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FORM OF INITIAL BOND <br />NO. R-1 <br />UNITED STATES OF AMERICA <br />STATE OF TEXAS <br />COUNTY OF LAMAR <br />CITY OF PARIS, TEXAS <br />TAX AND REVENUE REFUNDING BOND <br />SERIES 1998 <br />$5,810,000 <br />The CITY OF PARIS, in LAMAR COLJNTY, Texas (the "Issuer"), being a political <br />subdivision of the State of Texas, hereby promises to pay to <br />FIRST SOUTHWEST COMPANY <br />or to the registered assignee or assignees of this Bond or any portion or portions hereof (in each case, <br />the "registered owner") the aggregate principal amount of <br />FIVE MILLION EIGHT HUNDRED TEN THOUSAND DOLLARS <br />in annual installments of principal due and payable on December 15 in each of the years, and in the <br />respective principal amounts, as set forth in the following schedule: <br />YEAR <br />AMOUNT <br />YEAR <br />AMOUNT <br />2002 <br />$ 460,000 <br />2007 <br />$ 590,000 <br />2003 <br />495,000 <br />2008 <br />615,000 <br />2004 <br />515,000 <br />2009 <br />645,000 <br />2005 <br />540,000 <br />2010 <br />675,000 <br />2006 <br />560,000 <br />2011 <br />715,000 <br />and to pay interest, from the date of delivery of this Bond hereinafter stated, on the balance of each <br />such installment of principal, respectively, from time to time remaining unpaid, at the rates as <br />follows: <br />maturity 2002, 4.05% <br />maturity 2003, 4.15% <br />maturity 2004, 4.25% <br />maturity 2005, 4.30% <br />maturity 2006, 4.40% <br />maturity 2007, 4.50% <br />maturity 2008, 4.50% <br />maturity 2009, 4.60% <br />maturity 2010, 4.85% <br />maturity 2011, 4.95% <br />4 <br />