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<br />Bond to be payable on the dates, respectively, and in the principal amounts, respectively, stated in the FORM <br />OF INITIAL BOND set forth in this Ordinance. <br /> <br />(b) The Initial Bond (i) may be prepaid or redeemed prior to the respective scheduled due dates of <br />instalhnents of principal thereof, (ii) may be assigned and transferred, (iii) may be converted and exchanged <br />for other Bonds, (iv) shall have the characteristics, and (v) shall be signed and sealed, and the principal of and <br />interest on the Initial Bond shall be payable, all as provided, and in the manner required or indicated, in the <br />FORM OF INITIAL BOND set forth in this Ordinance. <br /> <br />Section 4. INTEREST. The unpaid principal balance of the Initial Bond shall bear interest from <br />the date of the Initial Bond and will be calculated on the basis of a 360-day year of twelve 30-day months to <br />the respective scheduled due dates, or to the respective dates of prepayment or redemption, of the <br />instalhnents of principal of the Initial Bond, and said interest shall be payable, all in the manner provided and <br />at the rates and on the dates stated in the FORM OF INITIAL BOND set forth in this Ordinance. <br /> <br />Section 5. FORM OF INITIAL BOND. The form of the Initial Bond, including the form of <br />Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be endorsed on the <br />Initial Bond, shall be substantially as follows: <br /> <br />FORM OF INITIAL BOND <br /> <br />NO. R-I <br /> <br />$7,130,000 <br /> <br />UNITED STATES OF AMERICA <br />STATE OF TEXAS <br />COUNTY OF LAMAR <br />CITY OF PARIS, TEXAS <br />GENERAL OBLIGA nON REFUNDING BOND, SERIES 2003 <br /> <br />The CITY OF PARIS, in LAMAR COUNTY (the "Issuer"), being a political subdivision of the State <br />of Texas, hereby promises to pay to <br /> <br />FIRST SOUTHWEST COMPANY <br /> <br />or to the registered assignee or assignees of this Bond or any portion or portions hereof (in each case, the <br />"registered owner") the aggregate principal amount of <br /> <br />SEVEN l\fiLLION ONE HUNDRED THIRTY THOUSAND DOLLARS <br /> <br />in annual installments of principal due and payable on DECEMBER 15 in each of the years, and in the <br />respective principal amounts, as set forth in the following schedule: <br /> <br />3 <br />