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<br /> trar to the registered owner hereof on each interest payment date by check or draft, dated as of
<br /> such interest payment date, drawn by the Paying Agent/Registrar on, and payable solely from,
<br /> funds of the Issuer required by the ordinance authorizing the issuance of the Certificates of
<br /> Obligation (the "Certificate of Obligation Ordinance") to be on deposit with the Paying
<br /> Agent/Registrar for such purpose as hereinafter provided; and such check or draft shall be sent
<br /> by the Paying Agent/Registrar by United States mail, first class postage prepaid, on each such
<br /> 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
<br /> Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described,
<br /> or by such other method acceptable to the Paying Agent/Registrar requested by, and at the risk
<br /> and expense of, the registered owner. Any accrued interest due upon the redemption of this
<br /> Certificate of Obligation prior to maturity as provided herein shall be paid to the registered owner
<br /> at the principal corporate trust office of the Paying Agent/Registrar upon presentation and
<br /> surrender of this Certificate of Obligation for redemption and payment at the principal corporate
<br /> trust office of the Paying Agent/Registrar. The Issuer covenants with the registered owner of this
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<br /> Certificate of Obligation that on or before each principal payment date, interest payment date, and
<br /> accrued interest payment date for this Certificate of Obligation it will make available to the Paying
<br /> Agent/Registrar, from the "Interest and Sinking Fund" created by the Certificate of Obligation
<br /> Ordinance, the amounts required to provide for the payment, in immediately available funds, of
<br /> all principal of and interest on the Certificates of Obligation, when due.
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<br /> IF THE DATE for the payment of the principal of or interest on this Certificate of
<br /> Obligation shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions
<br /> in the city where the Paying AgentlRegistrar is located are authorized by law or executive order
<br /> to close, then the date for such payment shall be the next succeeding day which is not such a
<br /> Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and
<br /> payment on such date shall have the same force and effect as if made on the original date payment
<br /> was due.
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<br /> THIS CERTIFICATE OF OBLIGATION is one of an issue of Certificates of Obligation
<br /> initially dated August 15, 1994, authorized in accordance with the Constitution and laws of the
<br /> State of Texas in the principal amount of $5,500,000, for paying all or a portion of the City's
<br /> contractual obligations for the purpose of improving and extending the Waterworks and Sewer
<br /> System, and for paying legal, fiscal, and engineering fees in connection with this project.
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<br /> ON DECEMBER 15, 2004, or any date thereafter, the Certificates of Obligation of this
<br /> Series may be redeemed prior to their scheduled maturities, at the option of the Issuer, with funds
<br /> derived from any available and lawful source, as a whole, or in part, and, if in part, the Issuer
<br /> shall select and designate the maturity or maturities and the amount that is to be redeemed, and
<br /> if less than a whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar to
<br /> call by lot (provided that a portion of a Certificate of Obligation may be redeemed only in an
<br /> integral multiple of $5,000), at the redemption price of the principal amount thereof, plus accrued
<br /> interest to the date fixed for redemption.
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