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<br /> coupons, payable in installments of principal (the "Initial Certificate of Obligation"), but the
<br /> Initial Certificate of Obligation may be assigned and transferred and/or converted into and
<br /> exchanged for a like aggregate principal amount of fully registered certificates of obligation,
<br /> without interest coupons, having serial maturities, and in the denomination or denominations
<br /> of $5,000 or any integral multiple of $5,000, all in the manner hereinafter provided. The
<br /> term "Certificates of Obligation" as used in this Ordinance shall mean and include collec-
<br /> tively the Initial Certificate of Obligation and all substitute certificates of obligation ex-
<br /> changed therefor, as well as all other substitute certificates of obligation and replacement
<br /> certificates of obligation issued pursuant hereto, and the term "Certificate of Obligation"
<br /> shall mean any of the Certificates of Obligation.
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<br /> Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES,
<br /> INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL
<br /> CERTIFICATE OF OBLIGATION. (a) The Initial Certificate of Obligation is hereby
<br /> authorized to be issued, sold, and delivered hereunder as a single fully registered Certificate
<br /> of Obligation, without interest coupons, dated October 15, 1991, in the denomination and
<br /> aggregate principal amount of $3,300,000 numbered R-1, payable in annual installments of
<br /> principal to the initial registered owner thereof, to-wit: Southwest Securities Incorporated,
<br /> or to the registered assignee or assignees of said Certificate of Obligation or any portion or
<br /> portions thereof (in each case, the "registered owner"), with the annual instaliments of
<br /> principal of the Initial Certificate of Obligation to be payable on the dates, respectively, and
<br /> in the principal amounts, respectively, stated in the FORM OF INITIAL CERTIFICATE
<br /> OF OBLIGATION set forth in this Ordinance.
<br /> (b) 1fie Initial Certificate of Obligation (i) may be prepaid or redeemed prior to the
<br /> respective scheduled due dates of installments of principal thereof, (ii) may be assigned and
<br /> transferred, (iii) may be converted and exchanged for other Certificates of Obligation, (iv)
<br /> shall have the characteristics, and (v) shall be signed and sealed, and the principal of and
<br /> interest on the Initial Certificate of Obligation shall be payable, all as provided, and in the
<br /> manner required or indicated, in the FORM OF INITIAL CERTIFICATE OF
<br /> OBLIGATION set forth in this Ordinance.
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<br /> Section 4. INTEREST. The unpaid principal balance of the Initial Certificate of
<br /> Obligation shall bear interest from the date of the Initial Certificate of Obligation, and will
<br /> be calculated on the basis of a 360-day year of twelve 30-day months to the respective
<br /> scheduled due dates, or to the respective dates of prepayment or redemption, of the
<br /> installments of principal of the Initial Certificate of Obligation, and said interest shall be
<br /> payable, all in the manner provided and at the rates and on the dates stated in the FORN1
<br /> OF INITIAL CERTIFICATE OF OBLIGATION set forth in this Ordinance.
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<br /> Section 5. FORM OF INITIAL CERTIFICATE OF OBLIGATION. The form of
<br /> the Initial Certificate of Obligation, including the form of Registration Certificate of the
<br /> Comptroller of Public Accounts of the State of Texas to be endorsed on the Initial
<br /> Certificate of Obligation, shall be substantially as follows:
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