2001-049-ORD AUTHORIZING ISSUANCE, SALE AND DELIVERY OF COP TAX ADN REVENUE REFUNDING BONDS SERIES 2001

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FORM OF SUBSTITUTE BOND NO. PRINCIPAL AMOUNT $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LAMAR CITY OF PARIS, TEXAS TAX AND REVENUE REFUNDING BOND, SERIES 2001 INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE September 15,2001 CUSIP NO. ON THE MATURITY DATE specified above, the CITY OF PARIS, in LAMAR County, Texas (the "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay to or to the registered assignee hereof (either being hereinafter called the "registered owner") the principal amount of and to pay interest thereon from September 15, 2001 to the maturity dale specified above, at the inlerest rate per annum specified above; with interest being payable on June 15,2002 and semiannually thereafter on each June 15 and December 15, except that if the date of authentication of this Bond is laler than June 30. 2002, such principal amount shall bear interest from the interest payment date next preceding Ihe date of authentication, unless such date of authentication is after any Record Dale (hereinafter defined) but on or before the next following interest paymenl date, in which case such principal amount shall bear interest from such next following interest payment date. THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money oflhe United States of America, without exchange or collection charges. The principal of this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity, al the principal corporate trust office of THE BANK OF NEW YORK, NEW YORK, NEW YORK, which is the "Paying Agent/Registrar" for this Bond. The payment of interest on this Bond shall be made by the Paying Agent/Registrar to the registered owner hereof on each interest payment date by check or draft, daled as of such interest payment date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of the Bonds (the "Bond Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check or draft shall be sent by the Paying Agent/Registrar by United States Mail, firsl-c1ass postage prepaid, on each such interesl paymenl date, 10 the registered owner hereof, at the address of the registered owner, as it appeared on the last business day of the month next preceding each such date (the "Record Date") on the Registration 13