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<br /> IF THE DATE for the payment of the principal of or interest on this Certificate of
<br /> Obligation shall be a Saturday, Sunday, a legal holiday, or a day on which banking
<br /> institutions in the city where the Paying Agent/Registrar is located are authorized by law or
<br /> executive order to close, then the date for such payment shall be the next succeeding day
<br /> which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are
<br /> authorized to close; and payment on such date shall have the same force and effect as if
<br /> made on the original date payment was due.
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<br /> THIS CERTIFICATE OF OBLIGATION is one of an issue of Certificates of
<br /> Obligation initially dated October 15, 1991, authorized in accordance with the Constitution
<br /> and laws of the State of Texas in the principal amount of $3,300,000, for paying, in whole
<br /> or in part, contractual obligations for improving and extending the City's combined
<br /> Waterworks and Sewer System, and for paying all or a portion of the legal, fiscal and
<br /> engineering fees in connection with this project.
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<br /> THE CERTIFICATES OF OBLIGATION of this Series may be prepaid or
<br /> redeemed prior to their scheduled due dates, at the option of the Issuer, on any date from
<br /> October 15, 1991 to June 15, 1992, and on any date from June 15, 2001 and thereafter, with
<br /> funds derived from any available and lawful source, as a whole, or in part, and, if in part,
<br /> the Issuer shall select and designate the maturity or maturities and the amount that is to be
<br /> redeemed, 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 Certificate of Obligation may be
<br /> redeemed only in an integral multiple of $5,000), at the redemption price of the principal
<br /> amount thereof, plus accrued interest to the date fixed for prepayment or redemption. At
<br /> least 30 days prior to the date fixed for any redemption of Certificates of Obligation or
<br /> portions thereof prior to maturity a written notice of such redemption shall be published
<br /> once in a financial publication, journal, or reporter of general circulation among securities
<br /> dealers in the City of New York, New York (including, but not limited to, The Bond Buyer
<br /> and The Wall Street Journal), or in the State of Texas (including, but not limited to, The
<br /> Texas Bond Reporter). Such notice also shall be sent by the Paying Agent/Registrar by
<br /> United States mail, first class postage prepaid, not less than 30 days prior to the date fixed
<br /> for any such redemption, to the registered owner of each Certificate of Obligation to be
<br /> redeemed at its address as it appeared on the 45th day prior to such redemption date;
<br /> provided, however, that the failure to send, mail, or receive such notice, or any defect
<br /> therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of
<br /> the proceedings for the redemption of any Certificate of Obligation, and it is hereby
<br /> specifically provided that the publication of such notice as required above shall be the only
<br /> notice actually required in connection with or as a prerequisite to the redemption of any
<br /> Certificates of Obligation or portions thereof. By the date fixed for any such redemption
<br /> due provision shall be made with the Paying Agent/Registrar for the payment of the required
<br /> redemption price for the Certificates of Obligation or portions thereof which are to be so
<br /> redeemed, plus accrued interest thereon to the date fixed for redemption. If such written
<br /> notice of redemption is published and if due provision for such payment is made, all as
<br /> provided above, the Certificates of Obligation or portions thereof which are to be so re-
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