2003-032-ORD AUTHORIZING ISSUANCE OF COP TEXAS GENERAL OBLIGATION REFUNDING BONDS SERIES 2003

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Section 20. NOTICE TO PAYING AGENT/REGTSTRAR AND PUBLICATION. The Refunded Obligations described in Exhibit D attached hereto are so called for redemption, and The Bank of New York Trust Company of Florida, N.A. and Bank of Oklahoma as Paying Agents for the Refunded Obligations, is hereby directed to make appropriate arrangements so that such Refunded Obligations may be redeemed at said Banks on the redemption date. A copy of such Notice of Redemption shall be delivered to the Paying Agent/Registmr so mentioned and published in the Texas Bond Reporter. Section 21. INTEREST EARNINGS ON BOND PROCEEDS. The earnings d~ved from the investment of proceeds from the sale of the Bonds shall be used along with other Bonds proceeds as described in Section 1 hereof; provided that after completion of such project, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund. It is further provided, however, that interest earnings on the Bonds proceeds which are required to be rebated to the United States of America pursuant to Section 12 hereof in order to prevent the Bonds from being arbitmge bonds shall be so rebated and not considered as interest earnings for the purpose of this Section. Section 22. REASONS FOR REFUNDING. The Issuer deems it advisable to refund the Refunded Obligations in order to achieve a debt service savings of approximately $505,340.64 and a net present value savings of $415,302.62. Section 23. APPROPRIATION. There is hereby appropriated for transfer to the Interest and Sinking Fund, from available funds, moneys sufficient to pay the interest and principal coming due on the Bonds on December 15,2003. Section 24. INSURANCE The Issuer approves the insurance of the Bonds by AMBAC ASSURANCE CORPORATION and the payment of such premium and covenant to comply with all of the terms of the insumnce commitment, a copy of which is attached hereto as Exhibit E and is hereby adopted by this Ordinance. Section 25. PUBLIC NOTICE. It is hereby officially found and determined that public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code. Section 26. SEVERABILITY. The provisions of this Ordinance are sevemble; and in case any one or more of the provisions of this Ordinance or the application thereof to any person or circumstance should be held to be invalid, unconstitutional, or ineffective as to any person or circumstance, the remainder of this Ordinance nevertheless shall be valid, and the application of any such invalid provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby. 26