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

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of the Issuer is hereby authorized and directed to attest an Escrow Agreement in substantially the form attached hereto as Exhibit C. In Addition, the Mayor is authorized to execute such subscription for the purchase of U. S. Treasury Securities, State and Local Government Series, or the purchase of direct obligations of the United States of America as may be necessary for the Escrow Fund, and to authorize such contributions as may be necessary for the Escrow Fund. Section 37. NOTICE OF REDEMPTION. That there is attached to this Ordinance, as Exhibit D, and made a part hereof for all purposes, a notice of prior redemption for the Refunded Bonds to be redeemed prior to stated maturity, and such Refunded Bonds described in said notice of prior redemption are hereby called for redemption and shall be redeemed prior to maturity on the date, place, and at the price as set forth therein. Section 38. NOTICE TO PAYING AGENT/REGISTRAR AND PUBLICATION. The Refunded Bonds described in Exhibit D attached hereto are so called for redemption, and The Bank of New York, New York, New York is hereby directed to make appropriate arrangements so that such Refunded Bonds may be redeemed at said Bank on the redemption date. A copy of such Notice of Redemption shall be delivered to the Paying Agent/Registrar so mentioned, and published in the Texas Bond Reporter. Section 39. REASONS FOR REFLTNDING. The Issuer deems it advisable to issue the refunding bonds in Ordinance to achieve a gross savings of approximately $420,205.50 and a present value savings of approximately $374,032.82. Section 40. INSURANCE. The Issuer approves the insurance of the Bonds by Financial Security Assurance, Inc. and the payment of such premium and complies with all of the terms of the insurance commitment. Section 41. 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 42. This Ordinance shall become effective on August 13, 1998. 39