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<br /> <br /> <br /> <br /> <br /> IN THE EVENT any Paying Agent/Registrar for this Bond is changed by the Issuer, <br /> resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance <br /> that it promptly will appoint a competent and legally qualified substitute therefor, and <br /> promptly will cause written notice thereof to be mailed to the registered owner of this Bond. <br /> <br /> IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and <br /> validly authorized, issued, and delivered pursuant to the laws of the State of Texas; that all <br /> acts, conditions, and things required or proper to be performed, exist, and be done <br /> precedent to or in the authorization, issuance, and delivery of this Bond and the Series of <br /> which it is a part have been performed, existed, and been done in accordance with law; that <br /> this Bond is a special obligation of said Issuer, and that the principal of and interest on this <br /> Bond, payable and secured by a first lien on and pledge of the Net Revenues of the Issuer's <br /> combined Waterworks and Sewer System. <br /> <br /> THE ISSUER has reserved the right, subject to the restrictions stated, and adopted <br /> by reference, in the Bond Ordinance authorizing this Series of Bonds, to issue additional <br /> parity bonds or other revenue bonds which may be made payable from, and secured by a <br /> first lien on and pledge of, the aforesaid Net Revenues. <br /> <br /> THE OWNER HEREOF shall never have the right to demand payment of this <br /> obligation out of any funds raised or to be raised by taxation. <br /> <br /> BY BECOMING the registered owner of this Bond, the registered owner thereby <br /> acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound <br /> by such terms and provisions, acknowledges that the Bond Ordinance is duly recorded and <br /> available for inspection in the official minutes and records of the governing body of the <br /> Issuer, and agrees that the terms and provisions of this Bond and the Bond Ordinance <br /> constitute a contract between the registered owner hereof and the Issuer. <br /> <br /> IN WITNESS WHEREOF, the Issuer has caused this Bond to be signed with the <br /> manual signature of the Mayor of the Issuer and countersigned with the manual signature <br /> of the City Clerk of the Issuer, has caused the official seal of the Issuer to be duly impressed <br /> on this Bond, and has caused this Bond to be dated April 1, 1992. <br /> <br /> <br /> <br /> City Clerk Mayor <br /> <br /> (CITY SEAL) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 7 <br />