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<br /> <br /> <br /> <br /> <br /> <br /> for a like aggregate principal amount of fully registered certificates of obligation, without interest <br /> coupons, having serial maturities, and in the denomination or denominations of $5,000 or any <br /> integral multiple of $5,000, all in the manner hereinafter provided. The term "Certificates of <br /> Obligation" as used in this Ordinance shall mean and include collectively the Initial Certificate of <br /> Obligation and all substitute certificates of obligation exchanged therefor, as well as all other <br /> substitute certificates of obligation and replacement certificates of obligation issued pursuant <br /> hereto, and the term "Certificate of Obligation" shall mean any of the Certificates of Obligation. <br /> <br /> Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL <br /> REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL CERTIFICATE OF <br /> <br /> OBLIGATION. (a) The Initial Certificate of Obligation is hereby authorized to be issued, sold, <br /> and delivered hereunder as a single fully registered Certificate of Obligation, without interest <br /> coupons, dated August 15, 1994, in the denomination and aggregate principal amount of <br /> $5,500,000 numbered R-1, payable in annual installnjentsof principal to the initial registered <br /> ~ <br /> ~gistered assignee or assignees of <br /> owner thereof, to-wit: /vqyl-~.y ge, ~ C6ip;1r the re. <br /> said Certificate of Obligation or any portion or portions thereof (in each case, the "registered <br /> owner"), with the annual installments of principal of the Initial Certificate of Obligation to be <br /> payable on the dates, respectively, and in the principal amounts, respectively, stated in the FORM <br /> OF INITIAL CERTIFICATE OF OBLIGATION set forth in this Ordinance. <br /> (b) The Initial Certificate of Obligation (i) may be prepaid or redeemed prior to the <br /> respective scheduled due dates of installments of principal thereof, (ii) may be assigned and <br /> transferred, (iii) may be converted and exchanged for other Certificates of Obligation, (iv) shall <br /> have the characteristics, and (v) shall be signed and sealed, and the principal of and interest on <br /> the Initial Certificate of Obligation shall be payable, all as provided, and in the manner required <br /> or indicated, in the FORM OF INITIAL CERTIFICATE OF OBLIGATION set forth in this <br /> Ordinance. <br /> Section 4. INTEREST. The unpaid principal balance of the Initial Certificate of <br /> Obligation shall bear interest from the date of the Initial Certificate of Obligation, and will be <br /> calculated on the basis of a 360-day year of twelve 30-day months to the respective scheduled due <br /> dates, or to the respective dates of prepayment or redemption, of the installments of principal of <br /> the Initial Certificate of Obligation, and said interest shall be payable, all in the manner provided <br /> and at the rates and on the dates stated in the FORM OF INITIAL CERTIFICATE OF <br /> OBLIGATION set forth in this Ordinance. <br /> <br /> Section 5. FORM OF INITIAL CERTIFICATE OF OBLIGATION. The form of the <br /> Initial Certificate of Obligation, including the form of Registration Certificate of the Comptroller <br /> of Public Accounts of the State of Texas to be endorsed on the Initial Certificate of Obligation, <br /> <br /> shall be substantially as follows: <br /> <br /> <br /> <br /> <br /> 2 <br />