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<br /> <br /> <br /> <br /> <br /> <br /> <br /> FORM OF SUBSTITUTE CERTIFICATE OF OBLIGATION <br /> <br /> NO. PRINCIPAL AMOUNT <br /> $ <br /> <br /> <br /> <br /> UNITED STATES OF AMERICA <br /> STATE OF TEXAS <br /> COUNTY OF LAMAR <br /> CITY OF PARIS, TEXAS <br /> CERTIFICATE OF OBLIGATION <br /> SERIES 1994 <br /> <br /> DATE OF <br /> <br /> INTEREST RATE MATURITY DATE ORIGINAL ISSUE CUSIP NO. <br /> <br /> <br /> August 15, 1994 <br /> <br /> ON THE MATURITY DATE specified above, CITY OF PARIS, in Lamar County, the <br /> "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay to <br /> , <br /> or to the registered assignee hereof (either being hereinafter called the "registered owner") the <br /> principal amount of <br /> <br /> and to pay interest thereon from August 15, 1994 to the maturity date specified above, or the date <br /> of redemption prior to maturity, at the interest rate per annum specified above; with interest being <br /> payable on June 15, 1995 and semiannually thereafter on each December 15 and June 15, except <br /> that if the date of authentication of this Certificate of Obligation is later than May 31, 1995, such <br /> principal amount shall bear interest from the interest payment date next preceding the date of <br /> authentication, unless such date of authentication is after any Record Date (hereinafter defined) <br /> but on or before the next following interest payment date, in which case such principal amount <br /> shall bear interest from such next following interest payment date. <br /> <br /> THE PRINCIPAL OF AND INTEREST ON this Certificate of Obligation are payable in <br /> lawful money of the United States of America, without exchange or collection charges. The <br /> principal of this Certificate of Obligation shall be paid to the registered owner hereof upon <br /> presentation and surrender of this Certificate of Obligation at maturity or upon the date fixed for <br /> its redemption prior to maturity, at the principal corporate trust office of Alliance Trust Company, <br /> N.A., Dallas, Texas, which is the "Paying Agent/Registrar" for this Certificate of Obligation. <br /> The payment of interest on this Certificate of Obligation shall be made by the Paying Agent/Regis- <br /> <br /> 16 <br />