Document:

exhibit_4c3.htm

     

    
      Exhibit 4(c)3

       

      ALLETE
2007 Form 10-K

     

                                                      

    

    SUPERIOR
WATER, LIGHT AND POWER COMPANY

    2915 Hill
Avenue, Superior, WI 54880

    

    

    

    To

    

    

    

    U.S. BANK
NATIONAL ASSOCIATION

    (formerly
First Bank (N.A.))

    

    

    As
Trustee Under Superior Water, Light

    and Power
Company's Mortgage and Deed of Trust,

    Dated as
of March 1, 1943

    

    

    

    _________________________________________

    

    NINTH
SUPPLEMENTAL INDENTURE

    _________________________________________

    

    

    

    Dated as
of October 1, 2007

    

                                                ________________________________________________________________________

        

    

    This
instrument drafted by

    Bell,
Gierhart & Moore, S.C.

    Madison,
WI

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE OF CONTENTS

    

    
      	
              Section

            	
              Heading

            	
              Page

            
	 	 	 	 
	
              Parties

            	 	 	
              1

            
	 	 	 	 
	
              Recitals

            	 	
              1

            
	 	 	 	 
	
              ARTICLE
      I

            	
              BONDS
      OF THE EIGHTH SERIES

            	
              7

            
	 	
              Section
      1.1

            	 	
              7

            
	 	 	 	 
	
              ARTICLE
      II

            	
              MISCELLANEOUS
      PROVISIONS

            	
              10

            
	 	
              Section
      2.1

            	 	
              10

            
	 	
              Section
      2.2

            	 	
              10

            
	 	
              Section
      2.3

            	 	
              10

            
	 	
              Section
      2.4

            	 	
              10

            
	 	
              Section
      2.5

            	 	
              10

            
	 	
              Section
      2.6

            	 	
              10

            
	 	 	 	 
	
              Signature
      Page

            	 	
              11

            
	 	 	 	 
	
              ATTACHMENTS
      TO SUPPLEMENTAL INDENTURE:

            	 
	 	 	 	 
	
              EXHIBIT
      A - Form of Bond of the Eighth Series

            	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NINTH SUPPLEMENTAL
INDENTURE

    

    INDENTURE,
dated as of the 1st day of October,
2007, made and entered into by and between SUPERIOR WATER, LIGHT AND POWER
COMPANY, a corporation of the State of Wisconsin, whose address is 2915 Hill
Avenue, Superior, Wisconsin 54880 (the "Company") and U.S. BANK
NATIONAL ASSOCIATION (successor to Chemical Bank, as Corporate Trustee, and
Peter Morse, as Co-Trustee), a national banking association, whose principal
trust office at the date hereof is in St. Paul, Minnesota (the "Trustee"), as Trustee under
the Mortgage and Deed of Trust dated as of March 1, 1943 (hereinafter called the
"Mortgage"), which
Mortgage was executed and delivered by the Company to secure the payment of
bonds issued or to be issued under and in accordance with the provisions of the
Mortgage, reference to which Mortgage is hereby made, this Ninth Supplemental
Indenture (the "Ninth
Supplemental Indenture") being supplemental thereto;

    

    WHEREAS,
said Mortgage was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on May 3, 1943, in Volume 191 of Mortgages at page 1,
Document No. 362844; and

    

    WHEREAS,
an instrument dated as of September 15, 1949, was executed by the Company
appointing Russell H. Sherman as Co-Trustee in succession to said Howard B.
Smith, resigned, under said Mortgage, and by Russell H. Sherman accepting the
appointment as Co-Trustee under said Mortgage in succession to the said Howard
B. Smith, which instrument was recorded in the office of the Register of Deeds
in and for Douglas County, Wisconsin, on October 8, 1949, in Volume 196 of
Mortgages at page 510, Document No. 398649; and

    

    WHEREAS,
by the Mortgage, the Company covenanted that it would execute
and  deliver such supplemental indenture or indentures and such
further instruments and do such further acts as might be necessary or proper to
carry out more effectively the purposes of the Mortgage and to make subject to
the lien of the Mortgage any property acquired after the date of the execution
of the Mortgage and intended to be subject to the lien thereof; and

    

    WHEREAS,
the Company executed and delivered its First Supplemental Indenture, dated as of
March 1, 1951 (hereinafter called its "First Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on March 30, 1951, in Volume 205 of Mortgages
at page 73, Document No. 405297; and

    

    WHEREAS,
an instrument dated as of May 16, 1961, was executed by the Company appointing
Richard G. Pintard as Co-Trustee in succession to said Russell H. Sherman,
resigned, under said Mortgage and by Richard G. Pintard accepting the
appointment as Co-Trustee under said Mortgage in succession to said Russell H.
Sherman, which instrument was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on May 31, 1961, in Volume 256 of Mortgages
at page 423, Document No. 453857; and

    

    WHEREAS,
the Company executed and delivered its Second Supplemental Indenture, dated as
of March 1, 1962 (hereinafter called its "Second Supplemental
Indenture"), which was

    
      
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    recorded
in the office of the Register of Deeds in and for Douglas County, Wisconsin, on
March 26, 1962, in Volume 261 of Mortgages at page 81, Document No. 457662;
and

    

    WHEREAS,
an instrument dated as of June 23, 1976, was executed by the Company appointing
Steven F. Lasher as Co-Trustee in succession to said Richard G. Pintard,
resigned, under said Mortgage and by Steven F. Lasher accepting the appointment
as Co-Trustee under said Mortgage in succession to said Richard G. Pintard,
which instrument was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on July 16, 1976, in Volume 353 of Records at page
274, Document No. 532495; and

    

    WHEREAS,
the Company executed and delivered its Third Supplemental Indenture, dated as of
July 1, 1976 (hereinafter called its "Third Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on October 1, 1976, in Volume 355 of Records
at page 683, Document No. 534332; and

    

    WHEREAS,
an instrument dated as of December 30, 1977, was executed by the Company
appointing C. G. Martens as Co-Trustee in succession, to said Steven F. Lasher,
resigned, under said Mortgage and by C. G. Martens accepting the appointment as
Co-Trustee under said Mortgage in succession to said Steven F. Lasher, which
instrument was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on February 13, 1985, in Volume 436 of Records at
page 264, Document No. 589308; and

    

    WHEREAS,
the Company executed and delivered its Fourth Supplemental Indenture, dated as
of March 1, 1985 (hereinafter called its "Fourth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on March 19, 1985, in Volume 436 of Records
at page 910, Document No. 589776; and

    

    WHEREAS,
an instrument dated as of October 26, 1992, was executed by the Company
appointing Peter Morse as Co-Trustee in succession to said C. G. Martens,
resigned, under said Mortgage and by Peter Morse accepting the appointment as
Co-Trustee under said Mortgage in succession to said C. G. Martens, which
instrument was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on November 13, 1992, in Volume 539 of Records at
page 9, Document No. 649056; and

    

    WHEREAS,
the Company executed and delivered its Fifth Supplemental Indenture, dated as of
December 1, 1992, (hereinafter called its "Fifth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on December 28, 1992, in Volume 541 of
Records at page 229, Document No. 650104; and

    

    WHEREAS,
the Company executed and delivered its Sixth Supplemental Indenture, dated as of
March 24, 1994 (hereinafter called its "Sixth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on March 29, 1994, in Volume 568 of Records
at page 757, Document No. 662228; and

    

    WHEREAS,
the Company executed and delivered its Seventh Supplemental Indenture, dated as
of November 1, 1994 (hereinafter called its "Seventh Supplemental
Indenture"), which

    
      
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    was
recorded in the office of the Register of Deeds in and for Douglas County,
Wisconsin, on January 18, 1995, in Volume 583 of Records at page 242, Document
No. 669350; and

    

    WHEREAS,
an instrument dated as of January 20, 1995, was executed by The Prudential
Insurance Company pursuant to Section 102 of the Mortgage appointing First Bank
(N.A.) as Trustee in succession to Chemical Bank as Corporate Trustee and Peter
Morse as Co-Trustee under said Mortgage and by First Bank (N.A.) (U.S. Bank
National Association, successor) accepting the appointment as Trustee under such
Mortgage in succession to said Chemical Bank and said Peter Morse, which
instrument was recorded in the Office of the Register of Deeds in and for
Douglas County, Wisconsin on April 6, 1995 in Volume 585 of Records at page 953,
Document No. 670717; and

    

    WHEREAS,
the Company executed and delivered its Eighth Supplemental Indenture, dated as
of January 1, 1997 (hereinafter called its "Eighth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on January 7, 1997, in Volume 617 of Records
at page 536, Document No. 685699; and

    

    WHEREAS,
in addition to the property described in the Mortgage, as heretofore
supplemented, the Company has acquired certain other property, rights and
interests in property; and

    

    WHEREAS,
the Company has heretofore issued, in accordance with the provisions of the
Mortgage, bonds of a series entitled and designated First Mortgage Bonds, 3 3/8%
Series due 1973 (the "Bonds of
the First Series"), in the aggregate principal amount of Two Million Five
Hundred Thousand Dollars ($2,500,000), none of which Bonds of the First Series
are now Outstanding; bonds of a series entitled and designated First Mortgage
Bonds, 3 1/10% Series due 1981 (the "Bonds of the Second Series"),
in the aggregate principal amount of Five Million Dollars ($5,000,000), none of
which Bonds of the Second Series are now Outstanding; bonds of a series entitled
and designated First Mortgage Bonds, 5% Series due 1992 (the "Bonds of the Third Series"),
in the aggregate principal amount of Two Million Seven Hundred Thousand Dollars
($2,700,000), none of which Bonds of the Third Series are now outstanding; bonds
of a series entitled and designated First Mortgage Bonds, 9 5/8% Series due 2001
(the "Bonds of the Fourth
Series"), the interest rate for which bonds was modified to 6.10% by the
Sixth Supplemental Indenture, in the aggregate principal amount of Three Million
Dollars ($3,000,000), none of which bonds of the Fourth Series are now
outstanding; bonds of a series entitled and designated First Mortgage Bonds, 12
1/2% Series due 1992 (the "Bonds of the Fifth Series"),
in the aggregate principal amount of Three Million Five Hundred Thousand Dollars
($3,500,000), none of which Bonds of the Fifth Series are now outstanding; Bonds
of a series entitled and designated First Mortgage Bonds, 7.91% Series due 2013
(the "Bonds of the Sixth
Series"), in the aggregate principal amount of Five Million Dollars
($5,000,000) of which One Million Five Hundred Thousand Dollars ($1,500,000)
aggregate principal amount is now outstanding; and Bonds of a series entitled
and designated First Mortgage Bonds, 7.27% Series due 2008 (the "Bonds of the Seventh
Series"), in the aggregate principal amount of Six Million Dollars
($6,000,000) of which Six Million Dollars ($6,000,000) aggregate principal
amount is now outstanding.

    
      
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    WHEREAS,
Section 8 of the Mortgage provides that the form of each series of bonds (other
than Bonds of the First Series) issued thereunder shall be established by
Resolution of the Board of Directors of the Company and that the form of such
series, as established by said Board of Directors, shall specify the descriptive
title of the bonds and various other terms thereof, and may also contain such
provisions not inconsistent with the provisions of the Mortgage as the Board of
Directors may, in its discretion, cause to be inserted therein; and

    

    WHEREAS,
Section 120 of the Mortgage provides, among other things, that the Company may
enter into any further covenants, limitations or restrictions for the benefit of
any one or more series of bonds issued thereunder, or the Company may establish
the terms and provisions of any series of bonds other than said Bonds of the
First Series, by an instrument in writing executed and acknowledged by the
Company in such manner as would be necessary to entitle a conveyance of real
estate to be of record in all of the states in which any property at the time
subject to the lien of the Mortgage shall be situated; and

    

    WHEREAS,
the Company now desires to create a new series of bonds; and

    

    WHEREAS,
the execution and delivery by the Company of this Ninth Supplemental Indenture,
and the terms of the Bonds of the Eighth Series hereinafter referred to, have
been duly authorized by the Board of Directors of the Company by appropriate
resolutions of said Board of Directors;

    

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH: That Superior Water, Light and Power
Company, in consideration of the premises and of One Dollar ($1) to it duly paid
by the Trustee at or before the ensealing and delivery of these presents, the
receipt whereof is hereby acknowledged, and in further evidence of assurance of
the estate, title and rights of the Trustee and in order further to secure the
payment both of the principal of and interest and premium, if any, on the bonds
from time to time issued under the Mortgage, according to their tenor and
effect, and the performance of all the provisions of the Mortgage (including any
instruments supplemental thereto and any modification made as in the Mortgage
provided) and of said bonds, hereby grants, bargains, sells, releases, conveys,
assigns, transfers, mortgages, pledges, sets over and confirms (subject,
however, to Excepted Encumbrances as defined in Section 6 of the Mortgage) unto
U.S. Bank National Association, as Trustee under the Mortgage, and to its
successor or successors in said trust, and to said Trustee and its successors
and assigns forever, all and singular the permits, franchises, rights,
privileges, grants and property, real, personal and mixed, now owned or which
may be hereafter acquired by the Company (except any of the character herein or
in the Mortgage expressly excepted), including (but not limited to) its electric
light and power works, gas works, water works, buildings, structures, machinery,
equipment, mains, pipes, lines, poles, wires, easements, rights of way, permits,
franchises, rights, privileges, grants and all property of every kind and
description, situated in the City of Superior, Douglas County, Wisconsin, or
elsewhere in Douglas County, Wisconsin, in Washburn County, Wisconsin, or in any
other place or places now owned by the Company, or that may be hereafter
acquired by it, including, but not limited to, the following described
properties of the Company--that is to say:

    
      
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    All Lands
and Rights and Interests in Lands of the Company (except any such property as
may have been released from the lien of the Mortgage), including, but not
limited to, all such property acquired by the Company under the following deeds
which are referred to for more particular descriptions thereof, to
wit:

    

    

    Deed
dated September 25, 2002, from Van Vleck-Clemens Agency, Inc., a Wisconsin
corporation, to the Company, which deed was recorded in the office of the
Register of Deeds of the County of Douglas, State of Wisconsin, on
October 16, 2002, as Document No. 748541.

    

    Deed
dated September 29, 2006, from The City of Superior, a Wisconsin municipal
corporation, to the Company, which deed was recorded in the office of the
Register of Deeds of the County of Douglas, State of Wisconsin, on
October 3, 2006, as Document No. 800110, together with the vacated alley
and street described in City of Superior Common Council Resolution
No. R07-12731 adopted April 17, 2007, recorded in the office of the
Register of Deeds of the County of Douglas, State of Wisconsin, on April 19, 2007, as Document
No. 805978.

    

    Deed
dated December 14, 2006, from Daniel V. Owen, Personal Representative of
the estate of John E. Tiedemann a/k/a Mr. John Tiedemann, a/k/a John Elmer
Tiedemann, to the Company, which deed was recorded in the office of the Register
of Deeds of the County of Douglas, State of Wisconsin, on December 22,
2006, as Document No. 802717.

    

    Deed
dated July 21, 2006, from the County of Douglas, in the State of Wisconsin,
to the Company, which deed was recorded in the office of the Register of Deeds
of the County of Douglas, State of Wisconsin, on July 21, 2006, as Document
No. 797902;

    

    All other
property, real, personal and mixed, acquired by the Company after the date of
the execution and delivery of the Mortgage (except any herein or in the
Mortgage, as heretofore supplemented, expressly excepted), now owned or
hereafter acquired by the Company and wheresoever situated, including (without
in any wise limiting or impairing by the enumeration of the same the scope and
intent of the foregoing or of any general description contained in this Ninth
Supplemental Indenture) all lands, power sites, flowage rights, water rights,
water franchises, water locations, water appropriations, ditches, flumes,
reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts, and
all other rights or means for appropriating, conveying, storing and supplying
water; all rights of way and roads; all plants, works, reservoirs and tanks for
the pumping and purification of water; all water works; all plants for the
generation of electricity by water, steam and/or other power; all power houses,
gas plants, street lighting systems, standards and other equipment incidental
thereto, telephone, radio and television

    
      
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    systems,
air-conditioning systems and equipment incidental thereto, water systems, steam
heat and hot water plants, substations, lines, service and supply systems,
bridges, culverts, tracks, street and interurban railway systems, offices,
buildings and other structures and the equipment thereof; all machinery,
engines, boilers, dynamos, water, electric, gas and other machines, regulators,
meters, transformers, generators, motors, water, electrical, gas and mechanical
appliances, conduits, cables, water, steam, heat, gas or other mains and pipes,
service pipes, fittings, valves and connections, pole and transmission lines,
wires, cables, tools, implements, apparatus, furniture, chattels and choses in
action; all municipal and other franchises, consents or permits; all lines for
the transmission and distribution of water, electric current, gas, steam heat or
hot water for any purpose, including towers, poles, wires, cables, pipes,
conduits, ducts and all apparatus for use in connection therewith; all real
estate, lands, easements, servitudes, licenses, permits, franchises, privileges,
rights of way and other rights in or relating to real estate or the occupancy of
the same and (except as herein or in the Mortgage, as heretofore supplemented,
expressly excepted) all the right, title and interest of the Company in and to
all other property of any kind or nature appertaining to and/or used and/or
occupied and/or enjoyed in connection with any property hereinbefore or in the
Mortgage, as heretofore supplemented, described.

    

    Together
with all and singular the tenements, hereditaments and appurtenances belonging
or in any wise appertaining to the aforesaid property or any part thereof, with
the reversion and reversions, remainder and remainders and (subject to the
provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues,
earnings, income, product and profits thereof, and all the estate, right, title
and interest and claim whatsoever, at law as well as in equity, which the
Company now has or may hereafter acquire in and to the aforesaid property and
franchises and every part and parcel thereof.

    

    It is
hereby agreed by the Company that all the property, rights and franchises
acquired by the Company after the date hereof (except any herein or in the
Mortgage, as heretofore supplemented, expressly excepted) shall be and are as
fully granted and conveyed hereby and as fully embraced within the lien of the
Mortgage as if such property, rights and franchises were now owned by the
Company and were specifically described herein and conveyed hereby.

    

    Provided that the following
are not and are not intended to be now or hereafter granted, bargained, sold,
released, conveyed, assigned, transferred, mortgaged, pledged, set over or
confirmed hereunder and are hereby expressly excepted from the lien and
operation of the Mortgage, viz: (1) cash, shares of stock, bonds, notes and
other obligations and other securities not hereafter specifically pledged, paid,
deposited, delivered or held under the Mortgage or covenanted so to be; (2)
merchandise, equipment, materials or supplies held for the purpose of sale in
the usual course of business and fuel, oil and similar materials and supplies
consumable in the operation of any properties of the Company; rolling stock,
buses, motor coaches, automobiles and other vehicles; (3) bills, notes and
accounts receivable, and all contracts, leases and operating agreements not
specifically pledged under the Mortgage or covenanted so to be; the last day of
the term of any lease or leasehold which may heretofore have or hereafter may
become subject to the lien of the Mortgage; (4) water, electric energy, gas, ice
and other materials or products pumped, stored, generated, manufactured,
produced or purchased by the Company for sale, distribution or use in the
ordinary course of its business; (5) the Company's franchise to be a
corporation; and (6) all permits, franchises, rights, privileges, grants
and

    
      
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    property
in the state of Minnesota now owned or hereafter acquired unless such permits,
franchises, rights, privileges, grants and property in the state of Minnesota
shall have been subjected to the lien of the Mortgage by an indenture or
indentures supplemental to the Mortgage, pursuant to authorization of the Board
of Directors of the Company, whereupon all the permits, franchises, rights,
privileges, grants and property then owned or thereafter acquired by the Company
in the state of Minnesota (except property of the character expressly excepted
from the lien of the Mortgage in clauses (1) to (5) above, inclusive), shall
become and be subject to the lien of the Mortgage as part of the Mortgaged and
Pledged Property and may be released, funded and otherwise dealt with on the
same terms and subject to the same conditions and restrictions as though not
theretofore excepted from the lien of the Mortgage; provided, however, that the
property and rights expressly excepted from the lien and operation of the
Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by
law) cease to be so excepted in the event and as of the date that the Trustee or
a receiver or trustee shall enter upon and take possession of the Mortgaged and
Pledged Property in the manner provided in Article XIII of the Mortgage by
reason of the occurrence of a Default as defined in Section 65 of the
Mortgage.

    

    To have
and to hold all such properties, real, personal and mixed, granted, bargained,
sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or
confirmed by the Company as aforesaid, or intended so to be, unto U.S. Bank
National Association as Trustee, and its successors and assigns
forever.

    

    In trust
nevertheless, for the same purposes and upon the same terms, trusts and
conditions and subject to and with the same provisos and covenants as are set
forth in the Mortgage, as heretofore supplemented, this Ninth Supplemental
Indenture being supplemental thereto.

    

    And it is
hereby covenanted by the Company that all the terms, conditions, provisos,
covenants and provisions contained in the Mortgage, as heretofore supplemented,
shall affect and apply to the property hereinbefore described and conveyed and
to the estate, rights, obligations and duties of the Company and the Trustee and
the beneficiaries of the trust with respect to said property, and to the Trustee
and its successors as Trustee of said property, in the same manner and with the
same effect as if said property had been owned by the Company at the time of the
execution of the Mortgage, and had been specifically and at length described in
and conveyed to the Trustee by the Mortgage as part of the property therein
stated to be conveyed.

    

    The
Company further covenants and agrees to and with the Trustee and its successors
in said trust under the Mortgage as follows:

    

    ARTICLE I

    BONDS OF THE EIGHTH
SERIES

    

    Section 1.1.    There shall be
an Eighth series of bonds designated "First Mortgage Bonds, 5.375% Series
due November 1, 2021" (the "Bonds of the Eighth Series"),
which shall be limited to $6,370,000 aggregate principal amount, and shall be
issued as fully registered bonds without coupons in the denominations of $1,000
or any multiple thereof.  The Bonds of the Eighth Series shall be
dated on the date of issuance thereof, mature on the maturity date of
the

     

    
      
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    City of
Superior Bonds (as defined herein) or upon earlier acceleration or redemption,
and shall bear interest from their date of issuance, at the rate borne by the
City of Superior Bonds, payable when interest on the City of Superior Bonds is
payable, the principal and interest on each said bond to be payable at the or
the office of the Company in Superior, Wisconsin or agency of the Company in the
City of St. Paul, Minnesota, in such coin or currency of the United States
of America as at the time of payment is legal tender for public and private
debts.

     

    The Bonds
of the Eighth Series shall be authenticated and delivered from time to time,
upon the request of the Company to the Trustee, to, and registered in the name
of, the trustee under the Indenture of Trust, dated as of October 1,
2007  (herein called the "City of Superior Indenture")
of the City of Superior, Wisconsin (the "City"), in order to secure
the obligation of the Company to repay amounts borrowed in connection with the
sale of the bonds from time to time issued under the City of Superior Indenture
(herein called the "City of
Superior Bonds") pursuant to the Loan Agreement, dated as of
October 1, 2007, between the City and the Company (hereinafter called the
"Loan Agreement"),
together with interest thereon.  Such request of the Company shall
specify the terms and principal amount of the bonds of the Eighth Series to be
authenticated and delivered pursuant to such request and be accompanied by such
certificates, opinions and other documents required under the
Mortgage.

     

    The
Company shall receive a credit against its obligation to make any payment of the
principal of or interest on the bonds of this series, whether at maturity, upon
redemption or otherwise, in an amount equal to, and such obligation shall be
fully or partially, as the case may be, satisfied and discharged to the extent
of, the amount, if any, credited pursuant to the City of Superior Indenture
against the payment required to be made by or for the account of the City in
respect of the corresponding payment of the principal of or interest on the City
of Superior Bonds.

     

    The
Trustee may conclusively presume that the obligation of the Company to pay the
principal of and interest on the Bonds of the Eighth Series as the same shall
become due and payable shall have been fully satisfied and discharged unless and
until it shall have received a written notice from the trustee under the City of
Superior Indenture, signed by its President, a Vice President or a Trust
Officer, stating that the corresponding payment of principal of or interest on
the City of Superior Bonds has become due and payable and has not been fully
paid and specifying the amount of funds required to make such
payment.

     

    If an
Event of Default described in Section 701(a) or (b) of the City of Superior
Indenture shall have occurred, in determining whether or not any payment of the
principal of or interest on the Bonds of the Eighth Series shall have been made
in full, moneys received by the trustee under the City of Superior Indenture
from the Company shall, to the extent of the amount remaining to be paid by the
Company pursuant to subsection (e) of Section 3.02 of the Loan Agreement be
deemed to have been paid under said subsection (e) and not to have been paid on
the Bonds of the Eighth Series.

     

    The
Trustee may conclusively presume that no Event of Default described in Section
701 of the City of Superior Indenture shall have occurred unless and until it
shall have received a written notice from the trustee under the City of Superior
Indenture, signed by its President, a Vice President or a Trust Officer stating
that such an event has occurred.

     

    
      
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    From time
to time, pursuant to Section 9.03 of the Loan Agreement, the Company may amend
the terms of the Bonds of the Eighth Series in order to secure the amended
obligation of the Company under the Loan Agreement.  Upon receipt of a
Company request specifying the amended terms of the Bonds of the Eighth Series
and requesting the authentication and delivery of amended certificates for such
bonds, together with a written notice signed by an officer of the trustee under
the City of Superior Indenture confirming that such amended terms comply with
the requirements of Section 9.03 of the Loan Agreement, the Trustee shall
authenticate and deliver such amended certificates to the trustee under the City
of Superior Indenture.  Upon such delivery of the amended
certificates, the certificates for the corresponding Bonds of the Eighth Series
previously held by the trustee under the City of Superior Indenture shall be
deemed superseded by the amended certificates and shall thereafter be deemed
obsolete, null and void.  The obsolete certificates need not be
delivered to the Trustee prior to the delivery of the amended certificates, but
shall be cancelled or destroyed if and when surrendered by the trustee under the
City of Superior Indenture.

     

    On the
date that any of the City of Superior Bonds are required to be redeemed pursuant
to Section 301 of the City of Superior Indenture, an equal principal amount of
bonds of the Eighth Series shall be redeemed at such principal amount plus
accrued interest to such redemption date.

     

    The
Trustee may conclusively presume that no event shall have occurred which would
require the Company to redeem Bonds of the Eighth Series pursuant to this
section unless and until it shall have received a written notice from the
trustee under the City of Superior Indenture, signed by its President, a Vice
President or a Trust Officer, stating that such an event shall have occurred,
specifying the date thereof and describing such event in reasonable
detail.

     

    At the
option of the registered owner, any Bonds of the Eighth Series, upon surrender
thereof for cancellation at the office or agency of the Company in the City of
St. Paul, Minnesota, or the office of the Company in Superior, Wisconsin,
together with a written instrument of transfer wherever required by the Company
duly executed by the registered owner or by its duly authorized attorney, shall
(subject to the provisions of Section 12 of the Mortgage) be exchangeable for a
like aggregate principal amount of bonds of the same series of other authorized
denominations.

     

    Bonds of
the Eighth Series shall not be transferable except to any successor trustee
under the City of Superior Indenture, any such transfer to be made (subject to
the provisions of Section 12 of the Mortgage) at the office or agency of the
Company in City of St. Paul, Minnesota, or the office of the Company in
Superior, Wisconsin.

     

    Upon the
delivery of this Ninth Supplemental Indenture and upon compliance with the
applicable provisions of the Mortgage, there shall be an initial issue of Bonds
of the Eighth Series for the aggregate principal amount of
$6,370,000.

     

    Notwithstanding
any provision of Section 12 or Section 16 of the Mortgage, (a) no charge will be
made by the Company for any transfer or exchange of any Bond of the Eighth
Series or, in the case of any lost, destroyed or mutilated Bond, the issuance,
authentication and delivery of a new Bond of the Eighth Series in substitution
thereof, whether for any stamp tax or

    
      
        9

      

      
        
        

        
          

        

      

      
        
        

      

    

    other
governmental charge, if any, applicable thereto or otherwise, and the Company
shall reimburse the Trustee for all expenses incurred in connection therewith
and (b) in the event of any loss, destruction or mutilation of any Bond of the
Eighth Series, and a request by the holder for issuance of a new Bond of the
Eighth Series in substitution therefor, the holder's unsecured indemnity
agreement shall be deemed to be satisfactory to the Company and the Trustee for
purposes of Section 16 of the Mortgage.

    

    Notwithstanding
any provision of Section 15 of the Mortgage, Bonds of the Eighth Series shall be
authenticated, issued and delivered only as definitive bonds.  Bonds
of the Eighth Series so authenticated, issued and delivered may be in the form
of fully engraved bonds, bonds printed or lithographed on engraved borders,
bonds printed or bonds typewritten.

    

    ARTICLE II

    MISCELLANEOUS
PROVISIONS

    

    Section 2.1.    The terms
defined in the Mortgage, as heretofore supplemented, shall for all purposes of
this Ninth Supplemental Indenture have the meanings specified in the Mortgage,
as heretofore supplemented.

    

    Section 2.2.    The Trustee
hereby accepts the trust herein declared, provided and created and agrees to
perform the same upon the terms and conditions herein and in the Mortgage, as
heretofore supplemented, set forth and upon the following terms and
conditions.

    

    Section 2.3.    The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Ninth Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made by the Company
solely.  In general, each and every term and condition contained in
Article XVII of the Mortgage shall apply to and form part of this Ninth
Supplemental Indenture with the same force and effect as if the same were herein
set forth in full, with such omissions, variations and insertions, if any, as
may be appropriate to make the same conform to the provisions of this Ninth
Supplemental Indenture.

    

    Section 2.4.    Subject to the
provisions of Article XVI and Article XVII of the Mortgage, whenever in this
Ninth Supplemental Indenture any of the parties hereto is named or referred to,
this shall be deemed to include the successors or assigns of such party, and all
the covenants and agreements in this Ninth Supplemental Indenture contained by
or on behalf of the Company or by or on behalf of the Trustee shall bind and
inure to the benefit of the respective successors and assigns of such parties
whether so expressed or not.

    

    Section 2.5.    Nothing in this Ninth
Supplemental Indenture, express or implied, is intended, or shall be construed,
to confer upon, or to give to, any person, firm or corporation, other than the
parties hereto and the holders of the bonds Outstanding under the Mortgage, any
right, remedy or claim under or by reason of this Ninth Supplemental Indenture
or any covenant, condition, stipulation, promise or agreement hereof, and all
the covenants, conditions, stipulations, promises and agreements of this Ninth
Supplemental Indenture contained by or on behalf of the Company shall be for the
sole and exclusive benefit of the parties hereto, and of the holders of the
bonds and of the coupons Outstanding under the Mortgage.

    

    Section 2.6.    This Ninth
Supplemental Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
instrument.

    

    
      
        10

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, Superior Water, Light and Power Company has caused its
corporate name to be hereunto affixed, and this instrument to be signed and
sealed by its President or one of its Vice Presidents, and its corporate seal to
be attested by its Secretary or one of its Assistant Secretaries for and in its
behalf, and U.S. Bank National Association has caused its corporate name to be
hereunto affixed, and this instrument to be signed by its President and to be
attested by its Secretary, all as of the 1st day of October,
2007.

    

    
      	
               

            	
              SUPERIOR
      WATER, LIGHT AND POWER COMPANY

            

    

    

    
                                    By: /s/ Roger P. Engle              

    President

    

    ATTEST:

     

     

    /s/
Janet A. Blake            

    Secretary

    

    

    Executed,
sealed and delivered by

    Superior
Water, Light and Power

    Company
in the presence of:

    

     

     

    /s/ Nancy A.
Venne          

     

     

    /s/ Paul M. Holt            

    

    

     

    

    

    
      
        11

      

      
        
        

        
          

        

      

      
        
        

      

    

    U.S. BANK
NATIONAL ASSOCIATION,

    as
Trustee

    

    

    By: /s/ R. Prokosch                                                              

        Vice
President

    

    ATTEST:

    

    

    

    /s/
Ryan Hernstat        

    Vice President

    

    Executed
and delivered by U.S. Bank National

    Association
in the presence of:

    

    /s/ Joel
Geist              

     

     

    /s/ D.
Garsteig              

    

    

    

    
 

    

    

    
      
        12

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    STATE OF
WISCONSIN               )

    ) SS.

    COUNTY OF
DOUGLAS               )

    

    Personally
came before me this 24 day of September, 2007, Roger P. Engle, to me known to be
the President, and Janet A. Blake, to me known to be the Secretary of the
above-named SUPERIOR WATER, LIGHT AND POWER COMPANY, the corporation described
in and which executed the foregoing instrument, and to me personally known to be
the persons who as such officers executed the foregoing instrument in the name
and behalf of said corporation, who, being by me duly sworn, did depose and say
and acknowledge that they are respectively the President and Secretary of said
corporation, that the seal affixed to said instrument is the corporate seal of
said corporation, and that they signed, sealed and delivered said instrument in
the name and on behalf of said corporation by authority of its Board of
Directors, and said Roger P. Engle and Janet A. Blake, then and there
acknowledged said instrument to be the free act and deed of said corporation and
that such corporation executed the same.

    

    Given
under my hand and notarial seal this 24 day of September, 2007.

    

     

     

                                            /s/ Nancy A. Venne              

                                            Notary Public, State
of Wisconsin

                                            My Commission expires
July 20, 2008

    

    
      
        13

      

      
        
        

        
          

        

      

      
        
        

      

    

    STATE OF
MINNESOTA                  )

    )
SS.

    COUNTY OF
RAMSEY                      )

    

    Personally
came before me this 20th day of September, 2007, to me known to be the   and , to me known
to the of the above-named U.S. BANK NATIONAL ASSOCIATION, the corporation
described in and which executed the foregoing instrument, and to me personally
known to be the persons who as such officers executed the foregoing instrument
in the name and behalf of said corporation, who, being by me duly sworn, did
depose and say and acknowledge that they are respectively
the  and  of said corporation, and that they signed and
delivered said instrument in the name and on behalf of said corporation by
authority of its Board of Directors, and said Vice President and Vice
President then and there acknowledged said instrument to be the free act and
deed of said corporation and that such corporation executed the
same.

    

    Given
under my hand and notarial seal this 20th day of September, 2007

     

                                                /s/ Denise Landeen                

                                Notary
Public, State of Minnesota

                                                My Commission expires
January 31, 2012

    

    

    
      
        14

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT A

    

    

    [FORM OF BOND OF THE EIGHTH
SERIES]

    

    THIS BOND
IS NOT TRANSFERABLE EXCEPT TO A SUCCESSOR TRUSTEE UNDER THE INDENTURE OF TRUST,
DATED AS OF OCTOBER 1, 2007 (HEREINAFTER CALLED "THE CITY OF SUPERIOR
INDENTURE"), BETWEEN THE CITY OF SUPERIOR, WISCONSIN (HEREINAFTER CALLED
"THE CITY"), AND U.S.
BANK NATIONAL ASSOCIATION, AS TRUSTEE UNDER THE CITY OF SUPERIOR
INDENTURE.

    

    SUPERIOR WATER, LIGHT AND POWER
COMPANY

    FIRST MORTGAGE
BOND

    

    5.375% Series due November 1,
2021

    

    No.
R-___                                                                                                                                                                                                            $           

    
 

    SUPERIOR
WATER, LIGHT AND POWER COMPANY, a corporation of the State of Wisconsin
(hereinafter called the "Company"), for value
received, hereby promises to pay to                 , or
registered assigns, on November 1, 2021                ,  DOLLARS
($     ) in such coin or currency of
the United States of America as at the time of payment is legal tender for
public and private debts, and to pay to the registered owner hereof interest
thereon in like coin or currency (computed on the basis of a 360-­day year
of twelve 30-day months) at the rate of five and three hundred seventy-five
thousandths percent (5.375%) per annum semiannually on May 1 and
November 1 of each year commencing November 1, 2007 until the
principal thereof shall have become due and payable and at the same rate per
annum on any overdue payment of principal or premium, if any, and, to the extent
enforceable under applicable law, on any overdue payment of interest. The
principal hereof (and premium, if any) and interest hereon shall be paid at the
office or agency of the Company in the City of St. Paul, Minnesota, or the
office of the Company in Superior, Wisconsin or as shall be otherwise agreed to
pursuant to the provisions of the Ninth Supplemental Indenture hereinafter
referred to.

    

    This bond
is one of an issue of bonds of the Company issuable in series and is one of a
series designated the First Mortgage Bonds, 5.375% Series due November 1, 2021
(the "Bonds of the Eighth
Series") created by the Ninth Supplemental Indenture dated as of
October 1, 2007 executed by the Company to U.S. Bank National Association
(successor Trustee to Chemical Bank and Peter Morse), as Trustee, all bonds of
all series being issued and to be issued under and equally secured by a Mortgage
and Deed of Trust (herein, together with any indentures supplemental thereto,
called the "Mortgage"),
dated as of March 1, 1943, executed by the Company to Chemical Bank & Trust
Company and Howard B. Smith, as Trustees (U.S. Bank National Association,
successor Trustee).  Reference is made to the Mortgage for a
description of the property mortgaged and pledged, the nature and extent of the
security, the rights of the holders of the bonds and of the Trustee in respect
thereof, the duties and immunities of the

    
      
              

                  A-1      
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Trustee
and terms and conditions upon which the bonds are and are to be secured and the
circumstances under which additional bonds may be issued.

    

    With the
consent of the Company and to the extent permitted by and as provided in the
Mortgage, the rights and obligations of the Company and/or the rights of the
holders of the bonds and/or coupons and/or the terms and provisions of the
Mortgage may be modified or altered by affirmative vote of the holders of at
least seventy per centum (70%) in principal amount of the bonds then outstanding
under the Mortgage and, if the rights of the holders of one or more, but less
than all, series of bonds then outstanding are to be affected, then also by
affirmative vote of the holders of at least seventy per centum (70%) in
principal amount of the bonds then outstanding of each series of bonds so to be
affected (excluding in any case bonds disqualified from voting by reason of the
Company's interest therein as provided in the Mortgage); provided that, without
the consent of the holder hereof, no such modification or alteration shall,
among other things, impair or affect the right of the holder to receive payment
of the principal of (and premium, if any) and interest on this bond, on or after
the respective due dates and at the places and in the respective amounts
expressed herein, or permit the creation of any lien equal or prior to the lien
of the Mortgage or deprive the holder of the benefit of a lien on the mortgaged
and pledged property, or give any bond or bonds secured by the Mortgage any
preference over any other bond or bonds so secured, or reduce the percentage in
principal amount of the bonds required to authorize or consent to any such
modification or alteration of the Mortgage.

    

    The Bonds
of the Eighth Series may be redeemed prior to maturity, in the manner described
in the Ninth Supplemental Indenture.  The Trustee may conclusively
presume that no event shall have occurred which would require the Company to
redeem bonds of this series pursuant to Section 1.1 of the Ninth Supplemental
Indenture unless and until it shall have received a written notice from the
trustee under the City of Superior Indenture, signed by its President, a Vice
President or a Trust Officer, stating that such an event shall have occurred,
specifying the date thereof and describing such event in reasonable
detail.

    

    The
principal hereof may be declared or may become due prior to the maturity date
hereinbefore named on the conditions, in the manner and at the time set forth in
the Mortgage, upon the occurrence of a default as in the Mortgage
provided.

    

    If an
Event of Default described in Section 701(a) or (b) of the City of Superior
Indenture shall have occurred, in determining whether or not any payment of the
principal of or interest on the bonds of this series shall have been made in
full, moneys received by the trustee under the City of Superior Indenture from
the Company shall, to the extent of the amount remaining to be paid by the
Company pursuant to subsection (e) of Section 3.02 of the Loan Agreement, be
deemed to have been paid under said subsection (e) and not to have been paid on
the bonds of this series.

    

    The
Trustee may conclusively presume that the obligation of the Company to pay the
principal of and interest on the bonds of this series as the same shall become
due and payable shall have been fully satisfied and discharged unless and until
it shall have received a written notice from the trustee under the City of
Superior Indenture, signed by its President, a Vice President or a Trust
Officer, stating that the corresponding payment of principal of or interest
on

    
      
              

                  A-2      
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    the bonds
issued under the City of Superior Indenture (hereinafter called the "City of Superior Bonds") has
become due and payable and has not been fully paid and specifying the amount of
funds required to make such payment. The Trustee may conclusively presume that
no Event of Default described in Section 701 of the City of Superior Indenture
shall have occurred unless and until it shall have received a written notice
from the trustee under the City of Superior Indenture, signed by its President,
a Vice President or a Trust Officer stating that such an event has
occurred.

    

    This bond
is not transferable except to any successor trustee under the City of Superior
Indenture, such transfer to be made as prescribed in the Mortgage by the
registered owner hereof in person, or by its duly authorized attorney, at the
office or agency of the Company in the City of St. Paul, Minnesota or the
office of the Company in Superior, Wisconsin upon surrender hereof for
cancellation, together with a written instrument of transfer in form approved by
the Company duly executed by the registered owner hereof or by its duly
authorized attorney, and thereupon a new fully registered bond or bonds of the
same series for a like principal amount will be issued to the transferee in
exchange herefor as provided in the Mortgage. This bond may, at the option of
the registered owner hereof and upon surrender hereof for cancellation at such
office or agency, be exchanged as prescribed in the Mortgage for other
registered bonds of the same series of other authorized denominations having a
like aggregate principal amount.  No charge will be made by the
Company for any transfer or exchange of this bond or, in case this bond shall be
lost, destroyed or mutilated, the issuance, authentication and delivery of a new
bond in substitution hereof. The Company and the Trustee may deem and treat the
person in whose name this bond is registered as the absolute owner hereof for
the purpose of receiving payment and for all other purposes and neither the
Company nor the Trustee shall be affected by any notice to the
contrary.

    

    As
provided in the Mortgage, the Company shall not be required to make transfers or
exchanges of bonds of any series for a period of ten (10) days next preceding
any interest payment date for bonds of said series, or next preceding any
designation of bonds of said series to be redeemed, and the Company shall not be
required to make transfers or exchanges of any bonds designated in whole or in
part for redemption.

    

    The
Company shall receive a credit against its obligation to make any payment of the
principal of or interest on the bonds of this series, whether at maturity, upon
redemption or otherwise, in an amount equal to, and such obligation shall be
fully or partially, as the case may be, satisfied and discharged to the extent
of, the amount, if any, credited pursuant to the City of Superior Indenture
against the payment required to be made by or for the account of the City in
respect of the corresponding payment of the principal of or interest on the City
of Superior Bonds pursuant to the Loan Agreement, dated as of October 1,
2007, from the City to the Company (hereinafter called the "Loan
Agreement").

    

    No recourse shall be had for the
payment of the principal of or interest on this bond against any incorporator or
any past, present or future subscriber to the capital stock, stockholder,
officer, or director of the Company or of any predecessor or successor
corporation, as such, either directly or through the Company or any predecessor
of successor corporation, under any rule of law, statute, or constitution or by
the enforcement of any assessment or

    
      
              

                  A-3      
    

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    otherwise,
all such liability of incorporators, subscribers, stockholders, officers, and
directors being released by the holder or owner hereof by the acceptance of this
bond and being likewise waived and released by the terms of the
Mortgage.

    

    This bond
shall not become obligatory until U.S. Bank National Association, the Trustee
under the Mortgage, or its successor thereunder, shall have signed the form of
authentication certificate endorsed hereon.

    

    IN
WITNESS WHEREOF, SUPERIOR WATER, LIGHT AND POWER COMPANY has caused this bond to
be signed in its corporate name by its President or one of its Vice-Presidents
and its Treasurer and its corporate seal to be impressed or imprinted hereon and
attested by its Secretary or one of its Assistant Secretaries on                 ,     .

    

    

    SUPERIOR
WATER, LIGHT AND POWER

    COMPANY

    

    

    By                                                                                     

    Roger P.
Engle

    President

    

    

    By                                                                                  

    William
S. Bombich

    Treasurer

    ATTEST:

     

                                     

    Janet A. Blake

    Secretary

    

    

    [FORM OF TRUSTEE'S AUTHENTICATION
CERTIFICATE]

    

    This bond
is one of the bonds, of the series herein designated, described or provided for
in the within-mentioned Mortgage.

    

    

    U.S. BANK
NATIONAL ASSOCIATION,

    as
Trustee

    

    By                                                                                          

        Authorized
Officer

    

    

    
      
              

                  A-4exhibit_4c4.htm

    Exhibit 4(c)4

     

    ALLETE
2007 Form 10-K

                                ________________________________________________________________________

    

    

    

    SUPERIOR
WATER, LIGHT AND POWER COMPANY

    2915 Hill
Avenue, Superior, WI 54880

    

    

    

    To

    

    

    

    U.S. BANK
NATIONAL ASSOCIATION

    (formerly
First Bank (N.A.))

    

    

    As
Trustee Under Superior Water, Light

    and Power
Company's Mortgage and Deed of Trust,

    Dated as
of March 1, 1943

    

    

    

    _________________________________________

    

    TENTH
SUPPLEMENTAL INDENTURE

    _________________________________________

    

    

    

    Dated as
of October 1, 2007

    

                                ________________________________________________________________________

    

    

     

    

    This
instrument drafted by

    Bell,
Gierhart & Moore, S.C.

    Madison,
WI

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE OF CONTENTS

    

    
      	
              Section

            	
              Heading

            	
              Page

            
	 	 	 	 
	
              Parties

            	 	 	
              1

            
	 	 	 	 
	
              Recitals

            	 	
              1

            
	 	 	 	 
	
              ARTICLE
      I

            	
              BONDS
      OF THE NINTH SERIES

            	
              7

            
	 	
              Section
      1.1

            	 	
              7

            
	 	 	 	 
	
              ARTICLE
      II

            	
              MISCELLANEOUS
      PROVISIONS

            	
              9

            
	 	
              Section
      2.1

            	 	
              9

            
	 	
              Section
      2.2

            	 	
              9

            
	 	
              Section
      2.3

            	 	
              9

            
	 	
              Section
      2.4

            	 	
              10

            
	 	
              Section
      2.5

            	 	
              10

            
	 	
              Section
      2.6

            	 	
              10

            
	 	 	 	 
	
              Signature
      Page

            	 	
              11

            
	 	 	 	 
	
              ATTACHMENTS
      TO SUPPLEMENTAL INDENTURE:

            	 
	 	 	 	 
	
              EXHIBIT
      A - Form of Bond of the Ninth Series

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TENTH SUPPLEMENTAL
INDENTURE

    

    SUPPLEMENTAL
INDENTURE, dated as of the 1st day of October,
2007, made and entered into by and between SUPERIOR WATER, LIGHT AND POWER
COMPANY, a corporation of the State of Wisconsin, whose address is 2915 Hill
Avenue, Superior, Wisconsin 54880 (the "Company") and U.S. BANK
NATIONAL ASSOCIATION (successor to Chemical Bank, as Corporate Trustee, and
Peter Morse, as Co-Trustee), a national banking association, whose principal
trust office at the date hereof is in St. Paul, Minnesota (the "Trustee"), as Trustee under
the Mortgage and Deed of Trust dated as of March 1, 1943 (hereinafter called the
"Mortgage"), which
Mortgage was executed and delivered by the Company to secure the payment of
bonds issued or to be issued under and in accordance with the provisions of the
Mortgage, reference to which Mortgage is hereby made, this Tenth Supplemental
Indenture (the "Tenth
Supplemental Indenture") being supplemental thereto;

    

    WHEREAS,
said Mortgage was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on May 3, 1943, in Volume 191 of Mortgages at page 1,
Document No. 362844; and

    

    WHEREAS,
an instrument dated as of September 15, 1949, was executed by the Company
appointing Russell H. Sherman as Co-Trustee in succession to said Howard B.
Smith, resigned, under said Mortgage, and by Russell H. Sherman accepting the
appointment as Co-Trustee under said Mortgage in succession to the said Howard
B. Smith, which instrument was recorded in the office of the Register of Deeds
in and for Douglas County, Wisconsin, on October 8, 1949, in Volume 196 of
Mortgages at page 510, Document No. 398649; and

    

    WHEREAS,
by the Mortgage, the Company covenanted that it would execute
and  deliver such supplemental indenture or indentures and such
further instruments and do such further acts as might be necessary or proper to
carry out more effectively the purposes of the Mortgage and to make subject to
the lien of the Mortgage any property acquired after the date of the execution
of the Mortgage and intended to be subject to the lien thereof; and

    

    WHEREAS,
the Company executed and delivered its First Supplemental Indenture, dated as of
March 1, 1951 (hereinafter called its "First Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on March 30, 1951, in Volume 205 of Mortgages
at page 73, Document No. 405297; and

    

    WHEREAS,
an instrument dated as of May 16, 1961, was executed by the Company appointing
Richard G. Pintard as Co-Trustee in succession to said Russell H. Sherman,
resigned, under said Mortgage and by Richard G. Pintard accepting the
appointment as Co-Trustee under said Mortgage in succession to said Russell H.
Sherman, which instrument was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on May 31, 1961, in Volume 256 of Mortgages
at page 423, Document No. 453857; and

    

    WHEREAS,
the Company executed and delivered its Second Supplemental Indenture, dated as
of March 1, 1962 (hereinafter called its "Second Supplemental
Indenture"), which was

    
      
        1

      

      
        
        

        
          

        

      

      
        
        

      

    

    recorded
in the office of the Register of Deeds in and for Douglas County, Wisconsin, on
March 26, 1962, in Volume 261 of Mortgages at page 81, Document No. 457662;
and

    

    WHEREAS,
an instrument dated as of June 23, 1976, was executed by the Company appointing
Steven F. Lasher as Co-Trustee in succession to said Richard G. Pintard,
resigned, under said Mortgage and by Steven F. Lasher accepting the appointment
as Co-Trustee under said Mortgage in succession to said Richard G. Pintard,
which instrument was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on July 16, 1976, in Volume 353 of Records at page
274, Document No. 532495; and

    

    WHEREAS,
the Company executed and delivered its Third Supplemental Indenture, dated as of
July 1, 1976 (hereinafter called its "Third Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on October 1, 1976, in Volume 355 of Records
at page 683, Document No. 534332; and

    

    WHEREAS,
an instrument dated as of December 30, 1977, was executed by the Company
appointing C. G. Martens as Co-Trustee in succession, to said Steven F. Lasher,
resigned, under said Mortgage and by C. G. Martens accepting the appointment as
Co-Trustee under said Mortgage in succession to said Steven F. Lasher, which
instrument was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on February 13, 1985, in Volume 436 of Records at
page 264, Document No. 589308; and

    

    WHEREAS,
the Company executed and delivered its Fourth Supplemental Indenture, dated as
of March 1, 1985 (hereinafter called its "Fourth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on March 19, 1985, in Volume 436 of Records
at page 910, Document No. 589776; and

    

    WHEREAS,
an instrument dated as of October 26, 1992, was executed by the Company
appointing Peter Morse as Co-Trustee in succession to said C. G. Martens,
resigned, under said Mortgage and by Peter Morse accepting the appointment as
Co-Trustee under said Mortgage in succession to said C. G. Martens, which
instrument was recorded in the office of the Register of Deeds in and for
Douglas County, Wisconsin, on November 13, 1992, in Volume 539 of Records at
page 9, Document No. 649056; and

    

    WHEREAS,
the Company executed and delivered its Fifth Supplemental Indenture, dated as of
December 1, 1992, (hereinafter called its "Fifth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on December 28, 1992, in Volume 541 of
Records at page 229, Document No. 650104; and

    

    WHEREAS,
the Company executed and delivered its Sixth Supplemental Indenture, dated as of
March 24, 1994 (hereinafter called its "Sixth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on March 29, 1994, in Volume 568 of Records
at page 757, Document No. 662228; and

    

    WHEREAS,
the Company executed and delivered its Seventh Supplemental Indenture, dated as
of November 1, 1994 (hereinafter called its "Seventh Supplemental
Indenture"), which

    
      
        2

      

      
        
        

        
          

        

      

      
        
        

      

    

    was
recorded in the office of the Register of Deeds in and for Douglas County,
Wisconsin, on January 18, 1995, in Volume 583 of Records at page 242, Document
No. 669350; and

    

    WHEREAS,
an instrument dated as of January 20, 1995, was executed by The Prudential
Insurance Company pursuant to Section 102 of the Mortgage appointing First Bank
(N.A.) as Trustee in succession to Chemical Bank as Corporate Trustee and Peter
Morse as Co-Trustee under said Mortgage and by First Bank (N.A.) (U.S. Bank
National Association, successor) accepting the appointment as Trustee under such
Mortgage in succession to said Chemical Bank and said Peter Morse, which
instrument was recorded in the Office of the Register of Deeds in and for
Douglas County, Wisconsin on April 6, 1995 in Volume 585 of Records at page 953,
Document No. 670717; and

    

    WHEREAS,
the Company executed and delivered its Eighth Supplemental Indenture, dated as
of January 1, 1997 (hereinafter called its "Eighth Supplemental
Indenture"), which was recorded in the office of the Register of Deeds in
and for Douglas County, Wisconsin, on January 7, 1997, in Volume 617 of Records
at page 536, Document No. 685699; and

    

    WHEREAS,
the Company executed and delivered its Ninth Supplemental Indenture, dated as of
October 1, 2007 (hereinafter called its "Ninth Supplemental
Indenture"), which will be recorded in the office of the Register of
Deeds in and for Douglas County, Wisconsin, contemporaneously with the recording
of this instrument; and

    

    WHEREAS,
in addition to the property described in the Mortgage, as heretofore
supplemented, the Company has acquired certain other property, rights and
interests in property; and

    

    WHEREAS,
the Company has heretofore issued, in accordance with the provisions of the
Mortgage, bonds of a series entitled and designated First Mortgage Bonds, 3 3/8%
Series due 1973 (the "Bonds of
the First Series"), in the aggregate principal amount of Two Million Five
Hundred Thousand Dollars ($2,500,000), none of which Bonds of the First Series
are now Outstanding; bonds of a series entitled and designated First Mortgage
Bonds, 3 1/10% Series due 1981 (the "Bonds of the Second Series"),
in the aggregate principal amount of Five Million Dollars ($5,000,000), none of
which Bonds of the Second Series are now Outstanding; bonds of a series entitled
and designated First Mortgage Bonds, 5% Series due 1992 (the "Bonds of the Third Series"),
in the aggregate principal amount of Two Million Seven Hundred Thousand Dollars
($2,700,000), none of which Bonds of the Third Series are now outstanding; bonds
of a series entitled and designated First Mortgage Bonds, 9 5/8% Series due 2001
(the "Bonds of the Fourth
Series"), the interest rate for which bonds was modified to 6.10% by the
Sixth Supplemental Indenture, in the aggregate principal amount of Three Million
Dollars ($3,000,000), none of which bonds of the Fourth Series are now
outstanding; bonds of a series entitled and designated First Mortgage Bonds, 12
1/2% Series due 1992 (the "Bonds of the Fifth Series"),
in the aggregate principal amount of Three Million Five Hundred Thousand Dollars
($3,500,000), none of which Bonds of the Fifth Series are now outstanding; Bonds
of a series entitled and designated First Mortgage Bonds, 7.91% Series due 2013
(the "Bonds of the Sixth
Series"), in the aggregate principal amount of Five Million Dollars
($5,000,000) of which One

    
      
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    Million
Five Hundred Thousand Dollars ($1,500,000) aggregate principal amount is now
outstanding; Bonds of a series entitled and designated First Mortgage Bonds,
7.27% Series due 2008 (the "Bonds of the Seventh
Series"), in the aggregate principal amount of Six Million Dollars
($6,000,000) of which Six Million Dollars ($6,000,000) aggregate principal
amount is now outstanding; and Bonds of a series entitled and designated First
Mortgage Bonds, 5.375% Series due 2021 (the "Bonds of the Eighth Series"),
in the aggregate principal amount of $6,370,000, none of which has yet been
issued.

    

    WHEREAS,
Section 8 of the Mortgage provides that the form of each series of bonds (other
than Bonds of the First Series) issued thereunder shall be established by
Resolution of the Board of Directors of the Company and that the form of such
series, as established by said Board of Directors, shall specify the descriptive
title of the bonds and various other terms thereof, and may also contain such
provisions not inconsistent with the provisions of the Mortgage as the Board of
Directors may, in its discretion, cause to be inserted therein; and

    

    WHEREAS,
Section 120 of the Mortgage provides, among other things, that the Company may
enter into any further covenants, limitations or restrictions for the benefit of
any one or more series of bonds issued thereunder, or the Company may establish
the terms and provisions of any series of bonds other than said Bonds of the
First Series, by an instrument in writing executed and acknowledged by the
Company in such manner as would be necessary to entitle a conveyance of real
estate to be of record in all of the states in which any property at the time
subject to the lien of the Mortgage shall be situated; and

    

    WHEREAS,
the Company now desires to create a new series of bonds; and

    

    WHEREAS,
the execution and delivery by the Company of this Tenth Supplemental Indenture,
and the terms of the Bonds of the Ninth Series hereinafter referred to, have
been duly authorized by the Board of Directors of the Company by appropriate
resolutions of said Board of Directors;

    

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH: That Superior Water, Light and Power
Company, in consideration of the premises and of One Dollar ($1) to it duly paid
by the Trustee at or before the ensealing and delivery of these presents, the
receipt whereof is hereby acknowledged, and in further evidence of assurance of
the estate, title and rights of the Trustee and in order further to secure the
payment both of the principal of and interest and premium, if any, on the bonds
from time to time issued under the Mortgage, according to their tenor and
effect, and the performance of all the provisions of the Mortgage (including any
instruments supplemental thereto and any modification made as in the Mortgage
provided) and of said bonds, hereby grants, bargains, sells, releases, conveys,
assigns, transfers, mortgages, pledges, sets over and confirms (subject,
however, to Excepted Encumbrances as defined in Section 6 of the Mortgage) unto
U.S. Bank National Association, as Trustee under the Mortgage, and to its
successor or successors in said trust, and to said Trustee and its successors
and assigns forever, all and singular the permits, franchises, rights,
privileges, grants and property, real, personal and mixed, now owned or which
may be hereafter acquired by the Company (except any of the character herein or
in the Mortgage expressly excepted), including (but not limited to) its electric
light and power works, gas works, water works, buildings, structures,
machinery,

    
      
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    equipment,
mains, pipes, lines, poles, wires, easements, rights of way, permits,
franchises, rights, privileges, grants and all property of every kind and
description, situated in the City of Superior, Douglas County, Wisconsin, or
elsewhere in Douglas County, Wisconsin, in Washburn County, Wisconsin, or in any
other place or places now owned by the Company, or that may be hereafter
acquired by it, including, but not limited to, the following described
properties of the Company--that is to say:

    

    All
property, real, personal and mixed, acquired by the Company after the date of
the execution and delivery of the Mortgage (except any herein or in the
Mortgage, as heretofore supplemented, expressly excepted), now owned or
hereafter acquired by the Company and wheresoever situated, including (without
in any wise limiting or impairing by the enumeration of the same the scope and
intent of the foregoing or of any general description contained in this Tenth
Supplemental Indenture) all lands, power sites, flowage rights, water rights,
water franchises, water locations, water appropriations, ditches, flumes,
reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts, and
all other rights or means for appropriating, conveying, storing and supplying
water; all rights of way and roads; all plants, works, reservoirs and tanks for
the pumping and purification of water; all water works; all plants for the
generation of electricity by water, steam and/or other power; all power houses,
gas plants, street lighting systems, standards and other equipment incidental
thereto, telephone, radio and television systems, air-conditioning systems and
equipment incidental thereto, water systems, steam heat and hot water plants,
substations, lines, service and supply systems, bridges, culverts, tracks,
street and interurban railway systems, offices, buildings and other structures
and the equipment thereof; all machinery, engines, boilers, dynamos, water,
electric, gas and other machines, regulators, meters, transformers, generators,
motors, water, electrical, gas and mechanical appliances, conduits, cables,
water, steam, heat, gas or other mains and pipes, service pipes, fittings,
valves and connections, pole and transmission lines, wires, cables, tools,
implements, apparatus, furniture, chattels and choses in action; all municipal
and other franchises, consents or permits; all lines for the transmission and
distribution of water, electric current, gas, steam heat or hot water for any
purpose, including towers, poles, wires, cables, pipes, conduits, ducts and all
apparatus for use in connection therewith; all real estate, lands, easements,
servitudes, licenses, permits, franchises, privileges, rights of way and other
rights in or relating to real estate or the occupancy of the same and (except as
herein or in the Mortgage, as heretofore supplemented, expressly excepted) all
the right, title and interest of the Company in and to all other property of any
kind or nature appertaining to and/or used and/or occupied and/or enjoyed in
connection with any property hereinbefore or in the Mortgage, as heretofore
supplemented, described.

    

    Together
with all and singular the tenements, hereditaments and appurtenances belonging
or in any wise appertaining to the aforesaid property or any part thereof, with
the reversion and reversions, remainder and remainders and (subject to the
provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues,
earnings, income, product and profits thereof, and all the estate, right, title
and interest and claim whatsoever, at law as well as in equity, which the
Company now has or may hereafter acquire in and to the aforesaid property and
franchises and every part and parcel thereof.

    

    It is
hereby agreed by the Company that all the property, rights and franchises
acquired by the Company after the date hereof (except any herein or in the
Mortgage, as heretofore

    
      
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    supplemented,
expressly excepted) shall be and are as fully granted and conveyed hereby and as
fully embraced within the lien of the Mortgage as if such property, rights and
franchises were now owned by the Company and were specifically described herein
and conveyed hereby.

    

    Provided that the following
are not and are not intended to be now or hereafter granted, bargained, sold,
released, conveyed, assigned, transferred, mortgaged, pledged, set over or
confirmed hereunder and are hereby expressly excepted from the lien and
operation of the Mortgage, viz: (1) cash, shares of stock, bonds, notes and
other obligations and other securities not hereafter specifically pledged, paid,
deposited, delivered or held under the Mortgage or covenanted so to be; (2)
merchandise, equipment, materials or supplies held for the purpose of sale in
the usual course of business and fuel, oil and similar materials and supplies
consumable in the operation of any properties of the Company; rolling stock,
buses, motor coaches, automobiles and other vehicles; (3) bills, notes and
accounts receivable, and all contracts, leases and operating agreements not
specifically pledged under the Mortgage or covenanted so to be; the last day of
the term of any lease or leasehold which may heretofore have or hereafter may
become subject to the lien of the Mortgage; (4) water, electric energy, gas, ice
and other materials or products pumped, stored, generated, manufactured,
produced or purchased by the Company for sale, distribution or use in the
ordinary course of its business; (5) the Company's franchise to be a
corporation; and (6) all permits, franchises, rights, privileges, grants and
property in the state of Minnesota now owned or hereafter acquired unless such
permits, franchises, rights, privileges, grants and property in the state of
Minnesota shall have been subjected to the lien of the Mortgage by an indenture
or indentures supplemental to the Mortgage, pursuant to authorization of the
Board of Directors of the Company, whereupon all the permits, franchises,
rights, privileges, grants and property then owned or thereafter acquired by the
Company in the state of Minnesota (except property of the character expressly
excepted from the lien of the Mortgage in clauses (1) to (5) above, inclusive),
shall become and be subject to the lien of the Mortgage as part of the Mortgaged
and Pledged Property and may be released, funded and otherwise dealt with on the
same terms and subject to the same conditions and restrictions as though not
theretofore excepted from the lien of the Mortgage; provided, however, that the
property and rights expressly excepted from the lien and operation of the
Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by
law) cease to be so excepted in the event and as of the date that the Trustee or
a receiver or trustee shall enter upon and take possession of the Mortgaged and
Pledged Property in the manner provided in Article XIII of the Mortgage by
reason of the occurrence of a Default as defined in Section 65 of the
Mortgage.

    

    To have
and to hold all such properties, real, personal and mixed, granted, bargained,
sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or
confirmed by the Company as aforesaid, or intended so to be, unto U.S. Bank
National Association as Trustee, and its successors and assigns
forever.

    

    In trust
nevertheless, for the same purposes and upon the same terms, trusts and
conditions and subject to and with the same provisos and covenants as are set
forth in the Mortgage, as heretofore supplemented, this Tenth Supplemental
Indenture being supplemental thereto.

    
      
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    And it is
hereby covenanted by the Company that all the terms, conditions, provisos,
covenants and provisions contained in the Mortgage, as heretofore supplemented,
shall affect and apply to the property hereinbefore described and conveyed and
to the estate, rights, obligations and duties of the Company and the Trustee and
the beneficiaries of the trust with respect to said property, and to the Trustee
and its successors as Trustee of said property, in the same manner and with the
same effect as if said property had been owned by the Company at the time of the
execution of the Mortgage, and had been specifically and at length described in
and conveyed to the Trustee by the Mortgage as part of the property therein
stated to be conveyed.

    

    The
Company further covenants and agrees to and with the Trustee and its successors
in said trust under the Mortgage as follows:

    

    ARTICLE I

    BONDS OF THE NINTH
SERIES

    

    Section 1.1.    There shall be
a Ninth series of bonds designated "First Mortgage Bonds, 5.75% Series
due November 1, 2037" (the "Bonds of the Ninth Series"),
which shall be limited to $6,130,000 aggregate principal amount, and shall be
issued as fully registered bonds without coupons in the denominations of $1,000
or any multiple thereof.  The Bonds of the Ninth Series shall be dated
on the date of issuance thereof, mature on the maturity date of the City of
Superior Bonds (as defined herein) or upon earlier acceleration or redemption,
and shall bear interest from their date of issuance, at the rate borne by the
City of Superior Bonds, payable when interest on the City of Superior Bonds is
payable, the principal and interest on each said bond to be payable at the or
the office of the Company in Superior, Wisconsin or agency of the Company in the
City of St. Paul, Minnesota, in such coin or currency of the United States
of America as at the time of payment is legal tender for public and private
debts.

     

    The Bonds
of the Ninth Series shall be authenticated and delivered from time to time, upon
the request of the Company to the Trustee, to, and registered in the name of,
the trustee under the Indenture of Trust, dated as of October 1,
2007  (herein called the "City of Superior Indenture")
of the City of Superior, Wisconsin (the "City"), in order to secure
the obligation of the Company to repay amounts borrowed in connection with the
sale of the bonds from time to time issued under the City of Superior Indenture
(herein called the "City of
Superior Bonds") pursuant to the Loan Agreement, dated as of
October 1, 2007, between the City and the Company (hereinafter called the
"Loan Agreement"),
together with interest thereon.  Such request of the Company shall
specify the terms and principal amount of the Bonds of the Ninth Series to be
authenticated and delivered pursuant to such request and be accompanied by such
certificates, opinions and other documents required under the
Mortgage.

     

    The
Company shall receive a credit against its obligation to make any payment of the
principal of or interest on the bonds of this series, whether at maturity, upon
redemption or otherwise, in an amount equal to, and such obligation shall be
fully or partially, as the case may be, satisfied and discharged to the extent
of, the amount, if any, credited pursuant to the City of Superior Indenture
against the payment required to be made by or for the account of the City
in

     

    
      
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    respect
of the corresponding payment of the principal of or interest on the City of
Superior Bonds.

     

    The
Trustee may conclusively presume that the obligation of the Company to pay the
principal of and interest on the Bonds of the Ninth Series as the same shall
become due and payable shall have been fully satisfied and discharged unless and
until it shall have received a written notice from the trustee under the City of
Superior Indenture, signed by its President, a Vice President or a Trust
Officer, stating that the corresponding payment of principal of or interest on
the City of Superior Bonds has become due and payable and has not been fully
paid and specifying the amount of funds required to make such
payment.

     

    If an
Event of Default described in Section 701(a) or (b) of the City of Superior
Indenture shall have occurred, in determining whether or not any payment of the
principal of or interest on the Bonds of the Ninth Series shall have been made
in full, moneys received by the trustee under the City of Superior Indenture
from the Company shall, to the extent of the amount remaining to be paid by the
Company pursuant to subsection (e) of Section 3.02 of the Loan Agreement be
deemed to have been paid under said subsection (e) and not to have been paid on
the Bonds of the Ninth Series.

     

    The
Trustee may conclusively presume that no Event of Default described in Section
701 of the City of Superior Indenture shall have occurred unless and until it
shall have received a written notice from the trustee under the City of Superior
Indenture, signed by its President, a Vice President or a Trust Officer stating
that such an event has occurred.

     

    From time
to time, pursuant to Section 9.03 of the Loan Agreement, the Company may amend
the terms of the Bonds of the Ninth Series in order to secure the amended
obligation of the Company under the Loan Agreement.  Upon receipt of a
Company request specifying the amended terms of the Bonds of the Ninth Series
and requesting the authentication and delivery of amended certificates for such
bonds, together with a written notice signed by an officer of the trustee under
the City of Superior Indenture confirming that such amended terms comply with
the requirements of Section 9.03 of the Loan Agreement, the Trustee shall
authenticate and deliver such amended certificates to the trustee under the City
of Superior Indenture.  Upon such delivery of the amended
certificates, the certificates for the corresponding Bonds of the Ninth Series
previously held by the trustee under the City of Superior Indenture shall be
deemed superseded by the amended certificates and shall thereafter be deemed
obsolete, null and void.  The obsolete certificates need not be
delivered to the Trustee prior to the delivery of the amended certificates, but
shall be cancelled or destroyed if and when surrendered by the trustee under the
City of Superior Indenture.

     

    On the
date that any of the City of Superior Bonds are required to be redeemed pursuant
to Section 301 of the City of Superior Indenture, an equal principal amount of
Bonds of the Ninth Series shall be redeemed at such principal amount plus
accrued interest to such redemption date.

     

    The
Trustee may conclusively presume that no event shall have occurred which would
require the Company to redeem Bonds of the Ninth Series pursuant to this section
unless and until it shall have received a written notice from the trustee under
the City of Superior Indenture,signed by its President, a Vice President or a
Trust Officer, stating that such an event shall have occurred, specifying the
date thereof and describing such event in reasonable detail.

     

    
      
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    At the
option of the registered owner, any Bonds of the Ninth Series, upon surrender
thereof for cancellation at the office or agency of the Company in the City of
St. Paul, Minnesota, or the office of the Company in Superior, Wisconsin,
together with a written instrument of transfer wherever required by the Company
duly executed by the registered owner or by its duly authorized attorney, shall
(subject to the provisions of Section 12 of the Mortgage) be exchangeable for a
like aggregate principal amount of bonds of the same series of other authorized
denominations.

     

    Bonds of
the Ninth Series shall not be transferable except to any successor trustee under
the City of Superior Indenture, any such transfer to be made (subject to the
provisions of Section 12 of the Mortgage) at the office or agency of the Company
in City of St. Paul, Minnesota, or the office of the Company in Superior,
Wisconsin.

     

    Upon the
delivery of this Tenth Supplemental Indenture and upon compliance with the
applicable provisions of the Mortgage, there shall be an initial issue of Bonds
of the Ninth Series for the aggregate principal amount of
$6,130,000.

     

    Notwithstanding
any provision of Section 12 or Section 16 of the Mortgage, (a) no charge will be
made by the Company for any transfer or exchange of any Bond of the Ninth Series
or, in the case of any lost, destroyed or mutilated Bond, the issuance,
authentication and delivery of a new Bond of the Ninth Series in substitution
thereof, whether for any stamp tax or other governmental charge, if any,
applicable thereto or otherwise, and the Company shall reimburse the Trustee for
all expenses incurred in connection therewith and (b) in the event of any loss,
destruction or mutilation of any Bond of the Ninth Series, and a request by the
holder for issuance of a new Bond of the Ninth Series in substitution therefor,
the holder's unsecured indemnity agreement shall be deemed to be satisfactory to
the Company and the Trustee for purposes of Section 16 of the
Mortgage.

    

    Notwithstanding
any provision of Section 15 of the Mortgage, Bonds of the Ninth Series shall be
authenticated, issued and delivered only as definitive bonds.  Bonds
of the Ninth Series so authenticated, issued and delivered may be in the form of
fully engraved bonds, bonds printed or lithographed on engraved borders, bonds
printed or bonds typewritten.

    

    ARTICLE II

    MISCELLANEOUS
PROVISIONS

    

    Section 2.1.    The terms
defined in the Mortgage, as heretofore supplemented, shall for all purposes of
this Tenth Supplemental Indenture have the meanings specified in the Mortgage,
as heretofore supplemented.

    

    Section 2.2.    The Trustee
hereby accepts the trust herein declared, provided and created and agrees to
perform the same upon the terms and conditions herein and in the Mortgage, as
heretofore supplemented, set forth and upon the following terms and
conditions.

    
      
        9

      

      
        
        

        
          

        

      

      
        
        

      

    

           
Section 2.3.    The Trustee
shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Tenth Supplemental Indenture or for or in
respect of the recitals contained herein, all of which recitals are made by the
Company solely.  In general, each and every term and condition
contained in Article XVII of the Mortgage shall apply to and form part of this
Tenth Supplemental Indenture with the same force and effect as if the same were
herein set forth in full, with such omissions, variations and insertions, if
any, as may be appropriate to make the same conform to the provisions of this
Tenth Supplemental Indenture.

    

    Section 2.4.    Subject to the
provisions of Article XVI and Article XVII of the Mortgage, whenever in this
Tenth Supplemental Indenture any of the parties hereto is named or referred to,
this shall be deemed to include the successors or assigns of such party, and all
the covenants and agreements in this Tenth Supplemental Indenture contained by
or on behalf of the Company or by or on behalf of the Trustee shall bind and
inure to the benefit of the respective successors and assigns of such parties
whether so expressed or not.

    

    Section 2.5.    Nothing in
this Tenth Supplemental Indenture, express or implied, is intended, or shall be
construed, to confer upon, or to give to, any person, firm or corporation, other
than the parties hereto and the holders of the bonds Outstanding under the
Mortgage, any right, remedy or claim under or by reason of this Tenth
Supplemental Indenture or any covenant, condition, stipulation, promise or
agreement hereof, and all the covenants, conditions, stipulations, promises and
agreements of this Tenth Supplemental Indenture contained by or on behalf of the
Company shall be for the sole and exclusive benefit of the parties hereto, and
of the holders of the bonds and of the coupons Outstanding under the
Mortgage.

    

    Section 2.6.    This Tenth
Supplemental Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
instrument.

    

    
      
        10

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, Superior Water, Light and Power Company has caused its
corporate name to be hereunto affixed, and this instrument to be signed and
sealed by its President or one of its Vice Presidents, and its corporate seal to
be attested by its Secretary or one of its Assistant Secretaries for and in its
behalf, and U.S. Bank National Association has caused its corporate name to be
hereunto affixed, and this instrument to be signed by its President and to be
attested by its Secretary, all as of the 1st day of October,
2007.

    

    
      	
               

            	
              SUPERIOR
      WATER, LIGHT AND POWER COMPANY

            

    

     

     

                                        By: /s/ Roger P. Engle        

        President

    

    ATTEST:

    

    /s/ Janet A.
Blake            

    Secretary

    

    

    Executed,
sealed and delivered by

    Superior
Water, Light and Power

    Company
in the presence of:

     

     

    /s/ Nancy
A. Venne          

     

    /s/ Paul M.
Holt             

     

    
 

    

    

    

    

    

    

    

    

    

    
      
        11

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    

      U.S. BANK
NATIONAL ASSOCIATION,

      as
Trustee

      

      

      By: /s/ R. Prokosch                                                              

          Vice
President

      

      ATTEST:

      

      

      

      /s/
Ryan Hernstat        

      Vice President            

       

      

      

      Executed
and delivered by U.S. Bank National

      Association
in the presence of:

      

      /s/ Joel
Geist              

       

       

      /s/ D.
Garsteig              

      

      

      

    

    
 

    

    

    
      
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    STATE OF
WISCONSIN    )

    ) SS.

    COUNTY OF
DOUGLAS    )

    

    Personally
came before me this 24 day of September, 2007, Roger P. Engle, to me known to be
the President, and Janet A. Blake, to me known to be the Secretary of the
above-named SUPERIOR WATER, LIGHT AND POWER COMPANY, the corporation described
in and which executed the foregoing instrument, and to me personally known to be
the persons who as such officers executed the foregoing instrument in the name
and behalf of said corporation, who, being by me duly sworn, did depose and say
and acknowledge that they are respectively the President and Secretary of said
corporation, that the seal affixed to said instrument is the corporate seal of
said corporation, and that they signed, sealed and delivered said instrument in
the name and on behalf of said corporation by authority of its Board of
Directors, and said Roger P. Engle and Janet A. Blake, then and there
acknowledged said instrument to be the free act and deed of said corporation and
that such corporation executed the same.

    

    Given
under my hand and notarial seal this 24 day of September, 2007.

     

     

    
                                   /s/ Nancy A.
Venne                 
                                    Notary Public, State
of Wisconsin

                                        My Commission expires
July 20, 2008

    

    
      
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    STATE OF
MINNESOTA                 
)

    )
SS.

    COUNTY OF
RAMSEY                     
)

    

    Personally
came before me this 20th day of September, 2007, Richard Prokosch, to me
known to be the Vice President, and Raymond Haverstock, to me known to the
Vice President of the above-named U.S. BANK NATIONAL ASSOCIATION, the
corporation described in and which executed the foregoing instrument, and to me
personally known to be the persons who as such officers executed the foregoing
instrument in the name and behalf of said corporation, who, being by me duly
sworn, did depose and say and acknowledge that they are respectively the Vice
President and Vice President of said corporation, and that they signed and
delivered said instrument in the name and on behalf of said corporation by
authority of its Board of Directors, and said Vice President and Vice President
then and there acknowledged said instrument to be the free act and deed of said
corporation and that such corporation executed the same.

    

    Given
under my hand and notarial seal this 20th day of September, 2007

     

     

                                        /s/ Denise Landeen            

                                        Notary Public, State
of Minnesota

    
                                          My Commission expires
January 31, 2012

    

    

    
      
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    EXHIBIT A

    

    

    [FORM OF BOND OF THE NINTH
SERIES]

    

    THIS BOND
IS NOT TRANSFERABLE EXCEPT TO A SUCCESSOR TRUSTEE UNDER THE INDENTURE OF TRUST,
DATED AS OF OCTOBER 1, 2007 (HEREINAFTER CALLED "THE CITY OF SUPERIOR
INDENTURE"), BETWEEN THE CITY OF SUPERIOR, WISCONSIN (HEREINAFTER CALLED
"THE CITY"), AND U.S.
BANK NATIONAL ASSOCIATION, AS TRUSTEE UNDER THE CITY OF SUPERIOR
INDENTURE.

    

    SUPERIOR WATER, LIGHT AND POWER
COMPANY

    FIRST MORTGAGE
BOND

    

    5.75% Series due November 1,
2037

    

    No.
R-___                                                                                                  $        

    SUPERIOR
WATER, LIGHT AND POWER COMPANY, a corporation of the State of Wisconsin
(hereinafter called the "Company"), for value
received, hereby promises to pay to                 ,
or registered assigns, on November 1, 2037,          DOLLARS
($        ) in such coin
or currency of the United States of America as at the time of payment is legal
tender for public and private debts, and to pay to the registered owner hereof
interest thereon in like coin or currency (computed on the basis of a
360-­day year of twelve 30-day months) at the rate of five and seventy-five
hundredths percent (5.75%) per annum semiannually on May 1 and
November 1 of each year commencing November 1, 2007 until the
principal thereof shall have become due and payable and at the same rate per
annum on any overdue payment of principal or premium, if any, and, to the extent
enforceable under applicable law, on any overdue payment of interest. The
principal hereof (and premium, if any) and interest hereon shall be paid at the
office or agency of the Company in the City of St. Paul, Minnesota, or the
office of the Company in Superior, Wisconsin or as shall be otherwise agreed to
pursuant to the provisions of the Tenth Supplemental Indenture hereinafter
referred to.

    

    This bond
is one of an issue of bonds of the Company issuable in series and is one of a
series designated the First Mortgage Bonds, 5.75% Series due November 1,
2037 (the "Bonds of the Ninth
Series") created by the Tenth Supplemental Indenture dated as of
October 1, 2007 executed by the Company to U.S. Bank National Association
(successor Trustee to Chemical Bank and Peter Morse), as Trustee, all bonds of
all series being issued and to be issued under and equally secured by a Mortgage
and Deed of Trust (herein, together with any indentures supplemental thereto,
called the "Mortgage"),
dated as of March 1, 1943, executed by the Company to Chemical Bank & Trust
Company and Howard B. Smith, as Trustees (U.S. Bank National Association,
successor Trustee).  Reference is made to the Mortgage for a
description of the property mortgaged and pledged, the nature and extent of the
security, the rights of the holders of the bonds and of the Trustee in respect
thereof, the duties and immunities of the

    
      
              

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    Trustee
and terms and conditions upon which the bonds are and are to be secured and the
circumstances under which additional bonds may be issued.

    

    With the
consent of the Company and to the extent permitted by and as provided in the
Mortgage, the rights and obligations of the Company and/or the rights of the
holders of the bonds and/or coupons and/or the terms and provisions of the
Mortgage may be modified or altered by affirmative vote of the holders of at
least seventy per centum (70%) in principal amount of the bonds then outstanding
under the Mortgage and, if the rights of the holders of one or more, but less
than all, series of bonds then outstanding are to be affected, then also by
affirmative vote of the holders of at least seventy per centum (70%) in
principal amount of the bonds then outstanding of each series of bonds so to be
affected (excluding in any case bonds disqualified from voting by reason of the
Company's interest therein as provided in the Mortgage); provided that, without
the consent of the holder hereof, no such modification or alteration shall,
among other things, impair or affect the right of the holder to receive payment
of the principal of (and premium, if any) and interest on this bond, on or after
the respective due dates and at the places and in the respective amounts
expressed herein, or permit the creation of any lien equal or prior to the lien
of the Mortgage or deprive the holder of the benefit of a lien on the mortgaged
and pledged property, or give any bond or bonds secured by the Mortgage any
preference over any other bond or bonds so secured, or reduce the percentage in
principal amount of the bonds required to authorize or consent to any such
modification or alteration of the Mortgage.

    

    The Bonds
of the Ninth Series may be redeemed prior to maturity, in the manner described
in the Tenth Supplemental Indenture.  The Trustee may conclusively
presume that no event shall have occurred which would require the Company to
redeem bonds of this series pursuant to Section 1.1 of the Tenth Supplemental
Indenture unless and until it shall have received a written notice from the
trustee under the City of Superior Indenture, signed by its President, a Vice
President or a Trust Officer, stating that such an event shall have occurred,
specifying the date thereof and describing such event in reasonable
detail.

    

    The
principal hereof may be declared or may become due prior to the maturity date
hereinbefore named on the conditions, in the manner and at the time set forth in
the Mortgage, upon the occurrence of a default as in the Mortgage
provided.

    

    If an
Event of Default described in Section 701(a) or (b) of the City of Superior
Indenture shall have occurred, in determining whether or not any payment of the
principal of or interest on the bonds of this series shall have been made in
full, moneys received by the trustee under the City of Superior Indenture from
the Company shall, to the extent of the amount remaining to be paid by the
Company pursuant to subsection (e) of Section 3.02 of the Loan Agreement, be
deemed to have been paid under said subsection (e) and not to have been paid on
the bonds of this series.

    

    The
Trustee may conclusively presume that the obligation of the Company to pay the
principal of and interest on the bonds of this series as the same shall become
due and payable shall have been fully satisfied and discharged unless and until
it shall have received a written notice from the trustee under the City of
Superior Indenture, signed by its President, a Vice President or a Trust
Officer, stating that the corresponding payment of principal of or interest
on

    
      
              

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    the bonds
issued under the City of Superior Indenture (hereinafter called the "City of Superior Bonds") has
become due and payable and has not been fully paid and specifying the amount of
funds required to make such payment. The Trustee may conclusively presume that
no Event of Default described in Section 701 of the City of Superior Indenture
shall have occurred unless and until it shall have received a written notice
from the trustee under the City of Superior Indenture, signed by its President,
a Vice President or a Trust Officer stating that such an event has
occurred.

    

    This bond
is not transferable except to any successor trustee under the City of Superior
Indenture, such transfer to be made as prescribed in the Mortgage by the
registered owner hereof in person, or by its duly authorized attorney, at the
office or agency of the Company in the City of St. Paul, Minnesota or the
office of the Company in Superior, Wisconsin upon surrender hereof for
cancellation, together with a written instrument of transfer in form approved by
the Company duly executed by the registered owner hereof or by its duly
authorized attorney, and thereupon a new fully registered bond or bonds of the
same series for a like principal amount will be issued to the transferee in
exchange herefor as provided in the Mortgage. This bond may, at the option of
the registered owner hereof and upon surrender hereof for cancellation at such
office or agency, be exchanged as prescribed in the Mortgage for other
registered bonds of the same series of other authorized denominations having a
like aggregate principal amount.  No charge will be made by the
Company for any transfer or exchange of this bond or, in case this bond shall be
lost, destroyed or mutilated, the issuance, authentication and delivery of a new
bond in substitution hereof. The Company and the Trustee may deem and treat the
person in whose name this bond is registered as the absolute owner hereof for
the purpose of receiving payment and for all other purposes and neither the
Company nor the Trustee shall be affected by any notice to the
contrary.

    

    As
provided in the Mortgage, the Company shall not be required to make transfers or
exchanges of bonds of any series for a period of ten (10) days next preceding
any interest payment date for bonds of said series, or next preceding any
designation of bonds of said series to be redeemed, and the Company shall not be
required to make transfers or exchanges of any bonds designated in whole or in
part for redemption.

    

    The
Company shall receive a credit against its obligation to make any payment of the
principal of or interest on the bonds of this series, whether at maturity, upon
redemption or otherwise, in an amount equal to, and such obligation shall be
fully or partially, as the case may be, satisfied and discharged to the extent
of, the amount, if any, credited pursuant to the City of Superior Indenture
against the payment required to be made by or for the account of the City in
respect of the corresponding payment of the principal of or interest on the City
of Superior Bonds pursuant to the Loan Agreement, dated as of October 1,
2007, from the City to the Company (hereinafter called the "Loan
Agreement").

    

    No recourse shall be had for the
payment of the principal of or interest on this bond against any incorporator or
any past, present or future subscriber to the capital stock, stockholder,
officer, or director of the Company or of any predecessor or successor
corporation, as such, either directly or through the Company or any predecessor
of successor corporation, under any rule of law, statute, or constitution or by
the enforcement of any assessment or otherwise, all such liability of
incorporators, subscribers, stockholders, officers, and directors being released
by the holder or owner hereof by the acceptance of this bond and being likewise
waived and released by the terms of the Mortgage.

    

    
      
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    This bond
shall not become obligatory until U.S. Bank National Association, the Trustee
under the Mortgage, or its successor thereunder, shall have signed the form of
authentication certificate endorsed hereon.

    

    IN
WITNESS WHEREOF, SUPERIOR WATER, LIGHT AND POWER COMPANY has caused this bond to
be signed in its corporate name by its President or one of its Vice-Presidents
and its Treasurer and its corporate seal to be impressed or imprinted hereon and
attested by its Secretary or one of its Assistant Secretaries on             ,    
.

    

    

    SUPERIOR
WATER, LIGHT AND POWER

    COMPANY

    

    

    By                                                                                      

    Roger P.
Engle

    President

    

    

    By                                                                                    

    William
S. Bombich

    Treasurer

    ATTEST:

     

            

                    

        Janet A.
Blake

        Secretary

    

    

    [FORM OF TRUSTEE'S AUTHENTICATION
CERTIFICATE]

    

    This bond
is one of the bonds, of the series herein designated, described or provided for
in the within-mentioned Mortgage.

    

    

    U.S. BANK
NATIONAL ASSOCIATION,

    as
Trustee

    

    By                                                                                         

        Authorized
Officer

    

    

    
      
              

                  A-4

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