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<br /> Bonds (the "Bond Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose
<br /> as hereinafter provided; and such check or draft shall be sent by the Paying Agent/Registrar by
<br /> United States Mail, first-class postage prepaid, on each such interest payment date, to the
<br /> registered owner hereof, at the address of the registered owner, as it appeared on the last business
<br /> day next preceding each such date (the "Record Date") on the Registration Books kept by the
<br /> Paying Agent/Registrar, as hereinafter described, or by such other method acceptable to the
<br /> Paying 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 shall
<br /> be paid to the registered owner upon presentation and surrender of this Bond for redemption and
<br /> payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer
<br /> covenants with the registered owner of this Bond that on or before each principal payment date,
<br /> interest payment date, and accrued interest payment date for this Bond it will make available to
<br /> the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Bond Ordinance,
<br /> the amounts required to provide for the payment, in immediately available funds, of all principal
<br /> of and interest on the Bonds, when due.
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<br /> IF THE DATE for the payment of the principal of or interest on this Bond shall be a
<br /> Saturday, Sunday, a legal holiday, or a day on which banking institutions in the City where the
<br /> Paying Agent/Registrar is located are authorized by law or executive order to close, then the date
<br /> for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal
<br /> holiday, or day on which banking institutions are authorized to close; and payment on such date
<br /> shall have the same force and effect as if made on the original date payment was due.
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<br /> THIS BOND is one of an issue of Bonds initially dated February 15, 1997, authorized in
<br /> accordance with the Constitution and laws of the State of Texas in the principal amount of
<br /> $5,000,000 for improving and extending the Issuer's Waterworks and Sewer System.
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<br /> ON JUNE 15, 2007, or on any date thereafter, the Bonds of this Series may be redeemed
<br /> prior to their scheduled maturities, at the option of the Issuer, with funds derived from any
<br /> available and lawful source, as a whole, or in part, and, if in part, the Issuer shall select and
<br /> designate the maturity or maturities and the amount that is to be redeemed, and if less than a
<br /> whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar to call by lot
<br /> (provided that a portion of a Bond may be redeemed only in an integral multiple of $5,000), at
<br /> the redemption price of the principal amount thereof, plus accrued interest to the date fixed for
<br /> redemption.
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<br /> AT LEAST 30 days prior to the date fixed for any redemption of Bonds or portions thereof
<br /> prior to maturity a written notice of such redemption shall be published once in a financial
<br /> publication, journal, or reporter of general circulation among securities dealers in The City of
<br /> New York, New York (including, but not limited to, The Bond Buyer and The Wall Street
<br /> Journal), or in the State of Texas (including, but not limited to, The Texas Bond Reporter). Such
<br /> notice also shall be sent by the Paying Agent/Registrar by United States mail, first class postage
<br /> prepaid, not less than 30 days prior to the date fixed for any such redemption, to the registered
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