebtedness hereunder as more fully provided in said Indenture. 
 This bond shall not
become obligatory for any purpose or be entitled to any security or benefit under said Indenture until the certificate hereon shall have been signed by the Trustee. 
 IN WITNESS WHEREOF, PUGET SOUND POWER & LIGHT COMPANY has caused these presents to be
executed in its corporate name and behalf by the facsimile of the signature of its President or one of its Vice Presidents and 

  

 18 

 
by the facsimile of the signature of its Treasurer or an Assistant Treasurer or its Secretary, thereunto duly authorized, and its corporate seal or a
facsimile thereof to be hereto affixed, and has likewise caused the annexed coupons to be authenticated by a facsimile of the signature of its Treasurer, all as of the first day of May, 1964. 
  

					
		  	PUGET SOUND POWER & LIGHT COMPANY,
			
		  	By	 	  

		  		 	President
			
		  	And by	 	  

		  		 	Treasurer

 [GENERAL FORM OF INTEREST
COUPON APPURTENANT TO 
 COUPON BONDS OF
THE 1994 SERIES] 
  

			
	 $23.75
	  	No.         

 On
                                        ,
19     upon surrender hereof, unless the bond mentioned below shall previously have become due and payable and payment shall have been duly provided therefor, PUGET SOUND
POWER & LIGHT COMPANY will pay to the bearer at the principal corporate trust office of Old Colony Trust Company, in the City of Boston, Massachusetts, or of its successor in trust, or, at the
option of the holder hereof, at the office or agency of the Company in the Borough of Manhattan, City and State of New York, or in the City of Seattle, State of Washington, the amount shown hereon above, in any coin or currency of the United States
of America which at the time of payment is legal tender for the payment of public and private debts, being six months’ interest then due on its First Mortgage Bond, 4 3/4 % Series due 1994 No. M                    . 
  

	
	  

	Treasurer.

  

 19 

 [FORM OF REGISTRATION] 
 NOTICE: No writing below except by a Bond Registrar. 
  

					
	 Date of Registration
	  	 Name of Registered Owner
	  	 Signature of Bond Registrar

		  		  	

 [FORM OF REGISTERED BOND
OF THE 1994 SERIES WITHOUT COUPONS] 
  

	 No. R 
	 $             

 PUGET SOUND POWER & LIGHT COMPANY 
 Incorporated under the Laws of the State of Washington 
 FIRST
MORTGAGE BOND, 4 3/4 % SERIES DUE 1994 
 DUE MAY 1, 1994 
 PUGET SOUND POWER & LIGHT
COMPANY, a corporation organized and existing under the laws of Washington (hereinafter called the “Company” which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for value
received, hereby promises to pay to
                                         or
registered assigns, the sum of                      Dollars ($             ) on
May 1, 1994, or earlier as hereinafter provided, and to pay to said payee, or registered assigns, interest hereon from the date hereof at the rate of 4 3/4 % per annum, payable semi-annually on the first days of May and November in each year until payment of the principal hereof. 
 Both principal and interest of this bond (and premium, if any) are to be paid in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private
debts, at the principal corporate trust office of Old Colony Trust Company, 

  

 20 

 
Boston, Massachusetts, or of its successor in trust, or, at the option of the registered holder hereof, at the office or agency of the Company in the Borough
of Manhattan, City and State of New York, or in the City of Seattle, State of Washington. 
 This bond is one of the bonds, of the above
designated series, of an unlimited authorized amount of coupon bonds or registered bonds without coupons, or both, known as First Mortgage Bonds, all issued or to be issued in one or more series under and secured by a First Mortgage dated as of
June 2, 1924, executed and delivered by the Company to Old Colony Trust Company as Trustee, as supplemented and/or modified by indentures supplemental thereto, including particularly the Fortieth Supplemental Indenture, dated as of
September 1, 1954, in Part II of which are set forth the revised provisions of said First Mortgage as theretofore and then supplemented and modified, and the Forty-ninth Supplemental Indenture dated as of May 1, 1964, relating, among other
things, to the bonds of the above designated series, and by all other instruments supplemental thereto (herein sometimes called the “Indenture”) reference to each and all of which is hereby made for a description of the property mortgaged
and pledged as security for said bonds, the rights and remedies of the holder of this bond in regard thereto, and the terms and conditions upon which bonds may be issued. 
 This bond is to be treated as negotiable, subject to the requirements for registration hereinbelow provided, and all persons are invited by the Company and the holder hereof for the time being to act accordingly. The
principal and interest hereby secured will be paid without regard to any equities between the Company and the original or any intermediate holder hereof. 
 The bonds of this series are subject to redemption prior to maturity as a whole at any time or in part from time to time (a) at the option of the Company, upon payment of the applicable percentage of the called
principal amount thereof during the respective periods set forth in the tabulation below under the heading “Regular Redemption Price” (provided, however, that such right of redemption prior to May 1, 1969 shall be limited as provided
in said Forty-ninth Supplemental Indenture), and (b) for the sinking and improvement fund for the bonds of this series, for the depreciation fund provided for in the Indenture and by the application of proceeds of certain property subject to
the lien thereof as provided in the Indenture, upon payment of the applicable percentage of the called principal amount thereof during the respective periods set forth in the tabulation below under the heading “Special Redemption Price”:

  

 21 

											
	 Twelve Months’ Period Beginning May 1
	  	Regular
Redemption
Price
%	  	Special
Redemption
Price
%	  	 Twelve Months’ Period Beginning May 1
	  	Regular
Redemption
Price
%	  	Special
Redemption
Price
%
	 1964
	  	104.75	  	100.00	  	1979	  	102.30	  	100.00
	 1965
	  	104.59	  	100.00	  	1980	  	102.13	  	100.00
	 1966
	  	104.43	  	100.00	  	1981	  	101.97	  	100.00
	 1967
	  	104.26	  	100.00	  	1982	  	101.81	  	100.00
	 1968
	  	104.10	  	100.00	  	1983	  	101.64	  	100.00
	 1969
	  	103.94	  	100.00	  	1984	  	101.48	  	100.00
	 1970
	  	103.77	  	100.00	  	1985	  	101.32	  	100.00
	 1971
	  	103.61	  	100.00	  	1986	  	101.15	  	100.00
	 1972
	  	103.44	  	100.00	  	1987	  	100.99	  	100.00
	 1973
	  	103.28	  	100.00	  	1988	  	100.82	  	100.00
	 1974
	  	103.12	  	100.00	  	1989	  	100.66	  	100.00
	 1975
	  	102.95	  	100.00	  	1990	  	100.50	  	100.00
	 1976
	  	102.79	  	100.00	  	1991	  	100.33	  	100.00
	 1977
	  	102.63	  	100.00	  	1992	  	100.17	  	100.00
	 1978
	  	102.46	  	100.00	  	1993	  	100.00	  	100.00

 together in any case with interest accrued thereon to the date fixed for redemption, upon prior notice (unless
notice is waived by the holders of all the bonds of this series called for redemption) given by publication at least once each week for three successive calendar weeks, the first publication to be not less than thirty days nor more than ninety days
prior to the date fixed for redemption, in a newspaper (printed in the English language and customarily published at least five days a week, excluding legal holidays) of general circulation in the City of Boston, Massachusetts, and in newspapers
(similarly printed and published) of general circulation in the Borough of Manhattan, City and State of New York and in the City of Seattle, State of Washington, respectively; provided that if all of the bonds of this series at the time outstanding
shall be registered bonds without coupons and/or coupon bonds registered as to principal, such notice may be given by registered mail in lieu of such publication; all as more fully provided in the Indenture. 
 If this bond or any portion hereof ($1,000 or any multiple thereof) is duly designated for redemption, if payment of the principal hereof or of such
portion, together with accrued interest, and premium, if any, is irrevocably provided for, and if notice of such redemption shall have been duly given, 

  

 22 

 
provided for or waived, this bond or such portion shall cease to be entitled to the lien of the Indenture from and after the date such payment is irrevocably
so provided for and shall cease to bear interest from and after the date fixed for redemption. 
 In the event of the selection for
redemption of a portion only of the principal of this bond, payment of the redemption price will be made at the option of the registered owner, either (a) upon presentation of this bond for notation hereon of such payment of the portion of the
principal of this bond so called for redemption, or (h) upon surrender of this bond in exchange for a bond or bonds, in either registered or coupon form (but only of authorized denominations of the same series), for the unredeemed balance of
the principal amount of this bond. 
 The Indenture provides that (1) the Company and the Trustee, with the consent of the holders of
not less than sixty-six and two-thirds per cent in principal amount of the bonds at the time outstanding (determined as provided in the Indenture) including, if more than one series of bonds shall be at the time outstanding, not less than sixty-six
and two-thirds per cent in principal amount of the bonds at the time outstanding of each series affected, may effect, by an indenture supplemental to the Indenture, further modifications or alterations of the Indenture and of the rights and
obligations of the Company and of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the consent of the registered owner hereof which will (a) extend the maturity of this bond
or reduce the rate or extend or otherwise change the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, or (b) permit the creation of any lien, not otherwise
permitted, prior to or on a parity with the lien of the Indenture, or alter the equal and proportionate security afforded by the lien of the Indenture for the bonds issued thereunder, or (c) reduce the number or percentage of the principal
amount of the bonds upon the consent of the holders of which modifications or alterations may be made as aforesaid or defaults may be waived; and (2) the holders of like percentages of the principal amount of the bonds outstanding and of each
series thereof may waive certain uncured past defaults and the consequences thereof. 
 In certain events of default, the principal of this
bond may become or be declared due and payable before maturity as provided in said Indenture. 
 This bond is transferable by the registered
owner hereof in person or by his duly authorized attorney, on books of the Company kept for the purpose, 

  

 23 

 
at the principal corporate trust office of the Trustee upon surrender of this bond for cancellation and upon payment, if the Company shall so require, of the
charges provided for in the Indenture, and thereupon a new registered bond of the same series of like principal amount will be issued to the transferee in exchange therefor. 
 The registered owner of this bond at his option may surrender the same for cancellation at said office and receive in exchange therefor the same
aggregate principal amount of registered bonds of the same series but of other authorized denominations or coupon bonds of the same series of the denomination of One Thousand Dollars, bearing coupons representing interest from the last interest
payment date to which interest has been paid on this bond, or both such registered bonds and coupon bonds, upon payment, if the Company shall so require, of the charges provided for in the Indenture and subject to the terms and conditions therein
set forth. 
 Payment of interest by the Company to the registered holder of this bond will be a discharge of the Company with respect to
such interest. 
 It is a part of the contract herein contained that each holder hereof waives all right of recourse to any personal,
statutory or other liability of any promoter, stockholder, officer or director, past, present or future, of the Company or of any predecessor or successor corporation for the collection of any indebtedness hereunder as more fully provided in said
Indenture. 
 This bond shall not become obligatory for any purpose or be entitled to any security or benefit under said Indenture until the
certificate hereon shall have been signed by the Trustee. 
 IN WITNESS WHEREOF,
PUGET SOUND POWER & LIGHT COMPANY has caused these presents to be executed in its corporate name and behalf by the facsimile of the signature of its President or one
of its Vice Presidents and by the facsimile of the signature of its Treasurer or an Assistant Treasurer or its Secretary, thereunto duly authorized, and its corporate seal or a facsimile thereof to be hereto affixed, all as of 
  

			
	PUGET SOUND POWER & LIGHT COMPANY,
		
	By	 	  

		 	President

			
		
	And by	 	  

		 	Treasurer

  

 24 

 [FORM OF ASSIGNMENT] 
 For value received the undersigned hereby sells, assigns, and transfer 
  

					
		  	 Please Insert Social Security or Other
 Identifying Number of Assignee
	  	
	unto	  	 	  	the within bond,

 and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said bond on the
books of the Company, with full power of substitution in the premises. 
 Dated: 
 Signature Guaranteed By: 
 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. 
 [FORM OF STAMP TAX LEGEND FOR ALL
BONDS OF THE 1994 SERIES] 
 United States Documentary Tax stamps required by law
have been affixed to the within mentioned Indenture and duly cancelled. 
 [FORM OF
TRUSTEE’S AUTHENTICATION CERTIFICATE FOR ALL BONDS] 
 This is one of the bonds, of the series designated therein, described in the within mentioned Indenture. 
  

			
	OLD COLONY TRUST COMPANY,
		
		 	Trustee,
		
	 By
	 	  

		 	Authorized Officer

 SECTION 1.02. Redemption Provisions for Bonds of the 1994 Series.
The Bonds of the 1994 Series shall be subject to redemption prior to maturity as a whole at any time or in part from time to time, 
 (a) at the option of the Company, upon payment of the applicable percentage of the called principal amount thereof set forth under the heading “Regular Redemption Price” in the tabulation in the forms of the Bonds of the 1994
Series set forth in Section 1.01 hereof, provided, however, that no such redemption shall be made prior to May 1, 1969 (except in connection with any consolidation, merger, or transfer or sale of all or substantially all of the properties
of the Company), directly 

  

 25 

 
or indirectly, from the proceeds of or in anticipation of the issuance of any indebtedness by or for the account of the Company having an effective interest
cost (calculated after adjustment, in accordance with generally accepted financial practice, for any premium received or discount granted in connection with such issuance) of less than the effective interest cost to the Company of the Bonds of the
1994 Series; or 
 (b) upon payment of the applicable percentage of the called principal amount thereof set forth under the
heading “Special Redemption Price” in the tabulation in the forms of the Bonds of the 1994 Series set forth in Section 1.01 hereof 
 (i) through the application of cash deposited with the Trustee for the sinking and improvement fund for the Bonds of said series provided for in Section 1.03 hereof, or 
 (ii) for use as a basis for credit, as provided in said Section 1.03, against the sinking and improvement fund payment for the Bonds
of said series due not more than 12 months subsequent to the date fixed for such redemption, or 
 (iii) through the
application of cash deposited with the Trustee for the depreciation fund provided for in Section 1.04 hereof; or 
 (iv)
through the application of any trust moneys representing the proceeds of property taken, recaptured or sold in any transaction to which the provisions of Section 7.04 of the Indenture are applicable, 
 together in any case with interest accrued thereon to the date fixed for redemption, upon prior notice (unless such notice is waived by the holders of all bonds of such
series called for redemption) given by publication at least once each week for three successive calendar weeks, the first publication to be not less than thirty days nor more than ninety days prior to the date fixed for redemption, in a newspaper
(printed in the English language and customarily published at least five days a week, excluding legal holidays) of general circulation in the City of Boston, Massachusetts, and in newspapers (similarly printed and published) of general circulation
in the Borough of Manhattan, City and State of New York and in the City of Seattle, State of Washington, respectively; provided that if all of the bonds of this series at the time outstanding shall be registered bonds without coupons and/or coupon
bonds registered as to principal, such notice may be given by registered mail in lieu of such publication. 
 SECTION 1.03. Sinking and Improvement Fund for Bonds of the 1994 Series. As a sinking and improvement fund for the benefit of the holders of the Bonds of the 1994 Series, the Company covenants that 

  

 26 

 
it will, subject to the provisions in this Section hereinafter set forth, annually on or before April 30 in each year, beginning with 1966 and
continuing to and including April 30, 1993, pay to the Trustee in cash, an amount equal to the excess, if any, over the sum of the credits shown by the annual certificate hereinafter in this Section provided for, of an amount equal to the
lowest multiple of $1,000 which equals or exceeds 1% of the aggregate principal amount of Bonds of the 1994 Series outstanding on the March 1 next preceding such April 30. 
 The payments and the dates upon which payments are required for the sinking and improvement fund as above provided are in this Section 1.03 and in
the annual certificate hereinafter provided for referred to as “sinking and improvement fund payments” and “sinking and improvement fund payment dates”, respectively. 
 The Company shall file with the Trustee at least 45 days preceding any sinking and improvement fund payment date an officers’ certificate (herein
referred to as an “annual sinking and improvement fund certificate”), substantially in the following form: 
 “PUGET SOUND
POWER & LIGHT COMPANY 
 FIRST MORTGAGE DATED AS OF
JUNE 2, 1924 
 AS SUPPLEMENTED AND MODIFIED 
  
  
 ANNUAL SINKING AND IMPROVEMENT FUND CERTIFICATE 
 (Bonds of the 1994 Series) 
 The undersigned, one of whom is an accountant, in
compliance with the provisions for a sinking and improvement fund contained in Section 1.03 of the Forty-ninth Supplemental Indenture to the above mentioned Mortgage, do hereby certify as follows: 
 1. The amount of the sinking and improvement fund payment due on April 30, 19 (here there should be specified the April 30 next succeeding the
date of filing of the certificate) computed as provided in Section 1.03 of said Supplemental Indenture (but before deduction of credits) is
                                        
$                 
  

 27 

 2. The credits, if any, which the Company elects to take against said sinking and improvement fund
payment are as follows: 
 (i) Bonds of the 1994 Series delivered or to be delivered to the Trustee concurrently herewith, or
not later than the date specified in Item 1 above, of a principal amount equal to
                                        
$                 
 (Here specify Bonds
delivered or to be delivered.) 
 (ii) Bonds of the 1994 Series (or Bond credits therefor) which have been redeemed not more
than 12 months preceding the date specified in Item 1 above, at the Special Redemption Price provided for in, and pursuant to the provisions of, subparagraph (ii) of Clause (b) of Section 1.02 of the Forty-ninth Supplemental
Indenture, of a principal amount equal to
                                        
$                 
 (Here specify Bonds
redeemed or Bond credits therefor.) 
 (iii) Bonds of the 1994 Series (or Bond credits therefor) redeemed at any time prior to
the date specified in Item 1 above at the Regular Redemption Price provided for in Clause (a) of Section 1.02 of the Forty-ninth Supplemental Indenture, of a principal amount equal to
                                        
$                 
 (Here specify Bonds
redeemed or Bond credits therefor.) 
 (iv) Unfunded net additions shown by net property additions applications heretofore or
concurrently herewith filed with the Trustee, equal to
$                                        , to the
extent of 60% of said amount, i.e
                                        
$                 
 Total credits pursuant to
Item 2
                                        
$                 
  

 28 

 3. (To be included only if credit is taken pursuant to Clause (i) of Item 2.) All Bonds delivered or
to be delivered to the Trustee as stated in Clause (i) of Item 2 above have been bona fide issued and delivered to persons other than affiliates of the Company, and have been reacquired by the Company. 
 4. (This statement need be included only if credit is taken pursuant to Item 2.) None of the Bonds or Bond credits which are made the basis of a
credit pursuant to Clauses (i), (ii) and (iii) of Item 2 above has been funded, and no net additions made the basis of a credit pursuant to Clause (iv) of Item 2 above have been funded, or, if funded, they have become
unfunded pursuant to the provisions of the last two paragraphs of Section 1.35 of the Fortieth Supplemental Indenture, or (in the case of Bonds or Bond credits) such Bonds or Bond credits have been reinstated as provided in Section Four of
Article II of Part I of said Fortieth Supplemental Indenture, or in Section 2.03 of said Fortieth Supplemental Indenture. 
 5. The
balance, if any, of the above-mentioned sinking and improvement fund payment to be paid by the Company in cash, namely, the amount set forth in Item 1 hereof, minus the total credits set forth in Item 2 hereof, is
                                         $
                 
 [Here insert statements as to compliance with conditions
precedent as required by Section 2.04 of the Fortieth Supplemental Indenture ] 
 Dated:
                     
  

	
	  

	 President

	
	  

	 Treasurer of

	 PUGET SOUND POWER & LIGHT
COMPANY”

  

 29 

 All Bonds of the 1994 Series delivered to the Trustee and credited against any sinking and improvement
fund payment and all Bonds of the 1994 Series redeemed by operation of the sinking and improvement fund or the redemption of which has been made the basis of a credit against any sinking and improvement fund payment or Bond credits therefor, and all
net additions made the basis of a credit against any sinking and improvement fund payment, shall be deemed to be thereupon funded, but only so long as any Bonds of the 1994 Series are outstanding. All Bonds of the 1994 Series so delivered or
redeemed shall, if not previously cancelled, be forthwith cancelled by the Trustee. 
 Forthwith after the filing of the annual sinking and
improvement fund certificate preceding each sinking and improvement fund payment date on which the Company will, as shown by said certificate, be required to make to the Trustee a payment in cash for the sinking and improvement fund, the Trustee
shall proceed to select for redemption, in the manner provided in Article Ten of the Indenture, a principal amount of Bonds of the 1994 Series equal to the amount of such cash payment and, in the name of the Company, shall give notice as required by
the provisions of Section 1.02 hereof and Article Ten of the Indenture of the redemption for the sinking and improvement fund, at the principal amount thereof, on the then next ensuing May 1, of the Bonds so selected. On or before the
sinking and improvement fund payment date next preceding such May 1, the Company shall pay to the Trustee the cash payment required by this Section, plus the amount of all interest accrued, if any, and premium, if any, payable, on Bonds of the
1994 Series to be redeemed by the application of such cash payment, and the money so paid shall be applied by the Trustee to the redemption of such Bonds. The Company shall also deliver to the Trustee with the filing of any annual sinking and
improvement fund certificate, or not later than the next succeeding sinking and improvement fund payment date, any Bonds of the 1994 Series specified in said Clause (i) of Item 2 in such certificate. 
 All cash paid to the Trustee pursuant to the provisions of this Section shall be held by the Trustee as security for the payment of the called Bonds of
the 1994 Series until applied as herein provided. 
 The Company, upon request of the Trustee from time to time, will pay to the Trustee an
amount equal to the cost of giving notice of redemption of Bonds of the 1994 Series for such fund and any other expense of operation of such fund, the intention being that such fund shall not be charged for such expenses. 
  

 30 

 SECTION 1.04. Depreciation Fund. Notwithstanding the provisions of Section Six
of Article II of Part I of the Fortieth Supplemental Indenture, the Company hereby covenants that, so long as any of the Bonds of the 1994 Series shall remain outstanding, (a) the covenants made by the Company in Section Four of Article II of
Part I of the Fortieth Supplemental Indenture shall continue in full force and effect and (b) Bonds delivered, redeemed or purchased pursuant to said Section Four and any amount of unfunded Bond credits used as a credit in Item 7 of any
depreciation fund certificate shall be deemed to be funded, unless and until the same shall have been reinstated as provided in said Section Four or in Section 2.03 of the Indenture. 
 SECTION 1.05. Restriction on Payment of Dividends on Common Stock. Notwithstanding the provisions of Section 1.08 of the
Forty-fourth Supplemental Indenture, the Company hereby covenants that the covenants made by the Company in Section 1.05 of the Forty-fourth Supplemental Indenture shall continue in full force and effect so long as any of the Bonds of the 1994
Series shall remain outstanding. 
 SECTION 1.06. Minimum Provision for Depreciation. The Company hereby covenants
that the term “minimum provision for depreciation” shall have the meaning specified in Section 1.32 of the Indenture so long as any of the Bonds of the 1994 Series shall remain outstanding. 
 SECTION 1.07. Duration of Effectiveness of Article One. This Article shall be in force and effect only so long as any of the
Bonds of the 1994 Series are outstanding. 
 ARTICLE TWO. 
 Principal Amount Presently To Be Outstanding. 
 SECTION 2.01. The total aggregate principal amount of First Mortgage Bonds of the Company issued and outstanding and presently to be issued and outstanding under the provisions of and secured by the Indenture, will be
One Hundred Twenty-five Million Dollars ($125,000,000), namely, Twenty-five Million Dollars ($25,000,000) principal amount of First Mortgage Bonds, 3 1/2 % Series due 1984, Thirty Million Dollars ($30,000,000) principal amount of First Mortgage Bonds, 4 1/8 % Series due 1988, Fifteen Million Dollars ($15,000,000) principal amount of First Mortgage Bonds, 4 5/8% 

  

 31 

 
Series due 1991 and Forty Million Dollars ($40,000,000) principal amount of First Mortgage Bonds, 4 5/
8% Series due 1993 now issued and outstanding and Fifteen Million Dollars ($15,000,000) principal amount of First Mortgage Bonds, 4 3/4 % Series due 1994 to be authenticated and delivered pursuant to Section 2.02 of this Forty-ninth Supplemental Indenture. Additional Bonds of the 1984 Series,
the 1988 Series, the 1991 Series, the 1993 Series, the 1994 Series and of any other series established after the execution and delivery of this Forty-ninth Supplemental Indenture may from time to time be authenticated, delivered and issued pursuant
to the terms of the Indenture and indentures supplemental thereto. 
 SECTION 2.02. Bonds of the 1994
Series in the aggregate principal amount of Fifteen Million Dollars ($15,000,000) may forthwith, upon the execution and delivery of this Forty-ninth Supplemental Indenture, or from time to time thereafter, and upon compliance by the Company with the
provisions of Article Five of the Indenture, be executed by the Company and delivered to the Trustee and shall thereupon be authenticated and delivered by the Trustee to or upon the written order of the Company. 
 ARTICLE THREE 
 Miscellaneous. 

 SECTION 3.01. This Forty-ninth Supplemental Indenture is executed and shall be construed as an indenture supplemental
to the Indenture, and shall form a part thereof, and the Indenture, as hereby supplemented, is hereby confirmed. Except to the extent inconsistent with the express terms hereof, all of the provisions, terms, covenants and conditions of the Indenture
shall be applicable to the Bonds of the 1994 Series to the same extent as if specifically set forth herein. All terms used in this Forty-ninth Supplemental Indenture shall be taken to have the same meaning as in the Indenture, except in cases where
the context herein clearly indicates otherwise. 
 SECTION 3.02. All recitals in this Forty-ninth Supplemental Indenture
are made by the Company only and not by the Trustee; and all of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like
effect as if set forth herein in full. 
 SECTION 3.03. The Company covenants that it is lawfully seized and possessed of
all the trust estate at the date of the execution of this Forty- 

  

 32 

 
ninth Supplemental Indenture except as in the Indenture otherwise stated or permitted; that on said date the trust estate is free and clear from all liens
and encumbrances other than permitted encumbrances, except as in the Indenture otherwise stated or permitted; that the Company will warrant and forever defend the trust estate and the title thereto to the Trustee against the claims of all persons
whomsoever except as in the Indenture otherwise stated or permitted; that it will maintain and preserve the lien of the Indenture, as a first mortgage lien, except as in the Indenture otherwise stated or permitted, so long as any of the Bonds issued
under the Indenture are outstanding; and that it has good right and lawful authority to subject said property to the lien of the Indenture, as provided in and by the Indenture. 
 SECTION 3.04. This Forty-ninth Supplemental Indenture may be executed in several counterparts, and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 
 SECTION 3.05. Although this Forty-ninth Supplemental Indenture is dated for convenience and for the purpose of reference as of
May 1, 1964, the actual date or dates of execution by the Company and by the Trustee are as indicated by their respective acknowledgments hereto annexed. 
 IN WITNESS WHEREOF, Puget Sound Power & Light Company has caused this Forty-ninth Supplemental Indenture to be signed in its corporate name and behalf by its
President or one of its Vice Presidents or its Treasurer and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries, and Old Colony Trust Company in token of its acceptance of the trust hereby
created has caused this Forty-ninth Supplemental Indenture to be signed in its corporate name and behalf by its President or one of its Vice Presidents, and its corporate seal to be hereunto affixed and attested by its Secretary or one of its
Assistant Secretaries, 

  

 33 

 
all on the          and 13th days of May, 1964, but as of the day and year first above written. 
  

							
		 		  	PUGET SOUND POWER & LIGHT COMPANY
				
		 		  	By	 	
		 		  		 	President.
	Attest:	 		  		 	
		 		  		 	
		 	Secretary.	  		 	
		 		  	OLD COLONY TRUST COMPANY
				
		 		  	By	 	 /s/ J.J. Walsh

		 		  		 	Vice President.
				
	Attest:	 	 /s/ F.C. Goodwin
	  		 	
		 	Assistant Secretary.	  		 	
		 		  		 	
		 		  		 	

  

 34 

					
	 STATE OF WASHINGTON
 COUNTY OF KING
	 	}	  	SS.:

 RALPH M. DAVIS and C. B. SCHOEGGL, being duly sworn
each for himself on oath deposes and says that he, the said RALPH M. DAVIS is and at the time of the execution of the foregoing Supplemental Indenture was the President of PUGET SOUND
POWER & LIGHT COMPANY, a corporation and the mortgagor therein named, and the same person who as such President executed said Supplemental Indenture in behalf of said corporation; and that he,
that C. B. SCHOEGGL is and at the time of the execution of said Supplemental Indenture was the Secretary of said corporation, the said mortgagor, and the same person who as such Secretary attested such Supplemental Indenture on behalf
of said corporation; and that the said Supplemental Indenture is made in good faith and without any design to hinder, delay or defraud creditors or any creditor of said corporation. 
 Subscribed and sworn to before me this      day of May, 1964. 
  

	
	 Notary Public in and for the

	 State of Washington.

	 Residing at

  

 35 

					
	 STATE OF WASHINGTON
 COUNTY OF KING
	 	}	  	SS.:

 On this      day of May, 1964, before me personally appeared
RALPH M. DAVIS and C. B. SCHOEGGL to me known to be the President and the Secretary, respectively, of PUGET SOUND POWER & LIGHT
COMPANY, one of the corporations that executed the within and foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said corporation for the uses and purposes therein mentioned, and on
oath stated that they were authorized to execute and attest said instrument, and that the seal affixed is the corporate seal of said corporation. 
 IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above written. 
  

	
	 Notary Public in and for the

	 State of Washington.

	 Residing at

  

 36 

					
	 STATE OF WASHINGTON
 COUNTY OF KING
	 	}	  	SS.:

 On this 13th day of May, 1964, before me personally appeared J. J. WALSH and F. C. GOODWIN, to me
known to be a Vice President and an Assistant Secretary, respectively, of OLD COLONY TRUST COMPANY, one of the corporations that executed the within and foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and
deed of said corporation for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute and attest said instrument, and that the seal affixed is the corporate seal of said corporation. 
 IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above
written. 
  

	
	 /s/ William D. Harrington

	 WILLIAM D. HARRINGTON

	 Notary Public, State of New York

	 No. 30-1682400

	 Qualified in Nassau County

	 Cert. filed in New York County

	 Commission Expires March 30, 1965

  

 37 

 TO COUNTY AUDITOR: 
 This instrument is a mixed real and chattel mortgage. Record as real estate mortgage and file and index as chattel mortgage. 
  

	
	 OLD COLONY TRUST COMPANY, Trustee

	
	 /S/ F.C. Goodwin

	 Assistant Secretary.Fiftieth Supplemental Indenture, dated January 1, 1966

 Exhibit 4.13 
  
  
 PUGET SOUND POWER & LIGHT COMPANY

 TO 
 OLD COLONY TRUST COMPANY,

 OF BOSTON, 
                                         
                TRUSTEE, 
  
  
 Fiftieth Supplemental
Indenture 
 Dated as of January 1, 1966 
  
  
 Relating to an issue of First Mortgage Bonds, 5 1/4% Series 
 Due January 1, 1996

  
  
 Supplemental to Indenture dated as of June 2, 1924, 
 as supplemented and modified 
  
  
 (NOT PART OF INDENTURE) 

 THIS FIFTIETH SUPPLEMENTAL INDENTURE, made as of the first day of January, 1966, by and between
PUGET SOUND POWER & LIGHT COMPANY, a corporation duly organized and existing under and by virtue of the laws of the State of Washington (hereinafter sometimes called
the “Company”), party of the first part, and OLD COLONY TRUST COMPANY, a corporation duly organized and existing under and by virtue of the laws of the Commonwealth of
Massachusetts and having its principal office in the City of Boston, in said Commonwealth (hereinafter sometimes called the “Trustee”), as Trustee under the First Mortgage (originally, and before modification thereof by certain
supplemental indentures, called “First and Refunding Mortgage”) from PUGET SOUND POWER & LIGHT COMPANY, a Massachusetts corporation (hereinafter sometimes
called the “Predecessor Company”), dated as of June 2, 1924 (said Mortgage being hereinafter sometimes called the “Original Mortgage”), as supplemented and modified by all indentures supplemental thereto heretofore executed
and delivered, party of the second part; 
 WITNESSETH: That 
 WHEREAS, the Predecessor Company did by the Original Mortgage, filed for record in the offices of the Auditors of the Counties of Chelan,
Clallam, Cowlitz, Douglas, Grant, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Lewis, Mason, Pacific, Pierce, Skagit, Snohomish, Thurston and Whatcom, all in the State of Washington, and left on file as a chattel mortgage in each of said
counties, convey and pledge certain property therein described to Old Colony Trust Company, as Trustee, to be held upon the trusts expressed in the Original Mortgage to equally secure an unlimited authorized amount of mortgage bonds (therein and
herein called the “Bonds”) issued or to be issued in one or more series, all as more fully provided in the Original Mortgage; and 
 WHEREAS, the Predecessor Company, prior to September 1, 1954, had executed and delivered to the Trustee thirty-nine supplemental indentures, supplementing and in certain respects modifying the Original Mortgage and
providing for the execution, certification and delivery of Bonds of various series from time to time pursuant thereto (which Original Mortgage, as so supplemented and modified, is therein and herein sometimes called the “First Mortgage”);
and 

 WHEREAS, the Predecessor Company
executed and delivered to the Trustee a Fortieth Supplemental Indenture, dated as of September 1, 1954, which Supplemental Indenture is divided into two parts, designated as Part I and Part II, and Part I thereof provided for the establishment
and the execution, certification and delivery initially of Twenty-five Million Dollars ($25,000,000) principal amount of a series of Bonds, designated as First Mortgage Bonds, 3 1/2% Series due 1984, and contained certain covenants, restrictions, conditions and provisions affecting, and provided for certain modifications of, the First Mortgage (the First Mortgage, as so
supplemented and modified by said Part I, being sometimes in said Fortieth Supplemental Indenture and herein called the “Revised First Mortgage”) and Part II thereof provided for modifications of the Revised First Mortgage as therein set
forth, which modifications became effective on October 20, 1955 (the Revised First Mortgage as so modified by Part II of the Fortieth Supplemental Indenture as heretofore, hereby, and hereafter supplemented and modified being sometimes in said
Part II and herein called the “Indenture” and references herein to Sections, Articles or other provisions of the Indenture being to the revised or modified provisions thereof as set forth in Part II of the Fortieth Supplemental Indenture);
and 
 WHEREAS, the Predecessor Company has heretofore executed and delivered to the Trustee a Forty-first Supplemental
Indenture dated as of December 1, 1954, a Forty-second Supplemental Indenture dated as of July 1, 1957, a Forty-third Supplemental Indenture dated as of May 1, 1958, a Forty-fourth Supplemental Indenture dated as of November 1,
1959, and a Forty-fifth Supplemental Indenture dated as of April 1, 1960, all of which mortgaged, pledged, assigned, conveyed and transferred to the Trustee and subjected to the lien of the Indenture additional property acquired or constructed,
and betterments, improvements and additions made to the mortgaged property since the execution and delivery of the Fortieth Supplemental Indenture; and 
 WHEREAS, the Company has executed and delivered to the Trustee a Forty-sixth Supplemental Indenture dated as of November 10, 1960, whereby the Company has succeeded to the Predecessor Company with
the same effect as if the Company had been named in the Indenture as the mortgagor company and in the Bonds and coupons as the obligor thereon or maker thereof, and the Predecessor Company merged into the Company on November 16,
1960 whereupon the Company acquired all the property, real, personal or mixed, including all rights, privileges, easements, licenses and franchises, 

  

 2 

 
described in the Indenture and thereby conveyed and mortgaged or intended so to be, including also all such property acquired by the Predecessor Company
since the execution and delivery of the Original Mortgage, which by the terms of the Indenture is subjected or intended to be subjected to the lien thereof; and 
 WHEREAS, the Company has executed and delivered to the Trustee a Forty-seventh Supplemental Indenture dated as of February 1, 1961, a Forty-eighth Supplemental Indenture dated as of
November 1, 1963, and a Forty-ninth Supplemental Indenture dated as of May 1, 1964, all of which mortgaged, pledged, assigned, conveyed and transferred to the Trustee and subjected to the lien of the Indenture additional property acquired
or constructed, and betterments, improvements and additions made to the mortgaged property since the execution and delivery of the Fortieth Supplemental Indenture; and 
 WHEREAS, all Bonds of any series heretofore executed, authenticated and delivered
pursuant to the Original Mortgage, as from time to time supplemented and modified, have been retired and cancelled or payment duly and irrevocably provided for, except the Twenty-five Million Dollars ($25,000,000) principal amount of First Mortgage
Bonds, 3 1/2% Series due 1984, the Thirty Million Dollars ($30,000,000) principal amount of First Mortgage Bonds, 4 1/8% Series due 1988, the Fifteen Million Dollars ($15,000,000) principal amount of First Mortgage Bonds, 4 5/8% Series due 1991, the Forty Million Dollars ($40,000,000) principal amount of First Mortgage Bonds, 4 5/8% Series due 1993, and the Fifteen Million Dollars ($15,000,000) principal amount of First Mortgage Bonds, 4 3/4% Series due 1994, which Bonds are now outstanding and constitute the only Bonds of the Company outstanding under the Indenture;
and 
 WHEREAS, the Board of
Directors of the Company has established a new series of Bonds to be designated First Mortgage Bonds, 5 1/4% Series due 1996
(hereinafter sometimes called “Bonds of the 1996 Series”), and has authorized an initial issue of Twenty Million Dollars ($20,000,000) principal amount thereof, and the Company has complied or will comply with all provisions required to
issue additional Bonds provided for in the Indenture; and 
 WHEREAS, the Company desires to execute and deliver this
Fiftieth Supplemental Indenture, in accordance with the provisions of the Indenture, 

  

 3 

 
for the purposes of (a) further assuring, conveying, mortgaging and assigning unto the Trustee certain additional property acquired by the Company,
(b) providing for the creation of a new series of Bonds, designating the series to be created and specifying the form and provisions of the Bonds of such series, and (c) adding to the Indenture other convenants and agreements to be
hereafter observed by the Company; and 
 WHEREAS, all things necessary have been done to authorize the execution, delivery
and recording of these presents validly to secure the payment of the principal of, and the premium, if any, and interest on, the initial issue of Twenty Million Dollars ($20,000,000) principal amount of Bonds of the 1996 Series, and to make such
Bonds, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid and binding legal obligations of the Company, and to constitute the Indenture, a valid and binding mortgage for the security of all of the
Bonds in accordance with its and their terms; 
 NOW, THEREFORE, this Fiftieth Supplemental Indenture

 WITNESSETH, that, pursuant to and in execution of the powers, authorities and obligations conferred, imposed and reserved in
the Indenture, and pursuant to and in execution of every other power, authority and obligation thereto appertaining and/or enabling, in order to secure the payment of the principal of, and the premium, if any, and interest on, the Bonds issued
and to be issued under the Indenture, and secured thereby and hereby at any time outstanding according to their tenor and effect, and the performance of all the convenants and conditions therein and herein and in said Bonds contained,
and for the purpose of confirming the lien of the Indenture, said Puget Sound Power & Light Company, organized and existing under the laws of the State of Washington, in consideration of the premises and of One Dollar ($1.00)
and other good and valuable consideration to it duly paid by the Trustee, at or before the execution and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, conveyed, transferred,
assigned, remised, released, mortgaged, set over and confirmed and by these presents does grant, bargain, sell, convey, transfer, assign, remise, release, mortgage, set over and confirm unto Old Colony Trust Company, as Trustee, and to its
successor or successors in the trust created by the Indenture, and to said Trustee and its assigns forever, for the uses and purposes created by the Indenture, all property, real, personal 

  

 4 

 
or mixed, including all rights, privileges, easements, licenses and franchises, described in the Indenture and thereby conveyed and mortgaged or intended so
to be, including also all such property acquired by the Company since the execution and delivery of the Original Mortgage, which by the terms of the Indenture, is subjected or intended to be subjected to the lien thereof, and including also all such
property as the Company may hereafter acquire which by the terms of the Indenture is subjected or intended to be subjected to the lien thereof, excepting from the foregoing, however, all property included within the foregoing general description,
whether now owned or hereafter acquired, which by the provisions of the Indenture, is excepted or to be excepted from the conveyance and lien of the Indenture, or which has heretofore been released from the lien of the Indenture or otherwise
disposed of by the Company free from the lien of the Indenture in accordance with the provisions thereof: 
 INCLUDING
NEVERTHELESS in the property hereby conveyed and confirmed to the Trustee (without limiting the generality of the foregoing general description of such property and without prejudice to the conveyance and confirmance of all such
property by such general description) the following: 
 All property, real, personal or mixed, together with all buildings or improvements
thereon and the appurtenances thereto, located in the State of Washington and described below or conveyed to the Company by the deeds listed on the list of properties and deeds below, to which deeds and the records thereof in the County
Auditor’s office of the respective counties in the State of Washington below stated (in all cases where said deeds and/or records are below specified) reference is hereby made for a more particular description of the property hereby conveyed
and confirmed to the Trustee and its respective successor or successors and assigns as aforesaid, to wit: 
  

 5 

 LIST OF REAL ESTATE ACQUIRED BY PUGET SOUND POWER & LIGHT 
 COMPANY TO DATE, AND NOT HERETOFORE SPECIFICALLY 
 DESCRIBED IN ANY PRIOR SUPPLEMENTAL MORTGAGE 
  

													
		  		 		 	ISLAND COUNTY	  		  		  	
	 Sec.
	  	Twp.	 	Range	 	 	  	 	  	Deed
Records
	 (or plat name)
	 	 Description
	  	 Deed From
	  	Vol.	  	Page
							
	8	  	29N*	 	3E*	 	That portion of the SW 1/4 of the SW 1/4, described as follows: Beginning at a point 363 feet N of the SW corner of said SW 1/4 of the SW  1/4; thence E 1320 feet; thence N
330 feet; thence W 1320 feet; thence S 330 feet to the point of beginning; EXCEPT roads and EXCEPT that portion, if any, lying N of the S line of the N 38 rods of said SW 1/4
 of the SW 1/4; situate in the County of Island.
	  	 Edward Petasky and Anna Petasky, his wife
 Jan. 28, 1965

	  	138	  	552
							
		  		 		 	KING COUNTY	  		  		  	
							
	3	  	21N	 	4E	 	The E 1/2 of the W 1/
2 of the NE 1/4 of the NE  1/4 of the SE 1/4; EXCEPT the S 30 feet conveyed to King County for road by deed recorded under auditor’s file No. 5433557.	  	Roy E. Sloan and Lottie Sloan, his wife Feb. 14, 1964	  	4511	  	177
							
	9	  	21N	 	5E	 	That portion of the NW 1/4 of the SE 1/4 described as follows: Beginning at the center of said sec. 9, thence E along the east-west center line of said sec. 9 a distance
of 157 feet to the true point of beginning; thence continuing east along said east west center line 208 feet; thence W parallel with the east-west center line of said sec. 9, 208 feet; thence N 208 feet to the point of beginning; EXCEPT the N 30
feet thereof for road.	  	 Myrtle Ratliff, as her separate estate
 Feb. 14, 1964

	  	4523	  	329
							
	17	  	23N	 	6E	 	Beginning at the intersection of the S line of the NW 1/4 of the NW 1/4 and southeasterly margin of Rolla H. Davis Road in sec. 17; thence northeasterly along the southeasterly margin of said road, a
distance of 225 feet, thence E parallel to S line of said NW 1/4 a distance of 200 feet, thence S at right angles to said S line
200 feet more or less to said S line, thence W along said S line to the point of beginning.	  	 Donald A. Wilcox, as his separate estate, Alden W. Hanson and Mildred A. Hanson, his wife, and Frank Bloomer and Elsie Bloomer
 May 6, 1964
	  	4542	  	145

  

	*	All numbers in the columns of the following tabulation under designation “Twp” indicate townships north of the Willamette Base Line, and the letters “E” and
“W” in the column under the designation “Range” indicate ranges east or west, as the case may be, of the Willamette Meridian. 

  

 6 

 KING COUNTY—CONTINUED 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed
 Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	Page
	7	  	26N	  	5E	  	PARCEL “A”: Lots 1, 8, 10, 11 and 12, Block 4, Quinault Estates, according to plat recorded in Vol. 66 of Plats, Page 22, records of King County, Washington. PARCEL “B”: Lot
11, Block 3, Quinault Estates, according to plat recorded in Vol. 66 of Plats, Page 22, records of King County, Washington.	  	 Lake Quinault Properties, Inc., a Washington Corporation
 May 20, 1963
	  	4421	  	555
							
	7	  	26N	  	5E	  	Lot 9, Block 4, Quinault Estates, according to plat recorded in Vol. 66 of Plats, Page 22, records of King County.	  	 William A. Wilson and Betty R. Wilson, his wife
 May 20,
1963
	  	4420	  	624
							
	35	  	22N	  	5E	  	The N 1000 feet of the E 450 feet of the NW  1/4 of the NW  1/4 of Sec. 35, EXCEPT the W 50 feet of the E 160 feet of the N 105 feet thereof and EXCEPT those portions thereof conveyed to King
County for roads by deeds recorded under auditor’s file Nos. 2621936, 2679017 and 2679018.	  	 Harold Graham, Individually, and as executor of the last will and testament of Laura Grace Graham, deceased,
 May 25, 1964
	  	4542	  	195
							
	31	  	25N	  	5E	  	Lots 1 and 2, Block 8, Lochleven, according to plat recorded in Vol. 16 of Plats, Page 46 in King County, Washington.	  	Charles H. Schiff and Elizabeth T. Schiff, his wife and Michael D. O’Keefe and Josefina V. O’Keefe, his wife Oct. 16, 1964	  	4591	  	169
							
	26	  	26N	  	11E	  	Lots 7 and 10, Block 1, Maloney’s 2nd Addition to the Town of Skykomish, according to plat recorded in Volume 26 of Plats, Page 29, in King County, Washington.	  	 Pearl Groppe, as her separate estate
 April 29,
1965
	  	4659	  	542
							
	3	  	25N	  	5E	  	Beginning at the SW corner of the SE 1/4 of the NW  1/4; thence easterly to the SE corner of the NW  1/4
 of Sec. 3; thence northerly along the N and S center line of said sec., 565 feet; thence S 89°27’ W to the W line of the SE 1/4 of the NW 1/4 of said sec.; thence southerly 549 feet to the point of
beginning, EXCEPT that portion thereof described as follows: Beginning at said SW corner of the NW  1/4 of said sec.; thence
S 89°47’ E along the S line of subdivision 1887 feet; thence	  	 Crawford Warren, as his separate estate
 November 17,
1961
	  	4634	  	65

  

 7 

 KING COUNTY—CONTINUED 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	Deed
Records
	 (or plat name)
	  	 Description
	  	 Deed From
	  	Vol.	  	Page
		  		  		  	N 0°33’ W 30 feet to point of beginning; thence S 89°47’ E 400 feet; thence N 0°33’ W 502.5 feet; thence S 89°27’ W 400 feet; thence S 0°33’ E 497.1
feet, more or less, to point of beginning.	  		  		  	
							
	31	  	26N	  	6E	  	The N 250 feet of that portion of the NW  1/4 of the SE 1/4 of the NW 1/4, lying west of the Redmond-Bear Creek Road (Avondale Road).	  	 Bessie Weiss, a widow
 Jan. 26, 1965
	  	4627	  	471
							
	35	  	26N	  	5E	  	N 12 acres of that portion of the SW 1/4 of the SE 1/4, lying E of county road (Primarily State Highway No. 2); EXCEPT the following described Property: Beginning at the SW corner of
the N 12 acres of that portion of SW 1/4 of SE 1/4
 of said sec. 35, lying E of State Road No. 2: thence E along the S line of said N 12 acres a distance of 300 feet; thence N at right angles 120 feet; thence W parallel with said S line 310 feet, more or
less, to the E line of said road; thence southerly along said E line 120 feet more or less to the point of beginning.	  	 Agnes C. Morrison, a widow
 June 16, 1964
	  	4549	  	512
							
	35	  	26N	  	5E	  	E 250 feet of the N 1/2 of SE 1/4 of NE 1/4, EXCEPT portion thereof conveyed to King
County for road by deed recorded under auditor’s file No. 5039214.	  	 Charles H. Dahlgren and Mary G. Dahlgren, his wife
 June
15, 1964
	  	4555	  	31
							
	35	  	26N	  	5E	  	That portion of the NW 1/4 of SE 1/4 of SE 1/4,
lying northwesterly of the following described line: Beginning at the NE corner of NW 1/4 of SE 1
/4 of SE 1/4 of said sec. 35 and running
southwesterly in a straight line to a point on the W line of said NW 1/4 of the SE 1/4 of the SE 1/4 of said sec. 35, distant S 270 feet
from the NW corner of said subdivision and the terminus of said line.	  	 A. C. Allison and Myrtle Allison, his wife
 June 16, 1964

	  	4549	  	513
							
	35	  	26N	  	5E	  	The E 300 feet of the NE 1/4 of the SE 1
/4, Also, Beginning at the SE corner of the N 1/2 of the SE 1/4 of said sec. 35; thence N 88° 11’ 37” W along the S line of
said	  	 Cougar Mountain Associates, a limited partnership
 June
12, 1964
	  	4551	  	430

  

 8 

 KING COUNTY—CONTINUED 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	Deed
Records
	 (or plat name)
	  	 Description
	  	 Deed From
	  	Vol.	  	Page
		  		  		  	N 1/2, 300 feet to the true point of beginning; thence continuing N
88° 11’ 37” W along said line 1155.84 feet; thence N 69°37’24” E 1245.64 feet to a point 300 feet W of the E line of said N 1/2; thence S 1°30’51” W 470.32 feet to the point of beginning; Also the east 300 feet of the S 1/2 of the SE 1/4 of the NE 1/4 of sec. 35, twp. 26N R5E, W.M., Less County road, in King County, Washington.	  		  		  	
							
	31	  	26N	  	6E	  	The N 330 feet of Government Lot 2, EXCEPT the E 660 feet thereof.	  	 Cougar Mountain Associates, a limited partnership
 June
12, 1964
	  	4551	  	438
							
	29	  	24N	  	5E	  	That portion of Gov. Lot 5, lying westerly of Northern Pacific Railway Company’s right of way, together with shore lands of second class, if any abutting thereon, all of which is more
particularly described as follows: Beginning at the  1/4 corner of the S line of said sec. 29; thence N 89°58’36” W
along the S line of said Lot 5, a distance of 1113.01 feet to the westerly line of said Northern Pacific Railway Company’s right of way; thence N 29°44’54” E along said right of way line 849.62 feet; thence N
59°24’36” W 641.44 feet to the true point of beginning; thence continuing N 59°24’36” W 100.00 feet; thence N 30°35’24” E 100.00 feet; thence S 59°24’36” E 100.00 feet; thence S
30°35’24” W 100.00 feet to the true point of beginning; Together with a permanent easement for ingress and egress over and across the grantor’s existing road and/or as said roads may be changed from time to time which roads cross
a portion of the real property particularly described in the deed dated the 2nd day of .September, 1958, recorded in King County Auditor’s Vault File No. 4956849, Vol. 3840 of Deeds, Page 401, Records of King County,
Washington.	  	 J. H. Baxter & Company, a corporation
 November 30,
1964
	  	4608	  	146

  

 9 

 KING COUNTY—CONTINUED 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed
 Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	32	  	26N	  	6E	  	The N 200 feet of the W 1/2 of the SW 1
/4 of the NE 1/4 ; EXCEPT portion
thereof conveyed to King County for road purposes by deed recorded under auditor’s file No. 558818.	  	 Kenneth E. Bates and Frances J. Bates, his wife
 February
1, 1965
	  	4626	  	443
							
	32	  	26N	  	6E	  	N 1/2 of tract 24, block 76, Burke & Farrar’s Kirkland Addition,
Division No. 24, according to plat recorded in Vol. 21 of Plats, Page 51, in King County, Washington.	  	 Frank W. Hulet and Doris M. Hulet, his wife
 June 10,
1964
	  	4547	  	165
							
	32	  	26N	  	6E	  	That portion of lot 32, block 76, Burke & Farrar’s Kirkland Addition to the City of Seattle, Division No. 24, as recorded in Vol. 21 of Plats, Page 51, records of King County,
Washington, described as follows: Beginning at a point on the W line of said lot 32, 100.60 feet S of the NW corner; thence N along said W line 100.60 feet; thence E along the N line, to the NE corner; thence S along the E line 100.89 feet; thence
westerly to the point of beginning.	  	 Hugh B. Tomb, a single man at time of acquiring title.
 August 4, 1964
	  	4566	  	229
							
	31	  	26N	  	6E	  	The N 330 feet of the E 660 feet of Government lot 2.	  	 Gloria Godwin, as her separate estate.
 August 12, 1964

	  	4566	  	289
							
	32	  	26N	  	6E	  	That portion of lot 21, block 76, Burke & Farrar’s Kirkland Addition Div. No. 24, according to plat recorded in Vol. 21 of Plats, Page 51, described as follows: Beginning at a point on
the W line of said lot 21, which is 99.33 feet N of the SW corner thereof; thence S along said W line 99.33 feet to said SW corner; thence E along the S line to the SE corner of said lot; thence N along the E line of said lot 99.34 feet; thence W to
point of beginning. Also that portion of lot 22, block 76, Burke & Farrar’s Kirkland Addition Div. No. 24, described as follows: Beginning at a point on the W line of said lot, 99.44 feet N of the SW corner thereof; thence S along said W
line	  	 Mary Helen Cubilie, formerly Mary Helen Pieroth
 June 16,
1964
	  	4556	  	213

  

 10 

 KING COUNTY—CONTINUED 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed
 Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

		  		  		  	99.44 feet to said SW corner; thence E along the S line to the SE corner of said lot; thence N along the E line of said lot 99.33 feet; thence W to the point of beginning.	  		  		  	
							
	32	  	26N	  	6E	  	That portion of lot 23, block 76 Burke & Farrar’s Kirkland Addition to the City of Seattle, Division No. 24, according to plat recorded in Vol. 21 of Plats, Page 51, lying southwesterly
of the following described line: Beginning on the arc of the curve which is the NW corner of said lot, which is 132 feet, measured along said arc, from the northerly terminus of said curve; thence S 57o47’59” E 521.48 feet to a point
on the E line of said lot, which is 522.37 feet from the most northerly corner thereof; EXCEPT the following described property: Beginning at the most northerly corner of said lot 23; thence S 64°44’20” W along the northerly line of
said lot 23, a distance of 377 feet to a point of curve; thence along a curve to the left, having a radius of 260 feet, an arc distance of 132 feet to the true point of beginning of this description; thence continuing southerly along said curve to
the left and along the westerly line of said lot 23; an arc distance of 161.76 feet to a point of tangency; thence S 16.24 feet; thence S 74°37’00” E 120.00 feet; thence N 14°17’44” E 140.00 feet; thence N
57°47’59” W 120.00 feet to the true point of beginning.	  	 Ronald E. Gillette and Delores L. Gillette, his wife
 July 28, 1964
	  	4562	  	346
							
	32	  	26N	  	6E	  	The N 200 feet of the SE 1/4 of the NE 1
/4; Also the N 200 feet of the E 1/2 of
the SW 1/4 of the NE 1/4; EXCEPT portion lying within the W 690 feet of said SW 1/4 of NE 1/4 conveyed to King County for Road purposes by deed recorded under auditor’s file No. 558818. SUBJECT TO Road easement for
ingress and egress over the N 10 feet of the E 1/2 of the SW 1/4 of the NE 1/4 of said sec. 32.
	  	 Oscar Kristianson and Wanda E. Kristianson, his wife
 June 15, 1964
	  	4549	  	515

  

 11 

 KING COUNTY—CONTINUED 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed
 Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	31	  	26N	  	6E	  	The N 1/2 of the N 1/
2 of the SW 1/4 of the NE 1
/4; and the N 1/2 of the N 1/2 of the SE 1/4 of the NW 1/4 lying easterly of Bear Creek; and the N 1/2 of the following described tract: The N 1/2 of the
SE 1/4 of the NW  1/4, lying W of Bear Creek, EXCEPT the S 200 feet thereof as measured along the subdivision line and EXCEPT any portion lying westerly of County Road.
	  	 Leo H. Kent and Wilda Kent, his wife
 July 17,
1964
	  	4561	  	126
							
	36	  	26N	  	5E	  	The N 250 feet of the SW 1/4 of the NW; EXCEPT that portion conveyed to
King County for road purposes by deed recorded under auditor’s file No. 5050437.	  	 Howard Burnite and Bette A. Burnite, his wife
 July 6,
1964
	  	4560	  	473
							
	35 2	  	26N 25N	  	5E 5E	  	A strip of land, 250 feet in width, in the SW 1/4 of the SE 1/4 and the SE 1/4 of the SW 1/4 of Sec. 35, Twp. 26N, R5E, and That portion of Government lot 3, Sec. 2, Twp. 25N, R 5E, lying
northeasterly of the East Bank of Sammamish River, described as follows: Beginning at the SW corner of the SW 1/4 of the SE 1/4 of said sec. 35; thence N 2°28’32” E along the W line thereof 178.58 feet to the point of beginning; thence N
46°54’04” E 749.04 feet, more or less, along the southeasterly margin of said right of way to the southwesterly margin of State Road No. 2; thence northerly on a curve to the right, having a radius of 1176.82 feet, the radial center of
which bears N 85°09’42” E, an arc distance of 278.55 feet, subtending a central angle of 12°25’03”, to a point of tangency; thence N 8°43’24” E 28.70 feet to a point of curve to the left, having a radius of
737.16 feet; thence along said curve an arc distance of 35.93 feet, subtending a central angle of 2°47’33”; thence S 69°37’24” W 33.67 feet; thence S 46°54’04” W parallel to said southeasterly margin, and
250 feet distant as measured at right angles thereto, to the East Bank of the Sammamish River; thence southeasterly along said East Bank of said river to a point which bears S 46°54’04” W from the point of beginning; thence N
46°54’04” E to the point of beginning.	  	 Edward C. Sander, and Virginia M. Sander, his wife
 February 26, 1965
	  	4633	  	251

  

 12 

 KITSAP COUNTY 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed
 Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	28	  	26N	  	1E	  	Lot 29 of Agate Point, according to the plat thereof recorded in Vol. 3 of Plats at Page 1, EXCEPT the northeasterly 135.31 feet thereof; Also EXCEPT any portion of said lot lying within
Secondary State Highway No. 305, (formerly known as Secondary State Highway No. 21-A), as said highway is described in the deed recorded November 9, 1948, under Auditor’s File No. 479202.	  	 Henry S. Bradley, as his separate estate.
 March 6, 1964

	  	799	  	314
							
	20	  	24N	  	2E	  	The E 1/2 of the SE 1/4 of the SE 1/4; EXCEPT the S 482 feet as measured
along the E line thereof, the S line of the herein described tract being parallel with the S line of said SE 1/4; ALSO EXCEPT the
E 30 feet for road.	  	 Freeman E. Stone and Ruth M. Stone, his wife.
 October
28, 1964
	  	817	  	448
							
	1	  	26N	  	1E	  	That portion of the SE 1/4 of the SE 1/4 described as follows: Beginning at the E 1/4 corner of said Sec. 1, said corner being marked by a concrete monument and brass disc as set by Kitsap County; thence S 0°28’34” W along the section line 1319.78 feet to the 1/16
corner, a concrete monument and brass disc, being the True Point of Beginning; thence S 0°28’34” W along the section line, 300.00 feet to a concrete monument and brass disc; thence N 89°01’45” W 400.00 feet to a concrete
monument and brass disc; thence N 63°38’12” W 396.30 feet to a concrete monument and brass disc on the southeasterly right of way of County Road No. 428 (Relocated Bond Road); thence along said right of way N 30°51’44” E
150.00 feet to a concrete monument and brass disc on the intersection of said right of way with the N line of said SE 1/4,
SE 1/4, Sec. 1; thence S 89°01’45” E along said N line, 680.66 feet to the True Point of Beginning. EXCEPT
Stottlemeyer Road (County Road No. 88) and a 30 foot strip of County Road lying between the Stottlemeyer Road and vacated Bond Road.	  	 Vernon Roy Martinson and Della Mae Martinson, his wife.
 February 4, 1965
	  	823	  	706

  

 13 

 PIERCE COUNTY 
  

													
	 Sec.
	  	 Twp.
	  	 Range
	  	 	  	 	  	 Deed
 Records

	 (or plat name)
	  	 Description
	  	 Deed From
	  	 Vol.
	  	 Page

	33	  	20N	  	5E	  	PARCEL A: S 150 feet of W 200 feet of E 1/2 of NE 1/4 of SE 1/4,
EXCEPT the Sumner-Buckley Highway. PARCEL B: Such portion, if any, of the W 200 feet of the E 1/2 of the SE 1/4 of the SE 1/4, lying N of the N right of way line of the Sumner-Buckley Highway.	  	 Sadie Kelley as her separate estate.
 July 2,
1965
	  	1377	  	312
							
	1	  	20N	  	3E	  	Beginning on the W line of the SW 1/4 of the SE 1/4 of the SE 1/4, at a point 100 feet N of the SW corner of said subdivision, being the intersection of the said W line with the N line of the right of way of the Puget Sound Electric Railway, thence on said W line N 23.9 feet to the S line of the Pacific
Highway, thence on said S line of the Highway E 655.25 feet to the intersection of said S line of Highway with the E line of said subdivision, thence on said E line S 18.2 feet to said N line of right of way of the Puget Sound Electric Railway,
thence on said line of right of way W 655.25 feet to the place of beginning.	  	 Metromedia, Inc., a Delaware corporation.
 July 13, 1964

	  	1348	  	819
							
		  		  		  	THURSTON COUNTY	  		  		  	
							
	7	  	18N	  	1E	  	That part of Wells Donation Claim No. 41, lying in the S. sixty (60) feet of See. 7.	  	John Manning Fitch and Dorothy M. Fitch, husband and wife. February 24, 1965	  	395	  	556
							
	13	  	18N	  	1W	  	The N Thirty (30) feet of the E One Hundred (100) feet, and the S Six Hundred Twenty (620) feet of the N Six Hundred Fifty (650) feet of the E Fifty (50) feet, of the NE  1/4 of the NE 1/4 ; EXCEPTING therefrom County Road known as Steilacoom Road.	  	 J. Frederick Palmer and Helen Palmer, his wife.
 May 28,
1965
	  	400	  	314
							
	24	  	18N	  	2W	  	Lots 1 to 8 inclusive, Block 1, Parker and Jordan Subdivision of Mottman’s Subdivision of the Warbas Tract, according to the plat thereof recorded in Vol. 5 of Plats Page 87, EXCEPT County
Road known as Boulevard Road on the W boundary of said Lot 1.	  	 Harvey J. Richards and Clara P. Richards, husband and wife.
 March 16, 1964
	  	384	  	478

  

 14 

 TO HAVE AND TO HOLD all and
singular the said rights, privileges, easements, licenses and franchises and also all other property and interest of any kind and of every nature that, by virtue of any provision hereof or of the Indenture or otherwise, has or shall hereafter become
subject to the Indenture, to the Trustee, its successor or successors and assigns, forever; 
 BUT IN
TRUST NEVERTHELESS, for the equal and proportionate benefit and security (except as otherwise expressly provided) of all present and future holders of the Bonds and interest obligations issued and to be issued under and
secured by the Indenture, and to secure the payment of such Bonds and the interest thereon, in accordance with the provisions of said Bonds and of the Indenture, without priority or distinction as to lien or otherwise of any Bonds over any other
Bonds so that, except as otherwise expressly provided, the principal of, and the premium, if any, and interest on, every such Bond shall be equally and proportionately secured by the Indenture, as if all said Bonds had been issued, sold and
delivered for value simultaneously with the execution of the Original Mortgage, and to secure the performance of and compliance with the covenants and conditions of the Indenture, pursuant to and under and subject to the provisions and conditions
and for the uses hereinafter and in the Indenture set forth; it being hereby agreed as follows, to wit: 
 ARTICLE ONE. 
 Bonds of the 1996 Series and Certain Provisions 
 Relating Thereto. 
 SECTION 1.01. A. Terms of
Bonds of the 1996 Series. There shall be hereby established a series of Bonds, known as and entitled “First Mortgage Bonds, 5 1/4% Series due 1996” (herein referred to as the “Bonds of the 1996 Series”). The aggregate principal amount of the Bonds of the 1996 Series shall not be limited, except as provided in Section 3.01 and in Article Five of
the Indenture, and hereafter as may be provided in any indenture supplemental thereto. 
 The definitive Bonds of the 1996 Series
shall be coupon Bonds of the denomination of $1,000, registerable as to principal, and registered Bonds without coupons of the denominations of $1,000 or any multiple thereof. 
 The coupon Bonds of the 1996 Series shall be dated as of January 1, 1966, which date shall be the date of the commencement of the first interest

  

 15 

 
period for all Bonds of the 1996 Series, and the registered Bonds of the 1996 Series without coupons shall be dated as provided in Section 3.05 of the
Indenture. All Bonds of the 1996 Series shall mature January 1, 1996, and shall bear interest at the rate of 5 1/4% per
annum until the payment of the principal thereof, such interest to be payable semi-annually on January 1 and July 1 in each year. The principal of, and the premium, if any, and interest on, the Bonds of the 1996 Series shall be paid in any
coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, at the principal corporate trust office of the Trustee in the City of Boston, Massachusetts, or of its
successor in trust, or, at the option of the holders of the Bonds of the 1996 Series, at the office or agency of the Company in the Borough of Manhattan, City and State of New York, or in the City of Seattle, State of Washington. 

The definitive Bonds of the 1996 Series may be issued in the form of Bonds engraved, printed or lithographed on steel engraved borders. 
 As permitted by the provisions of Section 3.10 of the Indenture and upon payment at the option of the Company of the charges provided in
Section 3.11 of the Indenture, registered Bonds of the 1996 Series without coupons may be exchanged for a new registered Bond or Bonds of different authorized denominations of like aggregate principal amount or for a like aggregate principal
amount of coupon Bonds of said series, with coupons attached representing interest from the last interest payment date to which interest has been paid on the registered Bonds surrendered in exchange, or both, and coupon Bonds of the 1996 Series may
be exchanged for a like aggregate principal amount of registered Bonds of the said series without coupons of the same or a different authorized denomination or denominations. 
 The Trustee hereunder shall, by virtue of its office as such Trustee, be a paying agent of the Company for the purpose of the payment of the principal
of, and premium, if any, and interest on, the Bonds of the 1996 Series and the registrar and transfer agent of the Company for the purpose of registering and transferring Bonds of the 1996 Series. 
 B. Forms of Bonds of the 1996 Series. The coupon Bonds of the 1996 Series, the interest coupons to be attached thereto, the registered Bonds of
said series, and the Trustee’s authentication certificate to be executed on all of the Bonds of said series, shall be in substantially the following forms, respectively: 
  

 16 

 [FORM OF COUPON BOND OF
THE 1996 SERIES] 
  

			
	 No. M
	  	$1,000

 PUGET SOUND POWER & LIGHT COMPANY 
 Incorporated under the Laws of the State of Washington 
 FIRST MORTGAGE BOND, 5 1/4% SERIES
DUE 1996 
 DUE JANUARY 1, 1996 
 PUGET SOUND POWER & LIGHT
COMPANY, a corporation organized and existing under the laws of Washington (hereinafter called the “Company” which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for
value received, hereby promises to pay to the bearer, or, if this bond be registered, to the registered owner hereof, the sum of One Thousand Dollars on January 1, 1996, or earlier as hereinafter provided, with interest thereon from
January 1, 1966, at the rate of 5 1/4% per annum, payable semi-annually on the first days of January and July in each
year until payment of the principal hereof but, as to interest due at or prior to maturity, only upon surrender of the appropriate coupons attached hereto as they severally become due. 
 Both principal and interest of this bond (and premium, if any) are to be paid in any coin or currency of the United States of America which at the time
of payment is legal tender for the payment of public and private debts, at the principal corporate trust office of Old Colony Trust Company, Boston, Massachusetts, or of its successor in trust, or, at the option of the holder hereof, at the office
or agency of the Company in the Borough of Manhattan, City and State of New York, or in the City of Seattle, State of Washington. 
 This
bond is one of the bonds, of the above designated series, of an unlimited authorized amount of coupon bonds or registered bonds without coupons, or both, known as First Mortgage Bonds, all issued or to be issued in one or more series under and
secured by a First Mortgage dated as of June 2, 1924, executed and delivered by the Company to Old Colony Trust Company as Trustee, as supplemented and/or modified by indentures supplemental thereto, including particularly the Fortieth
Supplemental Indenture, 

  

 17 

 
dated as of September 1, 1954, in Part II of which are set forth the revised provisions of said First Mortgage as theretofore and then supplemented and
modified, and the Fiftieth Supplemental Indenture dated as of January 1, 1966, relating, among other things, to the bonds of the above designated series, and by all other instruments supplemental thereto (herein sometimes called the
“Indenture”) reference to each and all of which is hereby made for a description of the property mortgaged and pledged as security for said bonds, the rights and remedies of the holder of this bond in regard thereto, and the terms and
conditions upon which bonds may be issued. 
 This bond is to be treated as negotiable, subject to the requirements for registration as to
principal hereinbelow provided, and all persons are invited by the Company and the holder hereof for the time being to act accordingly. The principal and interest hereby secured will be paid without regard to any equities between the Company and the
original or any intermediate holder hereof. 
 The bonds of this series are subject to redemption prior to maturity as a whole at any time or
in part from time to time (a) at the option of the Company, upon payment of the applicable percentage of the called principal amount thereof during the respective periods set forth in the tabulation below under the heading “Regular
Redemption Price”, and (b) for the sinking and improvement fund for the bonds of this series, for the depreciation fund provided for in the Indenture, and by the application of proceeds of certain property subject to the lien thereof as
provided in the Indenture, upon payment of the applicable percentage of the called principal amount thereof during the respective periods set forth in the tabulation below under the heading “Special Redemption Price”: 
  

 18 

											
	 Twelve Months’ Period Beginning January 1
	  	Regular
Redemption
Price %	  	Special
Redemption
Price %	  	 Twelve Months’ Period Beginning January 1
	  	Regular
Redemption
Price %	  	Special
Redemption
Price %
	 1966
	  	106.01	  	100.76	  	1981	  	102.90	  	100.52
	 1967
	  	105.80	  	100.75	  	1982	  	102.70	  	100.50
	 1968
	  	105.60	  	100.74	  	1983	  	102.49	  	100.47
	 1969
	  	105.39	  	100.73	  	1984	  	102.28	  	100.45
	 1970
	  	105.18	  	100.71	  	1985	  	102.08	  	100.42
	 1971
	  	104.97	  	100.70	  	1986	  	101.87	  	100.39
	 1972
	  	104.77	  	100.69	  	1987	  	101.66	  	100.36
	 1973
	  	104.56	  	100.67	  	1988	  	101.45	  	100.33
	 1974
	  	104.35	  	100.66	  	1989	  	101.25	  	100.30
	 1975
	  	104.15	  	100.64	  	1990	  	101.04	  	100.26
	 1976
	  	103.94	  	100.62	  	1991	  	100.83	  	100.22
	 1977
	  	103.73	  	100.60	  	1992	  	100.63	  	100.18
	 1978
	  	103.53	  	100.58	  	1993	  	100.42	  	100.14
	 1979
	  	103.32	  	100.56	  	1994	  	100.21	  	100.10
	 1980
	  	103.11	  	100.54	  	1995	  	100.00	  	100.00

 together in any case with interest accrued thereon to the date fixed for redemption, upon prior notice (unless
notice is waived by the holders of all the bonds of this series called for redemption) given by publication at least once each week for three successive calendar weeks, the first publication to be not less than thirty days nor more than ninety days
prior to the date fixed for redemption, in a newspaper (printed in the English language and customarily published at least five days a week, excluding legal holidays) of general circulation in the City of Boston, Massachusetts, and in newspapers
(similarly printed and published) of general circulation in the Borough of Manhattan, City and State of New York and in the City of Seattle, State of Washington, respectively; provided that if all of the bonds of this series at the time out-standing
shall be registered bonds without coupons and/or coupon bonds registered as to principal, such notice may be given by registered mail in lieu of such publication; all as more fully provided in the Indenture. 
 If this bond is duly designated for redemption, if payment of the principal hereof, together with accrued interest, and premium, if any,
is irrevocably provided for, and if notice of such redemption shall have been duly given, provided for or waived, this bond shall cease to be 

  

 19 

 
entitled to the lien of the Indenture from and after the date such payment is irrevocably so provided for and shall cease to bear interest from and after the
date fixed for redemption. 
 The Indenture provides that (1) the Company and the Trustee, with the consent of the holders of not less
than sixty-six and two-thirds per cent in principal amount of the bonds at the time outstanding (determined as provided in the Indenture) including, if more than one series of bonds shall be at the time outstanding, not less than sixty-six and
two-thirds per cent in principal amount of the bonds at the time outstanding of each series affected, may effect, by an indenture supplemental to the Indenture, further modifications or alterations of the Indenture and of the rights and obligations
of the Company and of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the consent of the holder hereof which will (a) extend the maturity of this bond or reduce the rate or
extend or otherwise change the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, or (b) permit the creation of any lien, not otherwise permitted, prior to or
on a parity with the lien of the Indenture, or alter the equal and proportionate security afforded by the lien of the Indenture for the bonds issued thereunder, or (c) reduce the number or percentage of the principal amount of the bonds upon
the consent of the holders of which modifications or alterations may be made as aforesaid or defaults may be waived; and (2) the holders of like percentages of the principal amount of the bonds outstanding and of each series thereof may waive
certain uncured past defaults and the consequences thereof. 
 In certain events of default, the principal of this bond may become or be
declared due and payable before maturity as provided in said Indenture. 
 This bond, with all appropriate coupons, is either singly, or
together with other coupon bonds of the same series as this bond, exchangeable at the option of the holder, upon surrender thereof in bearer form and upon payment of a reasonable charge, but subject to the terms, conditions and limitations expressed
in said Indenture, for a registered bond or bonds without coupons of the same series as this bond, and of the same aggregate principal amount of any denomination or denominations authorized by the Indenture. 
 This bond shall pass by delivery except while registered as to principal. 
  

 20 

 This bond; but not its coupons, may from time to time be registered as to principal at the option of the
holder on the books of the Company at the principal corporate trust office of the Trustee, and if so registered shall pass only by transfer on such books, unless such transfer shall have been made and registered to bearer, in which case it shall
again pass by delivery until again registered. Registration shall not affect the negotiability of the coupons, which shall continue to be transferable by delivery, and the payment of any coupon to the bearer thereof shall be a discharge of the
Company in respect of the interest therein mentioned. 
 It is a part of the contract herein contained that each holder hereof waives all
right of recourse to any personal, statutory or other liability of any promoter, stockholder, officer or director, past, present or future, of the Company or of any predecessor or successor corporation for the collection of any indebtedness
hereunder as more fully provided in said Indenture. 
 This bond shall not become obligatory for any purpose or be entitled to any security
or benefit under said Indenture until the certificate hereon shall have been signed by the Trustee. 
 IN
WITNESS WHEREOF, PUGET SOUND POWER & LIGHT COMPANY has caused these presents to be executed in its corporate name and behalf by the
facsimile of the signature of its President or one of its Vice Presidents and by the facsimile of the signature of its Treasurer or an Assistant Treasurer or its Secretary, thereunto duly authorized, and its corporate seal or a facsimile thereof to
be hereto affixed, and has likewise caused the annexed coupons to be authenticated by a facsimile of the signature of its Treasurer, all as of the first day of January, 1966. 
  

			
	PUGET SOUND POWER & LIGHT COMPANY,
		
	 By
	 	  

		 	President    

			
		
	 And by
	 	  

		 	Treasurer    

  

 21 

 [GENERAL FORM OF INTEREST
COUPON APPURTENANT TO 
 COUPON BONDS OF
THE 1996 SERIES] 
  

			
	 $26.25
	  	No.            

 On                         , 19     upon surrender hereof, unless the bond mentioned below shall
previously have become due and payable and payment shall have been duly provided therefor, PUGET SOUND POWER & LIGHT COMPANY will pay to the bearer at the principal corporate trust office of Old Colony Trust Company, in the City of Boston,
Massachusetts, or of its successor in trust, or, at the option of the holder hereof, at the office or agency of the Company in the Borough of Manhattan, City and State of New York, or in the City of Seattle, State of Washington, the amount shown
hereon above, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts, being six months’ interest then due on its First Mortgage Bond, 5 1/4% Series due 1996 No. M                 . 

  

	
	  

	Treasurer.    

 [FORM OF REGISTRATION] 
 NOTICE: No writing below except by a Bond Registrar. 
  

					
	 Date of Registration
	 	 Name of Registered Owner
	 	 Signature of Bond Registrar

		 		 	

  

 22 

 [FORM OF REGISTERED BOND OF
THE 1996 SERIES WITHOUT COUPONS) 
  

			
	No. R	  	$            

 PUGET SOUND POWER & LIGHT COMPANY 
 Incorporated under the Laws of the State of Washington 
 FIRST MORTGAGE BOND, 5 1/4% SERIES
DUE 1996 
 DUE JANUARY 1, 1996 
 PUGET SOUND POWER & LIGHT
COMPANY, a corporation organized and existing under the laws of Washington (hereinafter called the “Company” which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for
value received, hereby promises to pay to
                                         or
registered assigns, the
sum                                         of
Dollars on January 1, 1996, or earlier as hereinafter provided, and to pay to said payee, or registered assigns, interest hereon from the date hereof at the rate of 5 1/4% per annum, payable semi-annually on the first days of January and July in each year until payment of the principal hereof. 
 Both principal and interest of this bond (and premium, if any) are to be paid in any coin or currency of the United States of America which at the time
of payment is legal tender for the payment of public and private debts, at the principal corporate trust office of Old Colony Trust Company, Boston, Massachusetts, or of its successor in trust, or, at the option of the registered holder hereof, at
the office or agency of the Company in the Borough of Manhattan, City and State of New York, or in the City of Seattle, State of Washington. 
 This bond is one of the bonds, of the above designated series, of an unlimited authorized amount of coupon bonds or registered bonds without coupons, or both, known as First Mortgage Bonds, all issued or to be issued in one or more series
under and secured by a First Mortgage dated as of June 2, 1924, executed and delivered by the Company to Old Colony Trust Company as Trustee, as supplemented and/or modified by indentures supplemental thereto, including particularly the
Fortieth Supplemental Indenture, 

  

 23 

 
dated as of September 1, 1954, in Part II of which are set forth the revised provisions of said First Mortgage as theretofore and then supplemented and
modified, and the Fiftieth Supplemental Indenture dated as of January 1, 1966, relating, among other things, to the bonds of the above designated series, and by all other instruments supplemental thereto (herein sometimes called the
“Indenture”) reference to each and all of which is hereby made for a description of the property mortgaged and pledged as security for said bonds, the rights and remedies of the holder of this bond in regard thereto, and the terms and
conditions upon which bonds may be issued. 
 This bond is to be treated as negotiable, subject to the requirements for registration
hereinbelow provided, and all persons are invited by the Company and the holder hereof for the time being to act accordingly. The principal and interest hereby secured will be paid without regard to any equities between the Company and the original
or any intermediate holder hereof. 
 The bonds of this series are subject to redemption prior to maturity as a whole at any time or in part
from time to time (a) at the option of the Company, upon payment of the applicable percentage of the called principal amount thereof during the respective periods set forth in the tabulation below under the heading “Regular Redemption
Price”, and (b) for the sinking and improvement fund for the bonds of this series, for the depreciation fund provided for in the Indenture and by the application of proceeds of certain property subject to the lien thereof as provided in
the Indenture, upon payment of the applicable percentage of the called principal amount thereof during the respective periods set forth in the tabulation below under the heading “Special Redemption Price”: 
  

 24 

											
	 Twelve Months’ Period Beginning January 1
	  	Regular
Redemption
Price %	  	Special
Redemption
Price %	  	 Twelve Months’ Period Beginning January 1
	  	Regular
Redemption
Price %	  	Special
Redemption
Price %
	 1966
	  	106.01	  	100.76	  	1981	  	102.90	  	100.52
	 1967
	  	105.80	  	100.75	  	1982	  	102.70	  	100.50
	 1968
	  	105.60	  	100.74	  	1983	  	102.49	  	100.47
	 1969
	  	105.39	  	100.73	  	1984	  	102.28	  	100.45
	 1970
	  	105.18	  	100.71	  	1985	  	102.08	  	100.42
	 1971
	  	104.97	  	100.70	  	1986	  	101.87	  	100.39
	 1972
	  	104.77	  	100.69	  	1987	  	101.66	  	100.36
	 1973
	  	104.56	  	100.67	  	1988	  	101.45	  	100.33
	 1974
	  	104.35	  	100.66	  	1989	  	101.25	  	100.30
	 1975
	  	104.15	  	100.64	  	1990	  	101.04	  	100.26
	 1976
	  	103.94	  	100.62	  	1991	  	100.83	  	100.22
	 1977
	  	103.73	  	100.60	  	1992	  	100.63	  	100.18
	 1978
	  	103.53	  	100.58	  	1993	  	100.42	  	100.14
	 1979
	  	103.32	  	100.56	  	1994	  	100.21	  	100.10
	 1980
	  	103.11	  	100.54	  	1995	  	100.00	  	100.00

 together in any case with interest accrued thereon to the date fixed for redemption, upon prior notice (unless
notice is waived by the holders of all the bonds of this series called for redemption) given by publication at least once each week for three successive calendar weeks, the first publication to be not less than thirty days nor more than ninety days
prior to the date fixed for redemption, in a newspaper (printed in the English language and customarily published at least five days a week, excluding legal holidays) of general circulation in the City of Boston, Massachusetts, and in newspapers
(similarly printed and published) of general circulation in the Borough of Manhattan, City and State of New York and in the City of Seattle, State of Washington, respectively; provided that if all of the bonds of this series at the time outstanding
shall be registered bonds without coupons and/or coupon bonds registered as to principal, such notice may be given by registered mail in lieu of such publication; all as more fully provided in the Indenture. 
 If this bond or any portion hereof ($1,000 or any multiple thereof) is duly designated for redemption, if payment of the principal hereof or of such
portion, together with accrued interest, and premium, if any, is irrevocably provided for, and if notice of such redemption shall have been duly given, 

  

 25 

 
provided for or waived, this bond or such portion shall cease to be entitled to the lien of the Indenture from and after the date such payment is irrevocably
so provided for and shall cease to bear interest from and after the date fixed for redemption. 
 In the event of the selection for
redemption of a portion only of the principal of this bond, payment of the redemption price will be made at the option of the registered owner, either (a) upon presentation of this bond for notation hereon of such payment of the portion of the
principal of this bond so called for redemption, or (b) upon surrender of this bond in exchange for a bond or bonds, in either registered or coupon form (but only of authorized denominations of the same series), for the unredeemed balance of
the principal amount of this bond. 
 The Indenture provides that (1) the Company and the Trustee, with the consent of the holders of
not less than sixty-six and two-thirds per cent in principal amount of the bonds at the time outstanding (determined as provided in the Indenture) including, if more than one series of bonds shall be at the time outstanding, not less than sixty-six
and two-thirds per cent in principal amount of the bonds at the time oustanding of each series affected, may effect, by an indenture supplemental to the Indenture, further modifications or alterations of the Indenture and of the rights and
obligations of the Company and of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the consent of the registered owner hereof which will (a) extend the maturity of this bond
or reduce the rate or extend or otherwise change the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, or (b) permit the creation of any lien, not otherwise
permitted, prior to or on a parity with the lien of the Indenture, or alter the equal and proportionate security afforded by the lien of the Indenture for the bonds issued thereunder, or (c) reduce the number or percentage of the principal
amount of the bonds upon the consent of the holders of which modifications or alterations may be made as aforesaid or defaults may be waived; and (2) the holders of like percentages of the principal amount of the bonds outstanding and of each
series thereof may waive certain uncured past defaults and the consequences thereof. 
 In certain events of default, the principal of this
bond may become or be declared due and payable before maturity as provided in said Indenture. 
 This bond is transferable by the registered
owner hereof in person or by his duly authorized attorney, on books of the Company kept for the purpose, 

  

 26 

 
at the principal corporate trust office of the Trustee upon surrender of this bond for cancellation and upon payment, if the Company shall so require, of the
charges provided for in the Indenture, and thereupon a new registered bond of the same series of like principal amount will be issued to the transferee in exchange therefor. 
 The registered owner of this bond at his option may surrender the same for cancellation at said office and receive in exchange therefor the same
aggregate principal amount of registered bonds of the same series but of other authorized denominations or coupon bonds of the same series of the denomination of One Thousand Dollars, bearing coupons representing interest from the last interest
payment date to which interest has been paid on this bond, or both such registered bonds and coupon bonds, upon payment, if the Company shall so require, of the charges provided for in the Indenture and subject to the terms and conditions therein
set forth. 
 Payment of interest by the Company to the registered holder of this bond will be a discharge of the Company with respect to
such interest. 
 It is a part of the contract herein contained that each holder hereof waives all right of recourse to any personal,
statutory or other liability of any promoter, stockholder, officer or director, past, present or future, of the Company or of any predecessor or successor corporation for the collection of any indebtedness hereunder as more fully provided in said
Indenture. 
 This bond shall not become obligatory for any purpose or be entitled to any security or benefit under said Indenture until the
certificate hereon shall have been signed by the Trustee. 
 IN WITNESS WHEREOF,
PUGET SOUND POWER & LIGHT COMPANY has caused these presents to be executed in its corporate name and behalf by the facsimile of the signature of its President or one
of its Vice Presidents and by the facsimile of the signature of its Treasurer or an Assistant Treasurer or its Secretary, thereunto duly authorized, and its corporate seal or a facsimile thereof to be hereto affixed, all as of 
  

			
	 PUGET SOUND POWER & LIGHT
COMPANY,

		
	 By
	 	  

		 	President    

  

			
	 And by
	 	  

		 	Treasurer    

  

 27 

 [FORM OF ASSIGNMENT] 
 For value received the undersigned hereby sells, assigns, and transfers 
  

					
		  	 Please Insert Social Security or Other
 Identifying Number of Assignee
	  	
	unto	  	 	  	the within bond,
	  	 	  

 and all rights thereunder, hereby irrevocably constituting and appointing
                                 attorney to transfer said bond on the books of the
Company, with full power of substitution in the premises. 
 Dated: 
 Signature Guaranteed By: 
 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. 
 [FORM OF TRUSTEE’S AUTHENTICATION CERTIFICATE FOR ALL BONDS] 
 This is one of the bonds, of the series designated therein, described in the within mentioned Indenture. 
  

			
	OLD COLONY TRUST COMPANY,
	Trustee,
		
	By	 	  

		 	Authorized Officer

 SECTION 1.02. Redemption Provisions for Bonds of the 1996 Series.
The Bonds of the 1996 Series shall be subject to redemption prior to maturity as a whole at any time or in part from time to time, 
 (a) at the option of the Company, upon payment of the applicable percentage of the called principal amount thereof set forth under the heading “Regular Redemption Price” in the tabulation in the forms of the Bonds of the 1996
Series set forth in Section 1.01 hereof; or 
  

 28 

 (b) upon payment of the applicable percentage of the called principal amount thereof set
forth under the heading “Special Redemption Price” in the tabulation in the forms of the Bonds of the 1996 Series set forth in Section 1.01 hereof 
 (i) through the application of cash deposited with the Trustee for the sinking and improvement fund for the Bonds of said series provided
for in Section 1.03 hereof, or 
 (ii) for use as a basis for credit, as provided in said Section 1.03, against the
sinking and improvement fund payment for the Bonds of said series due not more than 12 months subsequent to the date fixed for such redemption, or 
 (iii) through the application of cash deposited with the Trustee for the depreciation fund provided for in Section 1.04 hereof; or 
 (iv) through the application of any trust moneys representing the proceeds of property taken, recaptured or sold in any transaction to
which the provisions of Section 7.04 of the Indenture are applicable, 
 together in any case with interest accrued thereon to the date fixed for
redemption, upon prior notice (unless such notice is waived by the holders of all bonds of such series called for redemption) given by publication at least once each week for three successive calendar weeks, the first publication to be not less than
thirty days nor more than ninety days prior to the date fixed for redemption, in a newspaper (printed in the English language and customarily published at least five days a week, excluding legal holidays) of general circulation in the City of
Boston, Massachusetts, and in newspapers (similarly printed and published) of general circulation in the Borough of Manhattan, City and State of New York and in the City of Seattle, State of Washington, respectively; provided that if all of the
bonds of this series at the time out-standing shall be registered bonds without coupons and/or coupon bonds registered as to principal, such notice may be given by registered mail in lieu of such publication. 
 SECTION 1.03. Sinking and Improvement Fund for Bonds of the 1996 Series. As a sinking and improvement fund for the benefit of
the holders of the Bonds of the 1996 Series, the Company covenants that 

  

 29 

 
it will, subject to the provisions in this Section hereinafter set forth, annually on or before December 31 in each year, beginning with 1967 and
continuing to and including December 31, 1994, pay to the Trustee in cash, an amount equal to the excess, if any, over the sum of the credits shown by the annual certificate hereinafter in this Section provided for, of an amount equal to the
lowest multiple of $1,000 which equals or exceeds 1% of the aggregate principal amount of Bonds of the 1996 Series outstanding on the November 1 next preceding such December 31. 
 The payments and the dates upon which payments are required for the sinking and improvement fund as above provided are in this Section 1.03 and in
the annual certificate hereinafter provided for referred to as “sinking and improvement fund payments” and “sinking and improvement fund payment dates”, respectively. 
 The Company shall file with the Trustee at least 45 days preceding any sinking and improvement fund payment date an officers’ certificate (herein
referred to as an “annual sinking and improvement fund certificate”), substantially in the following form: 
 “PUGET SOUND
POWER & LIGHT COMPANY 
 FIRST MORTGAGE DATED AS OF
JUNE 2, 1924 
 AS SUPPLEMENTED AND MODIFIED 
  
  
 ANNUAL SINKING AND IMPROVEMENT FUND CERTIFICATE 
 (Bonds of the 1996 Series) 
 The undersigned, one of whom is an accountant, in
compliance with the provisions for a sinking and improvement fund contained in Section 1.03 of the Fiftieth Supplemental Indenture to the above mentioned Mortgage, do hereby certify as follows: 
 1. The amount of the sinking and improvement fund payment due on December 31, 19 (here there should be specified the
December 31 next succeeding the date of filing of the certificate) computed as provided in Section 1.03 of said Supplemental Indenture (but before deduction of credits) is
                                         $
             
  

 30 

 2. The credits, if any, which the Company elects to take against said sinking and
improvement fund payment are as follows: 
 (i) Bonds of the 1996 Series delivered or to be delivered to the Trustee
concurrently herewith, or not later than the date specified in Item 1 above, of a principal amount equal to
                                         $
             
 (Here specify Bonds delivered or to
be delivered.) 
 (ii) Bonds of the 1996 Series (or Bond credits therefor) which have been redeemed not more
than 12 months pre-ceding the date specified in Item 1 above, at the Special Redemption Price provided for in, and pursuant to the provisions of, subparagraph (ii) of Clause (b) of Sec-tion 1.02 of the Fiftieth Supplemental
Indenture, of a principal amount equal to
                                         $
             
 (Here specify Bonds redeemed or Bond credits
therefor.) 
 (iii) Bonds of the 1996 Series (or Bond credits therefor) redeemed at any time prior to the date
specified in Item 1 above at the Regular Redemption Price provided for in Clause (a) of Section 1.02 of the Fiftieth Supplemental Inden-ture, of a principal amount equal to
                                         $
             
 (Here specify Bonds redeemed or Bond credits
therefor.) 
 (iv) Unfunded net additions shown by net property additions applications heretofore or concurrently
herewith filed with the Trustee, equal to $,              to the extent of 60% of said amount, i.e.
                 $              
 Total credits pursuant to Item 2
                                         $
             
  

 31 

 3. (To be included only if credit is taken pursuant to Clause (i) of Item 2.) All
Bonds delivered or to be delivered to the Trustee as stated in Clause (i) of Item 2 above have been bona fide issued and delivered to persons other than affiliates of the Company, and have been reacquired by the Company. 
 4. (This statement need be included only if credit is taken pursuant to Item 2.) None of the Bonds or Bond credits which are made the
basis of a credit pursuant to Clauses (i), (ii) and (iii) of Item 2 above has been funded, and no net additions made the basis of a credit pursuant to Clause (iv) of Item 2 above have been funded, or, if funded, they have
become unfunded pursuant to the provisions of the last two paragraphs of Section 1.35 of the Fortieth Supplemental Indenture, or (in the case of Bonds or Bond credits) such Bonds or Bond credits have been reinstated as provided in Section Four
of Article II of Part I of said Fortieth Supplemental Indenture, or in Section 2.03 of said Fortieth Supple-mental Indenture. 
 5. The balance, if any, of the above-mentioned sinking and improvement fund payment to be paid by the Company in cash, namely, the amount set forth in Item 1 hereof, minus the total credits set forth in Item 2 hereof, is
                                         $
             
 [Here insert statements as to compliance with conditions precedent
as required by Section 2.04 of the Fortieth Supplemental Indenture.] 
  

					
	Dated:                     	 		 	
		 		 	  

		 		 	President
			
		 		 	  

		 		 	Treasurer of
		 		 	PUGET SOUND POWER & LIGHT COMPANY”

  

 32 

 All Bonds of the 1996 Series delivered to the Trustee and credited against any sinking and improvement
fund payment and all Bonds of the 1996 Series redeemed by operation of the sinking and improvement fund or the redemption of which has been made the basis of a credit against any sinking and improvement fund payment or Bond credits therefor, and all
net additions made the basis of a credit against any sinking and improvement fund payment, shall be deemed to be thereupon funded, but only so long as any Bonds of the 1996 Series are outstanding. All Bonds of the 1996 Series so delivered or
redeemed shall, if not previously cancelled, be forthwith cancelled by the Trustee. 
 Forthwith after the filing of the annual sinking and
improvement fund certificate preceding each sinking and improvement fund payment date on which the Company will, as shown by said certificate, be required to make to the Trustee a payment in cash for the sinking and improvement fund, the Trustee
shall proceed to select for redemption, in the manner provided in Article Ten of the Indenture, a principal amount of Bonds of the 1996 Series equal to the amount of such cash payment and, in the name of the Company, shall give notice as required by
the provisions of Section 1.02 hereof and Article Ten of the Indenture of the redemption for the sinking and improvement fund, at the principal amount thereof, on the then next ensuing January 1, of the Bonds so selected. On or before the
sinking and improvement fund payment date next preceding such January 1, the Company shall pay to the Trustee the cash payment required by this Section, plus the amount of all interest accrued, if any, and premium, if any, payable, on Bonds of
the 1996 Series to be redeemed by the application of such cash payment, and the money so paid shall be applied by the Trustee to the redemption of such Bonds. The Company shall also deliver to the Trustee with the filing of any annual sinking and
improvement fund certificate, or not later than the next succeeding sinking and improvement fund payment date, any Bonds of the 1996 Series specified in said Clause (i) of Item 2 in such certificate. 
 All cash paid to the Trustee pursuant to the provisions of this Section shall be held by the Trustee as security for the payment of the called Bonds of
the 1996 Series until applied as herein provided. 
 The Company, upon request of the Trustee from time to time, will pay to the Trustee an
amount equal to the cost of giving notice of redemption of Bonds of the 1996 Series for such fund and any other expense of operation of such fund, the intention being that such fund shall not be charged for such expenses. 
  

 33 

 SECTION 1.04. Depreciation Fund. Notwithstanding the provisions of Section Six
of Article II of Part I of the Fortieth Supplemental Indenture, the Company hereby covenants that, so long as any of the Bonds of the 1996 Series shall remain outstanding, (a) the covenants made by the Company in Section Four of Article II of
Part I of the Fortieth Supplemental Indenture shall continue in full force and effect and (b) Bonds delivered, redeemed or purchased pursuant to said Section Four and any amount of unfunded Bond credits used as a credit in Item 7 of any
depreciation fund certificate shall be deemed to be funded, unless and until the same shall have been reinstated as provided in said Section Four or in Section 2.03 of the Indenture. 
 SECTION 1.05. Restriction on Payment of Dividends on Common Stock. Notwithstanding the provisions of Section 1.08 of the
Forty-fourth Supplemental Indenture, the Company hereby covenants that the covenants made by the Company in Section 1.05 of the Forty-fourth Supplemental Indenture shall continue in full force and effect so long as any of the Bonds of the 1996
Series shall remain outstanding. 
 SECTION 1.06. Minimum Provision for Depreciation. The Company hereby covenants
that the term “minimum provision for depreciation” shall have the meaning specified in Section 1.32 of the Indenture so long as any of the Bonds of the 1996 Series shall remain outstanding. 
 SECTION 1.07. Duration of Effectiveness of Article One. This Article shall be in force and effect only so long as any of the
Bonds of the 1996 Series are outstanding. 
 ARTICLE TWO. 
 Principal Amount Presently To Be Outstanding. 
 SECTION 2.01. The total aggregate principal amount of First Mortgage Bonds of the Company issued and outstanding and presently to be issued and outstanding under the provisions of and secured by the Indenture, will be
One Hundred Forty-five Million Dollars ($145,000,000), namely, Twenty-five Million Dollars ($25,000,000) principal amount of First Mortgage Bonds, 3 1/2% Series due 1984, Thirty Million Dollars ($30,000,000) principal amount of First Mortgage Bonds, 4 1/8% Series due 1988, Fifteen Million 

  

 34 

 
Dollars ($15,000,000) principal amount of First Mortgage Bonds, 4 5/8% Series due 1991, Forty Million Dollars ($40,000,000) principal amount of First Mortgage Bonds, 4 5/8% Series due 1993 and Fifteen Million Dollars ($15,000,000) principal amount of First Mortgage Bonds, 4 3/4% Series due
1994 now issued and outstanding and Twenty Million Dollars ($20,000,000) principal amount of First Mortgage Bonds, 5 1/4% Series
due 1996 to be authenticated and delivered pursuant to Section 2.02 of this Fiftieth Supplemental Indenture. Additional Bonds of the 1984 Series, the 1988 Series, the 1991 Series, the 1993 Series, the 1994 Series, the 1996 Series and of any
other series established after the execution and delivery of this Fiftieth Supplemental Indenture may from time to time be authenticated, delivered and issued pursuant to the terms of the Indenture and indentures supplemental thereto. 

 SECTION 2.02. Bonds of the 1996 Series in the aggregate principal amount of Twenty Million Dollars
($20,000,000) may forthwith, upon the execution and delivery of this Fiftieth Supplemental Indenture, or from time to time thereafter, and upon compliance by the Company with the provisions of Article Five of the Indenture, be executed by the
Company and delivered to the Trustee and shall thereupon be authenticated and delivered by the Trustee to or upon the written order of the Company. 
 ARTICLE THREE. 
 Miscellaneous. 
 SECTION 3.01. This Fiftieth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture, and shall form a part thereof, and the Indenture, as hereby
supplemented, is hereby confirmed. Except to the extent inconsistent with the express terms hereof, all of the provisions, terms, covenants and conditions of the Indenture shall be applicable to the Bonds of the 1996 Series to the same extent as if
specifically set forth herein. All terms used in this Fiftieth Supplemental Indenture shall be taken to have the same meaning as in the Indenture, except in cases where the context herein clearly indicates otherwise. 
  

 35 

 SECTION 3.02. All recitals in this Fiftieth Supplemental Indenture are made by the
Company only and not by the Trustee; and all of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if
set forth herein in full. 
 SECTION 3.03. The Company covenants that it is lawfully seized and possessed of all the
trust estate at the date of the execution of this Fiftieth Supplemental Indenture except as in the Indenture otherwise stated or permitted; that on said date the trust estate is free and clear from all liens and encumbrances other than permitted
encumbrances, except as in the Indenture otherwise stated or permitted; that the Company will warrant and forever defend the trust estate and the title thereto to the Trustee against the claims of all persons whomsoever except as in the Indenture
otherwise stated or permitted; that it will maintain and preserve the lien of the Indenture, as a first mortgage lien, except as in the Indenture otherwise stated or permitted, so long as any of the Bonds issued under the Indenture are outstanding;
and that it has good right and lawful authority to subject said property to the lien of the Indenture, as provided in and by the Indenture. 
 SECTION 3.04. This Fiftieth Supplemental Indenture may be executed in several counterparts, and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them
as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 
 SECTION 3.05. Although this Fiftieth Supplemental Indenture is dated for convenience and for the purpose of reference as of January 1, 1966, the actual date or dates of execution by the Company and by the Trustee
are as indicated by their respective acknowledgments hereto annexed. 
 IN WITNESS WHEREOF,
Puget Sound Power & Light Company has caused this Fiftieth Supplemental Indenture to be signed in its corporate name and behalf by its President or one of its Vice Presidents or its Treasurer and its corporate seal to be hereunto
affixed and attested by its Secretary or one of its Assistant Secretaries, and Old Colony Trust Company in token of its acceptance of the trust hereby created has caused this Fiftieth Supple-mental Indenture to be signed in its
corporate name and behalf by its 

  

 36 

 
President or one of its Vice Presidents, and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries, all
on the 13th and 12th days of January, 1966, but as of the day and year first above written. 
  

							
		 		 	PUGET SOUND POWER & LIGHT COMPANY
				
		 		 	By	 	 /S/ R. F. PLYMIRE

		 		 		 	Vice President.
				
	Attest:	 		 		 	
		 		 		 	(CORPORATE SEAL)
	 /S/ C. B. SCHOEGGL
	 		 		 	
	Secretary.	 		 		 	
		 		 	OLD COLONY TRUST COMPANY
				
		 		 	By	 	 /S/ J. J. WALSH

		 		 		 	Vice President.
	Attest:	 		 		 	
		 		 		 	(CORPORATE SEAL)
	 /S/ F. C. GOODWIN
	 		 		 	
	Assistant Secretary.	 		 		 	

  

 37 

					
	 STATE OF WASHINGTON
 COUNTY OF KING
	  	}	  	ss.:

 R. F. PLYMIRE and C. B. SCHOEGGL, being duly sworn each for him-self
on oath deposes and says that he, the said R. F. PLYMIRE, is and at the time of the execution of the foregoing Supplemental Indenture was a Vice President of PUGET SOUND POWER &
LIGHT COMPANY, a corporation and the mortgagor therein named, and the same person who as such Vice President executed said Supplemental Indenture in behalf of said corporation; and that he, the said C. B.
SCHOEGGL, is and at the time of the execution of said Supplemental Indenture was the Secretary of said corporation, the said mortgagor, and the same person who as such Secretary attested such Supplemental Indenture on behalf of said
corporation; and that the said Supplemental Indenture is made in good faith and without any design to hinder, delay or defraud creditors or any creditor of said corporation. 
  

			
	/s/ R. F. PLYMIRE	 	/s/ C. B. SCHOEGGL

 Subscribed and sworn to before me this 13th day of January, 1966. 
  

	
	 /s/ FRANCES SNIDAR

	 Notary Public in and for the State of Washington.
 Residing at Seattle

 (NOTARIAL SEAL) 
  

 38 

					
	 STATE OF WASHINGTON
 COUNTY OF KING
	  	}	  	ss.:

 On this 13th day of January, 1966, before me personally appeared
R. F. PLYMIRE and C. B. SCHOEGGL to me known to be a Vice President and the Secretary, respectively, of PUGET SOUND POWER & LIGHT
COMPANY, one of the corporations that executed the within and foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said corporation for the uses and purposes therein mentioned, and on
oath stated that they were authorized to execute and attest said instrument, and that the seal affixed is the corporate seal of said corporation. 
 IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above written. 
  

	
	 /S/ FRANCES SNIDAR

	 Notary Public in and for the State of Washington.
 Residing at Seattle

	(NOTARIAL SEAL)

  

 39 

					
	 STATE OF NEW YORK
 COUNTY OF NEW YORK
	  	}	  	ss.:

 On this 12th day of January, 1966, before me personally appeared
J. J. WALSH and F. C. GOODWIN, to me known to be a Vice President and an Assistant Secretary, respectively, of OLD COLONY TRUST COMPANY, one of the
corporations that executed the within and foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said corporation for the uses and purposes therein mentioned, and on oath stated that they were
authorized to execute and attest said instrument, and that the seal affixed is the corporate seal of said corporation. 
 IN
WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above written. 
  

	
	 /S/ WILLIAM D. HARRINGTON

	WILLIAM D. HARRINGTON
	 Notary Public, State of New York
 No. 30-1682400
 Qualified in Nassau County
 Cert. filed in New York County
 Commission Expires March 30,
1967

 (NOTARIAL SEAL) 
  

 40 

 TO COUNTY AUDITOR: 
 This instrument is a mixed real and chattel mortgage. Record as real estate mortgage and file and index as chattel mortgage. 
  

	
	OLD COLONY TRUST COMPANY, Trustee
	
	 /S/ F. C. GOODWIN

	Assistant Secretary.

  

 41

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