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<br /> <br /> <br /> <br /> <br /> <br /> Bonds (the "Bond Ordinance") to be on deposit with the <br /> Paying Agent/Registrar for such purpose as hereinafter <br /> provided; and such check or draft shall be sent by the <br /> Paying Agent/Registrar by United States mail, first class <br /> postage prepaid, on each such interest payment date, to the <br /> registered owner hereof, at the address of the registered <br /> owner, as it appeared on the last day of the month next <br /> preceding each such date (the "Record Date") on the Regis- <br /> tration Books kept by the Paying Agent/Registrar, as herein- <br /> after described. Any accrued interest due upon the redemp- <br /> tion of this Bond prior to maturity as provided herein shall <br /> be paid to the registered owner at the principal corporate <br /> trust office of the Paying Agent/Registrar upon presentation <br /> and surrender of this Bond for redemption and payment at the <br /> principal corporate trust office of the Paying Agent/Regis- <br /> trar. The Issuer covenants with the registered owner of <br /> this Bond that on or before each principal payment date, <br /> interest payment date, and accrued interest payment date for <br /> this Bond it will make available to the Paying Agent/Regis- <br /> trar, from the "Interest and Sinking Fund" created by the <br /> Bond Ordinance, the amounts required to provide for the pay- <br /> ment, in immediately available funds, of all principal of <br /> and interest on the Bonds, when due. <br /> IF THE DATE for the payment of the principal of or <br /> interest on this Bond shall be a Saturday, Sunday, a legal <br /> holiday, or a day on which banking institutions in the city <br /> where the Paying Agent/Registrar is located are authorized <br /> by law or executive order to close, then the date for such <br /> payment shall be the next succeeding day which is not such a <br /> Saturday, Sunday, legal holiday, or day on which banking <br /> institutions are authorized to close; and payment on such <br /> date shall have the same force and effect as if made on the <br /> original date payment was due. <br /> THIS BOND is one of an issue of Bonds initially dated <br /> September 15, 1988, authorized in accordance with the <br /> Constitution and laws of the State of Texas in the principal <br /> amount of $5,000,000 for the purpose of providing money for <br /> improvements and extensions of the Issuer's Waterworks <br /> System and Sewer System. <br /> ON JUNE 15, 1998, or on any interest payment date <br /> thereafter, the Bonds of this Series may be redeemed prior <br /> to their scheduled maturities, at the option of the Issuer, <br /> with funds derived from any available and lawful source, as <br /> a whole, or in part, and, if in part, the Issuer shall <br /> select and designate the maturity or maturities and the <br /> amount that is to be redeemed, and if less than a whole <br /> maturity is to be called, the Issuer shall direct the Paying <br /> Agent/Registrar to call by lot (provided that a portion of a <br /> Bond may be redeemed only in an integral multiple of <br /> $5,000), at the redemption price of the principal amount <br /> 17 <br />