98-039 ORD AUTHORIZE TEXAS WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1998

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FORM OF SUBSTITUTE BOND NO. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LAMAR CITY OF PARIS, TEXAS WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BOND SERIES 1998 PRINCIPAL AMOUNT INTEREST MATURITY DATE OF CUSIP RATE DATE ORIGINAL ISSUE NO. % September 1, 1998 ON THE MATURITY DATE specified above the CITY OF PARIS, in LAMAR COUNTY (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 l, 1998 to the maturity date specified above, or the date of redemption prior to maturity, at the interest rate per annum specified above; with interest being payable on December 15, 1998, and semiannually thereafter on each June 15 and December 15, except that if the date of authentication of this Bond is later than November 30, 1998, such principal amount shall bear interest from the interest payment date next preceding the date of authentication, unless such date of authentication is after any Record Date (hereinafter defined) but on or before the next following interest payment 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 of the 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 or upon the date fixed for its redemption prior to maturity, at 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 AgentlRegistrar to the registered owner hereof on each interest payment date by check or draft, dated as of such interest payment date, drawn by the Paying AgentlRegistrar 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 15