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<br /> <br /> <br /> <br /> <br /> <br /> payment on such date shall have the same force and effect as if made on the original date payment <br /> was due. <br /> <br /> THIS CERTIFICATE OF OBLIGATION has been authorized in accordance with the <br /> Constitution and laws of the State of Texas in the aggregate principal amount of $5,500,000, for <br /> paying all or a portion of the City's contractual obligations for the purpose of improving and <br /> extending the Waterworks and Sewer System, and for paying legal, fiscal, and engineering fees <br /> in connection with this project. <br /> <br /> ON DECEMBER 15, 2004, or any date thereafter, the unpaid installments of principal of <br /> this Certificate of Obligation may be prepaid or redeemed prior to their scheduled due dates, at <br /> the option of the Issuer, with funds derived from any available source, as a whole, or in part, and, <br /> if in part, the Issuer shall select and designate the maturity, or maturities, and the amount that is <br /> to be redeemed, and if less than a whole maturity is to be called, the Issuer shall direct the Paying <br /> Agent/Registrar to call by lot (provided that a portion of this Certificate of Obligation may be <br /> redeemed only in an integral multiple of $5,000), at the redemption price of the principal amount, <br /> <br /> plus accrued interest to the date fixed for prepayment or redemption. <br /> <br /> AT LEAST 30 days prior to the date fixed for any such prepayment or redemption a <br /> written notice of such prepayment or redemption shall be mailed by the Paying Agent/Registrar <br /> to the registered owner hereof. By the date fixed for any such prepayment or redemption due <br /> provision shall be made by the Issuer with the Paying Agent/Registrar for the payment of the <br /> required prepayment or redemption price for this Certificate of Obligation or the portion hereof <br /> which is to be so prepaid or redeemed, plus accrued interest thereon to the date fixed for prepay- <br /> ment or redemption. If such written notice of prepayment or redemption is given, and if due <br /> provision for such payment is made, all as provided above, this Certificate of Obligation, or the <br /> portion thereof which is to be so prepaid or redeemed, thereby automatically shall be treated as <br /> prepaid or redeemed prior to its scheduled due date, and shall not bear interest after the date fixed <br /> for its prepayment or redemption, and shall not be regarded as being outstanding except for the <br /> right of the registered owner to receive the prepayment or redemption price plus accrued interest <br /> to the date fixed for prepayment or redemption from the Paying Agent/Registrar out of the funds <br /> provided for such payment. The Paying Agent/Registrar shall record in the Registration Books <br /> all such prepayments or redemptions of principal of this Certificate of Obligation or any portion <br /> hereof. <br /> <br /> THIS CERTIFICATE OF OBLIGATION, to the extent of the unpaid or unredeemed <br /> principal balance hereof, or any unpaid and unredeemed portion hereof in any integral multiple <br /> of $5,000, may be assigned by the initial registered owner hereof and shall be transfened only <br /> in the Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity <br /> of registrar for the Certificates of Obligation, upon the terms and conditions set forth in the <br /> Certificate of Obligation Ordinance. Among other requirements for such transfer, this Certificate <br /> of Obligation must be presented and surrendered to the Paying Agent/Registrar for cancellation, <br /> together with proper instruments of assignment, in form and with guarantee of signatures satisfac- <br /> <br /> 5 <br />