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<br />Section 2. DESIGNATION OF THE CERTIFICATES OF OBLIGATION. Each certificate
<br />of obligation issued pursuant to this Ordinance shall be designated: "CITY OF PARIS, TEXAS
<br />COMBINATION TAX AND REVENUE CERTIFICATE OF OBLIGATION, SERIES 2002", and initially
<br />there shall be issued, sold, and delivered hereunder a single fully registered certificate of obligation, without
<br />interest coupons, payable in installments of principal (the "Initial Certificate of Obligation"), but the Initial
<br />Certificate of Obligation may be assigned and transferred and/or converted into and exchanged for a like
<br />aggregate principal amount of fully registered certificates of obligation, without interest coupons, having serial
<br />maturities, and in the denomination or denominations of $5,000 or any integral multiple of $5,000, all in the
<br />manner hereinafter provided. The term "Certificates of Obligation" as used in this Ordinance shall mean and
<br />include collectively the Initial Certificate of Obligation and all substitute certificates of obligation exchanged
<br />therefor, as well as all other substitute certificates of obligation and replacement certificates of obligation
<br />issued pursuant hereto, and the term "Certificate of Obligation" shall mean any of the Certificates of
<br />Obligation.
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<br />Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL
<br />REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL CERTIFICATE OF
<br />OBLIGATION. (a) The Initial Certificate of Obligation is hereby authorized to be issued, sold, and delivered
<br />hereunder as a single fully registered Certificate of Obligation, without interest coupons, dated August 1, 2002,
<br />in the denomination and aggregate principal amount of $6,060,000, numbered R-l, payable in annual
<br />installments of principal to the initial registered owner thereof, to-wit:
<br />, or to the registered assignee or assignees of said Certificate of
<br />Obligation or any portion or portions thereof (in each case, the "registered owner"), with the annual
<br />installments of principal of the Initial Certificate of Obligation to be payable on the dates, respectively, and
<br />in the principal amounts, respectively, stated in the FORM OF INITIAL CERTIFICATE OF OBLIGATION
<br />set forth in this Ordinance.
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<br />(b) The Initial Certificate of Obligation (i) may be prepaid or redeemed prior to the respective
<br />scheduled due dates of installments of principal thereof, (ii) may be assigned and transferred, (iii) may be
<br />converted and exchanged for other Certificates of Obligation, (iv) shall have the characteristics, and (v) shall
<br />be signed and sealed, and the principal of and interest on the Initial Certificate of Obligation shall be payable,
<br />all as provided, and in the manner required or indicated, in the FORM OF INITIAL CERTIFICATE OF
<br />OBLIGATION set forth in this Ordinance.
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<br />Section 4. INTEREST. The unpaid principal balance of the Initial Certificate of Obligation shall
<br />bear interest from the date of the Initial Certificate of Obligation, and will be calculated on the basis of a 360-
<br />day year of twelve 30-day months to the respective scheduled due dates, or to the respective dates of
<br />prepayment or redemption, of the installments of principal of the Initial Certificate of Obligation, and said
<br />interest shall be payable, all in the manner provided and at the rates and on the dates stated in the FORM OF
<br />INITIAL CERTIFICATE OF OBLIGATION set forth in this Ordinance.
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<br />Section 5. FORM OF INITIAL CERTIFICATE OF OBLIGATION. The form of the Initial
<br />Certificate of Obligation, including the form of Registration Certificate of the Comptroller of Public Accounts
<br />of the State of Texas to be endorsed on the Initial Certificate of Obligation, shall be substantially as follows:
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