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redemption. date; provided, however, such limitation on transfer shall not be applicable to an <br />exchange by the registered owner of the uncalled balance of a Certificate called for redemption in <br />part. <br />IN THE EVENT any Paying Agent/Registrar for the Certificates is changed by the City, <br />resigns, or otherwise ceases to act as such, the City has covenanted in the Certificate Ordinance <br />that it promptly will appoint a competent and legally qualified substitute therefor, and cause written <br />notice thereof to be mailed to the registered owners of the Certificates. <br />IT IS HEREBY certified, recited and covenanted that this Certificate has been duly and <br />validly authorized, issued and delivered; that all acts, conditions and things required or proper to <br />be performed, exist and be done precedent to or in the authorization, issuance and delivery of this <br />Certificate have been performed, existed and been done in accordance with law; that annual ad <br />valorem taxes sufficient to provide for the payment of the interest on and principal of this <br />Certificate, as such interest comes due and such principal matures, have been levied and ordered <br />to be levied against all taxable property in said City, and have been pledged for such payment, <br />within the limits prescribed by law, and that this Certificate is additionally secured by and payable <br />from a pledge of the Surplus Revenues of the System remaining after payment of all operation and <br />maintenance expenses thereof, and all debt service, reserve, and other requirements in connection <br />with all of the City's revenue bonds or other obligations (now or hereafter outstanding) which are <br />payable from all or any part of the net revenues of the System, all as provided in the Certificate <br />Ordinance. <br />THE CITY HAS RESERVED THE RIGHT to amend the Certificate Ordinance as <br />provided therein, and under some (but not all) circumstances amendments thereto must be <br />approved by the registered owners of a majority in aggregate principal amount of the outstanding <br />Certificates. <br />BY BECOMING the registered owner of this Certificate, the registered owner thereby <br />acknowledges all of the terms and provisions of the Certificate Ordinance, agrees' to be bound by <br />such terms and provisions, acknowledges that the Certificate Ordinance is duly recorded and <br />available for inspection in the official minutes and records of the governing body of the City, and <br />agrees that the terms and provisions of this Certificate and the Certificate Ordinance constitute a <br />contract between each registered owner hereof and the City. <br />IN WITNESS WHEREOF, the City has caused this Certificate to be signed with the <br />manual or facsimile signature of the Mayor Pro Tem of the City and countersigned with the manual <br />or facsimile signature of the City Clerk of the City, and has caused the official seal of the City to <br />be duly impressed, or placed in facsimile, on this Certificate. <br />Mihir P <br />rxb Mayor Pro -Tem <br />City of Paris, Texas <br />• t.. Sea ): <br />TEOP GING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE <br />�N be executed if this Certificate is not accompanied by an executed Registration <br />Certificate of the Comptroller of Public Accounts of the State of Texas) <br />A-5 <br />