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<br /> <br /> <br /> <br /> <br /> <br /> THIS BOND has been authorized in accordance with the Constitution and laws of the State <br /> of Texas, in the principal amount of $5,000,000, for the purpose of improving and extending the <br /> Issuer's Waterworks and Sewer System. <br /> <br /> ON JUNE 15, 2007, or any date thereafter, the unpaid installments of principal of this <br /> Bond may be prepaid or redeemed prior to their scheduled due dates, at the option of the Issuer, <br /> with funds derived from any available source, as a whole, or in part, and, if in part, the Issuer <br /> shall select and designate the maturity, or maturities, and the amount that is to be redeemed, and <br /> if less than a whole maturity is to be called, the Issuer shall direct the Paying Agent/Registrar to <br /> call by lot (provided that a portion of this Bond may be redeemed only in an integral multiple of <br /> $5,000), at the redemption price of the principal amount, plus accrued interest to the date fixed <br /> 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 Bond or the portion hereof which is to be so <br /> prepaid or redeemed, plus accrued interest thereon to the date fixed for prepayment or <br /> redemption. If such written notice of prepayment or redemption is given, and if due provision <br /> for such payment is made, all as provided above, this Bond, or the portion thereof which is to be <br /> so prepaid or redeemed, thereby automatically shall be treated as prepaid or redeemed prior to its <br /> scheduled due date, and shall not bear interest after the date fixed for its prepayment or <br /> redemption, and shall not be regarded as being outstanding except for the right of the registered <br /> owner to receive the prepayment or redemption price plus accrued interest to the date fixed for <br /> prepayment or redemption from the Paying Agent/Registrar out of the funds provided for such <br /> payment. The Paying Agent/Registrar shall record in the Registration Books all such prepayments <br /> or redemptions of principal of this Bond or any portion hereof. <br /> <br /> THIS BOND, to the extent of the unpaid or unredeemed principal balance hereof, or any <br /> unpaid and unredeemed portion hereof in any integral multiple of $5,000, may be assigned by the <br /> initial registered owner hereof and shall be transferred only in the Registration Books of the Issuer <br /> <br /> kept by the Paying Agent/Registrar acting in the capacity of registrar for the Bonds, upon the <br /> terms and conditions set forth in the Bond Ordinance. Among other requirements for such <br /> transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar for <br /> cancellation, together with proper instruments of assignment, in form and with guarantee of signa- <br /> tures satisfactory to the Paying Agent/Registrar, evidencing assignment by the initial registered <br /> owner of this Bond, or any portion or portions hereof in any integral multiple of $5,000, to the <br /> assignee or assignees in whose name or names this Bond or any such portion or portions hereof <br /> is or are to be transferred and registered. Any instrument or instruments of assignment satisfac- <br /> tory to the Paying Agent/Registrar may be used to evidence the assignment of this Bond or any <br /> such portion or portions hereof by the initial registered owner hereof. A new bond or bonds <br /> payable to such assignee or assignees (which then will be the new registered owner or owners of <br /> <br /> 5 <br />