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<br /> <br /> <br /> <br /> <br /> <br /> THIS BOND has been authorized in accordance with the Constitution and laws of <br /> the State of Texas in the principal amount of $9,700,000 for the purpose of providing <br /> moneys for improvements and extensions to the Issuer's Waterworks and Sewer System. <br /> <br /> ON DECEMBER 15, 2001, or on any date thereafter, the unpaid installments of <br /> principal of this Bond 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, <br /> and, if in part, the Issuer shall select and designate the maturity, or maturities, and the <br /> amount that is to be redeemed, and if less than a whole maturity is to be called, the Issuer <br /> shall direct the Paying Agent/Registrar to call by lot (provided that a portion of this Bond <br /> may be redeemed only in an integral multiple of $5,000), at the redemption price of the <br /> principal amount, 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 <br /> a written notice of such prepayment or redemption shall be mailed by the Paying Agent/Reg- <br /> istrar to the registered owner hereof. By the date fixed for any such prepayment or <br /> redemption due provision shall be made by the Issuer with the Paying Agent/Registrar for <br /> the payment of the required prepayment or redemption price for this Bond or the portion <br /> hereof which is to be so prepaid or redeemed, plus accrued interest thereon to the date <br /> fixed for prepayment or redemption. If such written notice of prepayment or redemption <br /> is given, and if due provision for such payment is made, all as provided above, this Bond, <br /> or the portion thereof which is to be so prepaid or redeemed, thereby automatically shall <br /> be treated as prepaid or redeemed prior to its scheduled due date, and shall not bear <br /> interest after the date fixed for its prepayment or redemption, and shall not be regarded as <br /> being outstanding except for the right of the registered owner to receive the prepayment or <br /> redemption price plus accrued interest to the date fixed for prepayment or redemption from <br /> the Paying Agent/Registrar out of the funds provided for such payment. The Paying <br /> Agent/Registrar shall record in the Registration Books all such prepayments or redemptions <br /> of principal of this Bond or any portion hereof. <br /> <br /> THIS BOND, to the extent of the unpaid or unredeemed principal balance hereof, <br /> or any unpaid and unredeemed portion hereof in any integral multiple of $5,000, may be <br /> assigned by the initial registered owner hereof and shall be transfened only in the <br /> Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity <br /> of registrar for the Bonds, upon the terms and conditions set forth in the Bond Ordinance. <br /> Among other requirements for such transfer, this Bond must be presented and sunendered <br /> to the Paying Agent/Registrar for cancellation, together with proper instruments of <br /> assignment, in form and with guarantee of signatures satisfactory to the Paying <br /> Agent/Registrar, evidencing assignment by the initial registered owner of this Bond, or any <br /> portion or portions hereof in any integral multiple of $5,000, to the assignee or assignees in <br /> whose name or names this Bond or any such portion or portions hereof is or are to be trans- <br /> ferred and registered. Any instrument or instruments of assignment satisfactory to the <br /> Paying Agent/Registrar may be used to evidence the assignment of this Bond or any such <br /> portion or portions hereof by the initial registered owner hereof. A new bond or bonds <br /> <br /> 5 <br />