88-033 ORD CERTIFICATE FOR ORDINANCE

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accordance with the form and procedures set forth in the Bond Ordinance. The Issuer shall pay the Paying Agent/Reg- istrar's standard or customary fees and charges for trans- ferring, converting, and exchanging any Bond or any portion thereof, but the one requesting such transfer, conversion, and exchange shall pay any taxes or governmental charges required to be paid with respect thereto as a condition precedent to the exercise of such privilege of conversion and exchange. The Paying Agent/Registrar shall not be required to make any such conversion and exchange (i) during the period commencing with the close of business on any Record Date and ending with the opening of business on the next following principal or interest payment date, or, (ii) with respect to any Bond or portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date. IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond Ordinance that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to the registered owners of the Bonds. IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, issued, sold, and delivered; that all acts, conditions, and things required or proper to be performed, exist, and be done pre- cedent to or in the authorization, issuance, and delivery of this Bond have been performed, existed, and been done in accordance with law; that this Bond is a special obligation; and that the interest on and principal of this Bond, are payable from, and secured by a prior first lien on and pledge of the Pledged Revenues of the Issuer's combined Waterworks and Sewer System, being a pledge of the "Pledged Revenues , as defined in the Bcnd Ordinance, which Pledged Revenues, include initially the "Net Revenues" of the "System" as such terms are defined in the Bond Ordinance with the "System" initially consisting of the Issuer's entire existing Waterworks and Sewer System, provided that the "Pledged Revenues" may in the future at the option of the Issuer, include the revenues, income or resources, which lien and pledge is superior to the lien and pledge securing the outstanding City of Paris, Texas Waterworks and Sewer System Revenue Refunding Bonds, Series 1983 and any Addi- tional Bonds on parity thereto. SAID ISSUER has reserved the right, subject to the re- strictions stated, and adopted by reference, in the Ordin- ance authorizing this Series of Bonds, to issue additional parity revenue bonds which also may be made payable from, and secured by a lien on and pledge of the Pledged Revenues. 20