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THE BONDS OF THIS SERIES are not subject to redemption prior to maturity.
<br />ALL BONDS OF THIS SERIES are issuable solely as fully registered Bonds, without
<br />interest coupons, in the denomination of $5,000 or any integral multiple of $5,000 in excess thereof.
<br />As provided in the Bond Resolution, this Bond may, at the request of the registered owner or the
<br />assignee or assignees hereof, be assigned, transferred, converted into and exchanged for a like
<br />aggregate principal amount of fully registered Bonds, without interest coupons, payable to the
<br />appropriate registered owner, assignee or assignees, as the case may be, having the same
<br />denomination or denominations in any integral multiple of $5,000 or any integral multiple of $5,000
<br />in excess thereof as requested in writing by the appropriate registered owner, assignee or assignees,
<br />as the case may be, upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all
<br />in accordance with the form and procedures set forth in the Bond Resolution. Among other
<br />requirements for such assignment and transfer, this Bond must be presented and surrendered to the
<br />Paying Agent/Registrar, together with proper instruments of assignment, in form and with guarantee
<br />of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment of this Bond or any
<br />portion or portions hereof in denominations of $5,000 or any integral multiple of $5,000 in excess
<br />thereof to the assignee or assignees in whose name or names this Bond or any such portion or
<br />portions hereof is or are to be registered. The form of Assignment printed or endorsed on this Bond
<br />may be executed by the registered owner to evidence the assignment hereof, but such method is not
<br />exclusive, and other instruments of assignment satisfactory to the Paying Agent/Registrar may be
<br />used to evidence the assignment of this Bond or any portion or portions hereof from time to time by
<br />the registered owner. The Paying Agent/Registrar's reasonable standard or customary fees and
<br />charges for assigning, transferring, converting and exchanging any Bond or portion thereof will be
<br />paid by the Issuer. In any circumstance, any taxes or governmental charges required to be paid with
<br />respect thereto shall be paid by the one requesting such assignment, transfer, conversion or
<br />exchange, as a condition precedent to the exercise of such privilege. The Paying Agent/Registrar
<br />shall not be required to make any such transfer, conversion, or exchange during the period
<br />commencing with the close of business on any Record Date and ending with the opening of business
<br />on the next following principal or interest payment date.
<br />IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns,
<br />or otherwise ceases to act as such, the Issuer has covenanted in the Bond Resolution that it promptly
<br />will appoint a competent and legally qualified substitute therefor, and cause written notice thereof
<br />to be mailed to the registered owners of the Bonds.
<br />IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly
<br />authorized, issued, sold, and delivered; that all acts, conditions, and things required or proper to be
<br />performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this
<br />Bond have been performed, existed, and been done in accordance with law; that this Bond is a
<br />special obligation of the Issuer; that neither the State of Texas, the City, nor any political
<br />corporation, subdivision, or agency of the State of Texas, nor any member of the Board of Directors
<br />of the Issuer, either individually or collectively, shall be obligated to pay the principal of or the
<br />interest on this Bond and neither the faith and credit nor the taxing power (except as described
<br />below) of the State of Texas, the City, or any other political corporation, subdivision, or agency
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