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<br /> Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this
<br /> Ordinance shall be designated: CITY OF PARIS, TEXAS TAX AND REVENUE
<br /> REFUNDING BOND, SERIES 1991", and initially there shall be issued, sold, and delivered
<br /> hereunder a single fully registered bond, without interest coupons, payable in annual
<br /> installments of principal (the "Initial Bond"), but the Initial Bond may be assigned and
<br /> transferred and/or converted into and exchanged for a like aggregate principal amount of
<br /> fully registered bonds, without interest coupons, having serial and annual maturities, and in
<br /> the denomination or denominations of $5,000 or any integral multiple of $5,000, all in the
<br /> manner hereinafter provided. The term "Bonds" as used in this Ordinance shall mean and
<br /> include collectively the Initial Bond and all substitute bonds exchanged therefor, as well as
<br /> all other substitute bonds and replacement bonds issued pursuant hereto, and the term
<br /> "Bond" shall mean any of the Bonds.
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<br /> Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES,
<br /> INITIAL REGISTERED O WNER, AND CHARACTERISTICS OF THE INITIAL BOND.
<br /> (a) The Initial Bond is hereby authorized to be issued, sold, and delivered hereunder as
<br /> a single fully registered Bond, without interest coupons, dated November 1, 1991, in the
<br /> denomination and aggregate principal amount of $16,110,000, numbered R-1, payable in
<br /> annual installments of principal to the initial registered owner thereof, to-wit: Southwest
<br /> Securities Incorporated, or to the registered assignee or assignees of said Bond or any
<br /> portion or portions thereof (in each case, the "registered owner"), with the annual install-
<br /> ments of principal of the Initial Bond to be payable on the dates, respectively, and in the
<br /> principal amounts, respectively, stated in the FORM OF INITIAL BOND set forth in this
<br /> Ordinance.
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<br /> (b) The Initial Bond (i) may be prepaid or redeemed prior to the respective
<br /> scheduled due dates of installments of principal thereof, (ii) may be assigned and
<br /> transferred, (iii) may be converted and exchanged for other Bonds, (iv) shall have the
<br /> characteristics, and (v) shall be signed and sealed, and the principal of and interest on the
<br /> Initial Bond shall be payable, all as provided, and in the manner required or indicated, in
<br /> the FORM OF INITIAL BOND set forth in this Ordinance.
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<br /> Section 4. INTEREST. The unpaid principal balance of the Initial Bond shall bear
<br /> interest from the date of the Initial Bond and will be calculated on the basis of a 360-day
<br /> year of twelve 30-day months to the respective scheduled due dates, or to the respective
<br /> dates of prepayment or redemption, of the installments of principal of the Initial Bond, and
<br /> said interest shall be payable, all in the manner provided and at the rates and on the dates
<br /> stated in the FORM OF INITIAL BOND set forth in this Ordinance.
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<br /> Section 5. FORM OF INI'TIAL BOND. The form of the Initial Bond, including the
<br /> form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas
<br /> to be endorsed on the Initial Bond, shall be substantially as follows:
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