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400 <br /> <br /> principal or interest payment date, or, (ii) with respect to any Bond or any portion thereof called for <br /> redemption prior to maturity, within 45 days prior to its redemption date. The registered owner of <br /> this Bond shall be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute <br /> owner hereof for all purposes, including payment and discharge of liability upon this Bond to the <br /> extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any <br /> notice to the contrary. <br /> <br /> IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, <br /> or othenvise ceases to act as such, the Issuer has covenanted in the Resolution that it promptly will <br /> appoint a competent and legally qualified substitute therefor, and promptly will canse written notice <br /> thereof to be mailed to the registered owners of the Bonds. <br /> <br /> BY BECOMING the registered owner of this Bond, the registered owner thereby <br /> acknowledges all of the terms and provisions of the Resolution, agrees to be bound by such terms <br /> and provisions, acknowledges that the Resolution is duly recorded and available for inspection in <br /> the official minutes and records of the governing body of the Issuer, and agrees that the terms and <br /> provisions of this Bond and the Resolution constitute a contract between each registered owner <br /> hereof and the Issuer. <br /> <br /> IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly <br /> authorized, issued, sold, and delivered; that all acts, conditions, and things required or proper to be <br /> performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this <br /> Bond have been performed, existed, and been done in accordance with law; that this Bond is a <br /> special obligation of the Issuer; that neither the State of Texas, the City, nor any political <br /> corporation, subdivision, or agency of the State of Texas, nor any member of the Board of Directors <br /> of the Issuer, either individually or collectively, shall be obligated to pay the principal of or the <br /> interest on this Bond and neither the faith and credit nor the taxing power (except as described <br /> below) of the State of Texas, the City, or any other political corporation, subdivision, or agency <br /> thereof is pledged to the payment of the principal of or the interest on this Bond; that the principal <br /> of and interest on this Bond are secured by and payable from a first lien on and pledge of certain <br /> funds created under the Resolution and the revenues defined in the Resolution as the "Pledged <br /> Revenues", which include the proceeds received by the City and transferred to the issuer from a one <br /> qumer of one percent sales and nsc tax levied for the benefit of the Issuer by the City (the "Sales <br /> Tax") pursuant to Section 4A of the Act; and that the registered owner hereof shall not have the right <br /> to demand payment of the principal of or interest on this Bond from any tax proceeds other than the <br /> Pledged Revenues collected by the City for the benefit of the Issuer by the City pursuant to Section <br /> 4A of the Act, or from any other source. <br /> <br /> THE ISSUER has reserved the right, subject to restrictions stated and adopted by reference <br /> in the Resolution authorizing this Series of Bonds, to issue additional parity revenue bonds which <br /> also may be made payable from and secured by a lien on and pledge of the aforesaid Pledged <br /> Revenues. <br /> <br /> 11 <br /> <br /> <br />