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<br />from, funds of the Issuer required by the ordinance authorizing the issuance of this Certificate of
<br />Obligation (the "Certificate of Obligation Ordinance") to be on deposit with the Paying Agent/Regis-
<br />trar for such purpose as hereinafter provided; and such check or draft shall be sent by the Paying
<br />Agent/Registrar by United States mail, first-class postage prepaid, on each such principal and/or
<br />interest payment date, to the registered owner hereof, at the address of the registered owner, as it
<br />appeared on the last business day of the month next preceding each such date (the "Record Daten)
<br />on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described, or by such
<br />other method acceptable to Paying Agent/Registrar requested by, and at the risk and expense of, the
<br />registered owner. The Issuer covenants with the registered owner ofthis Certificate of Obligation
<br />that on or before each principal and/or interest payment date for this Certificate of Obligation it will
<br />make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the
<br />Certificate of Obligation Ordinance, the amounts required to provide for the payment, in imme-
<br />diately available funds, of all principal of and interest on this Certificate of Obligation, when due.
<br />
<br />IF THE DATE for the payment of the principal of or interest on this Certificate of Obligation
<br />shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where
<br />the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date
<br />for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal
<br />holiday, or day on which banking institutions are authorized to close; and payment on such date shall
<br />have the same force and effect as if made on the original date payment was due.
<br />
<br />THIS CERTIFICATE OF OBLIGATION has been authorized in accordance with the
<br />Constitution and laws of the State of Texas, in the principal amount of$6,000,000, for paying all or
<br />a portion of the City's contractual obligations for the purpose improving, constructing and
<br />reconstructing the City's streets, including the purchase of the necessary right of way and the
<br />construction of related drainage, sidewalk and street lighting improvements; improving, constructing
<br />and repairing drainage facilities including the purchase of the necessary right of way; constructing,
<br />improving and purchasing buildings for the Police Department, Fire Department, Municipal Courts
<br />Department and Parks and Recreational Department and Municipal Warehouse Department;
<br />improving and renovating the City Hall and Central Fire Station building together with renovation
<br />of that portion of that building which houses the Central Fire Station into City Council chambers,
<br />offices and related facilities; constructing, improving and equipping municipal parks; and for paying
<br />legal, fiscal, architectural and engineering fees in connection with these projects.
<br />
<br />ON DECEMBER 15,2009, or any date thereafter, the unpaid installments of principal of this
<br />Certificate of Obligation may be prepaid or redeemed prior to their scheduled due dates, at the option
<br />of the Issuer, with funds derived from any available source, as a whole, or in part, and, ifin part, the
<br />Issuer shall select and designate the maturity, or maturities, and the amount that is to be redeemed,
<br />and if less than a whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar
<br />to call by lot (provided that a portion of this Certificate of Obligation may be redeemed only in an
<br />integral multiple of$5,000), at the redemption price of the principal amount, plus accrued interest
<br />to the date fixed for prepayment or redemption.
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