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with said interest being payable on December 15, 1998 and semiannually on each June 15 and
<br />December 15 thereafter while this Bond or any portion hereof is outstanding and unpaid.
<br />THE INSTALLMENTS OF PRINCIPAL OF AND THE INTEREST ON this Bond aze
<br />payable in lawful money of the United States of America, without exchange or collection charges.
<br />The installments of principal and the interest on this Bond are payable to the registered owner hereof
<br />through the services of The Bank of New York, New York, New York, which is the "Paying
<br />AgentJRegistrar" for this Bond. Payment of all principal of and interest on this Bond shall be made
<br />by the Paying Agent/Registrar to the registered owner hereof on each principal and/or interest
<br />payment date by check or draft, dated as of such date, drawn by the Paying AgentlRegistrar on, and
<br />payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of this
<br />Bond (the "Bond Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose as
<br />hereinafter provided; and such check or draft shall be sent by the Paying Agent/Registrar by United
<br />States mail, first-class postage prepaid, on each such principal and/or interest payment date, to the
<br />registered owner hereof, at the address of the registered owner, as it appeazed on the last business
<br />day of the month next preceding each such date (the "Record Date") on the Registration Books kept
<br />by the Paying Agent/Registrar, as hereinafter described, or by such other method acceptable to the
<br />Paying Agent/Registrar requested by, and at the risk and expense of, the registered owner. The
<br />Issuer covenants with the registered owner of this Bond that on or before each principal and/or
<br />interest payment date for this Bond it will make available to the Paying Agent/Registrar, from the
<br />"Interest and Sinking Fund" created by the Bond Ordinance, the amounts required to provide for the
<br />payment, in immediately available funds, of all principal of and interest on this Bond, 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 has been authorized in accordance with the Constitution and laws of the State
<br />of Texas in the principal amount of $5,810,000, for the purpose of refunding a portion of maturities
<br />2002 through 2011 of the City of Paris, Texas Tax and Revenue Refunding Bonds, Series 1992.
<br />ON DECEMBER 15, 2008, or any date thereafter, the unpaid installments of principal of
<br />this Bond may be prepaid or redeemed prior to their scheduled due dates, at the option of the Issuer,
<br />with funds derived from any available source, as a whole, or in part, and, if in part, the Issuer shall
<br />select and designate the maturity, or maturities, and the amount that is to be redeemed, and if less
<br />than a whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar to call by lot
<br />(provided that a portion of this Bond may be redeemed only in an integral multiple of $5,000), at the
<br />redemption price of the principal amount, plus accrued interest to the date fixed for prepayment or
<br />redemption.
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