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<br /> sent by the Paying Agent/Registrar by United States Mail, first-class postage prepaid, on
<br /> each such interest payment date, to the registered owner hereof, at the address of the
<br /> registered owner, as it appeared on the last business day of the month next preceding each
<br /> such date (the "Record Date") on the Registration Books kept by the Paying
<br /> Agent/Registrar, as hereinafter described, or by such other method acceptable to the Paying
<br /> Agent/Registrar requested by, and the risk and expense of, the registered owner. Any
<br /> accrued interest due upon the redemption of this Bond prior to maturity as provided herein
<br /> shall be paid to the registered owner upon presentation and surrender of this Bond for
<br /> redemption and payment at the principal corporate trust office of the Paying
<br /> Agent/Registrar. The Issuer covenants with the registered owner of this Bond that on or
<br /> before each principal payment date, interest payment date, and accrued interest payment
<br /> date for this Bond it will make available to the Paying Agent/Registrar, from the "Interest
<br /> 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 the Bonds, when
<br /> due. IF THE DATE for the payment of the principal of or interest on this Bond shall be
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<br /> a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the City where
<br /> the Paying Agent/Registrar is located are authorized by law or executive order to close, then
<br /> the date for such payment shall be the next succeeding day which is not such a Saturday,
<br /> 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
<br /> payment was due.
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<br /> THIS BOND is one of an issue of Bonds initially dated April 1, 1992, authorized in
<br /> accordance with the Constitution and laws of the State of Texas in the principal amount of
<br /> $9,700,000 for the purpose of providing money for improvements and extensions to the
<br /> Issuer's Waterworks and Sewer System.
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<br /> ON DECEMBER 15, 2001, or on any date thereafter, the Bonds of this Series may
<br /> 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
<br /> Issuer shall select and designate the maturity or maturities and the amount that is to be re-
<br /> deemed, 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 a Bond may be redeemed only in
<br /> an integral multiple of $S,OQO), at the redemption price of the principal amount thereof, plus
<br /> accrued interest to the date fixed for redemption.
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<br /> AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions
<br /> thereof prior to maturity a written notice of such redemption shall be published once in a
<br /> financial publication, journal, or reporter of general circulation among securities dealers in
<br /> The City of New York, New York (including, but not limited to, The Bond Buyer and The
<br /> Wall Street Journal), or in the State of Texas (including, but not limited to, The Texas Bond
<br /> Reporter). Such notice also shall be sent by the Paying Agent/Registrar by United States
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