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be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, on each
<br />such interest payment date, to the registered owner hereof, at the address of the registered owner, as
<br />it appeared on the last business day of the month next preceding each such date (the "Record Date")
<br />on the Registration Books kept by the Paying AgentlRegistrar, as hereinafter described, or by such
<br />other method acceptable to the Paying Agent/Registrar requested by, and the risk and expense of,
<br />the registered owner. Any accrued interest due upon the redemption of this Bond prior to maturity
<br />as provided herein shall be paid to the registered owner upon presentation and surrender of this Bond
<br />for redemption and payment at the principal corporate trust office of the Paying Agent/Registrar.
<br />The Issuer covenants with the registered owner of this Bond that on or before each principal payment
<br />date, interest payment date, and accrued interest payment date for this Bond it will make available
<br />to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Ordinance,
<br />the amounts required to provide for the payment, in immediately available funds, of all principal of
<br />and interest on the Bonds, when due.
<br />IF THE DATE for the payment of the principal of or interest on this Bond shall be a
<br />Saturday, Sunday, a legal holiday, or a day on which banking institutions in the City where the
<br />Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for
<br />such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday,
<br />or day on which banking institutions are authorized to close; and payment on such date shall have
<br />the same force and effect as if made on the original date payment was due.
<br />THIS BOND is one of an issue of Bonds initially dated September 1, 1998, authorized in
<br />accordance with the Constitution and laws of the State of Texas in the principal amount of
<br />$6,905,000, for the purpose of refunding maturities 2002 through 2011 of the City of Paris, Texas
<br />Waterworks and Sewer System Revenue Bonds, Series 1992.
<br />ON DECEMBER 15, 2008, or any date thereafter, the Bonds of this Series may be redeemed
<br />prior to their scheduled maturities, at the option of the Issuer, with funds derived from any available
<br />and lawful source, as a whole, or in part, and, if in part, the Issuer shall select and designate the
<br />maturity or maturities and the amount that is to be redeemed, and if less than a whole maturity is to
<br />be called, the Issuer shall direct the Paying AgentfRegistrar to call by lot (provided that a portion of
<br />a Bond may be redeemed only in an integral multiple of $5,000), at the redemption price of the
<br />principal amount thereof, plus accrued interest to the date fixed for redemption.
<br />AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions thereof
<br />prior to maturity a written notice of such redemption shall be published once in a financial publica-
<br />tion, journal, or reporter of general circulation among securities dealers in The City of New York,
<br />New York (including, but not limited to, The Bond Buyer and The Wall Street Journal), or in the
<br />State of Texas (including, but not limited to, The Texas Bond Reporter). Such notice also shall be
<br />sent by the Paying AgentlRegistrar by United States mail, first class postage prepaid, not less than
<br />30 days prior to the date fixed for any such redemption, to the registered owner of each Bond to be
<br />redeemed at its address as it appeared on the 45th day prior to such redemption date; provided,
<br />however, that the failure to send, mail, or receive such notice, or any defect therein or in the sending
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