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<br /> Section 2. DESIGNATION OF THE BONDS. Each bond issued
<br /> pursuant to this Ordinance shall be designated: "CITY OF
<br /> PARIS, TEXAS WATERWORKS AND SEWER SYSTEM PRIOR LIEN REVENUE
<br /> BONDS, SERIES 1988", and initially there shall be issued,
<br /> sold, and delivered hereunder a single fully registered
<br /> bond, without interest coupons, payable in installments of
<br /> principal (the "Initial Bond"), but the Initial Bond may be
<br /> assigned and transferred and/or converted into and exchanged
<br /> for a like aggregate principal amount of fully registered
<br /> bonds, without interest coupons, having serial maturities,
<br /> and in the denomination or denominations of $5,000 or any
<br /> integral multiple of $5,000, all in the manner hereinafter
<br /> provided. The term "Bonds" as used in this Ordinance shall
<br /> mean and include collectively the Initial Bond and all
<br /> substitute bonds exchanged therefor, as well as all other
<br /> substitute bonds and replacement bonds issued pursuant
<br /> hereto, and the term "Bond" shall mean any of the Bonds.
<br /> Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURI-
<br /> TIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE
<br /> INITIAL BOND. (a) The Initial Bond is hereby authorized to
<br /> be issued, sold, and delivered hereunder as a single fully
<br /> registered Bond, without interest coupons, dated September
<br /> 15, 1988, in the denomination and aggregate principal amount
<br /> of $5,000,000 numbered R-1, payable in annual installments
<br /> of principal to the initial registered owner thereof,
<br /> to-wit: CLAYTON & COMPANY, or to the registered assignee or
<br /> assignees of said Bond or any portion or portions thereof
<br /> (in each case, the "registered owner"), with the annual
<br /> installments of principal of the Initial Bond to be payable
<br /> on the dates, respectively, and in the principal amounts,
<br /> respectively, stated in the FORM OF INITIAL BOND set forth
<br /> in this Ordinance.
<br /> (b) The Initial Bond (i) may be prepaid or redeemed
<br /> prior to the respective scheduled due dates of installments
<br /> of principal thereof, (ii) may be assigned and transferred,
<br /> (iii) may be converted and exchanged for other Bonds, (iv)
<br /> shall have the characteristics, and (v) shall be signed and
<br /> sealed, and the principal of and interest on the Initial
<br /> Bond shall be payable, all as provided, and in the manner
<br /> required or indicated, in the FORM OF INITIAL BOND set forth
<br /> in this Ordinance.
<br /> Section 4. INTEREST. The unpaid principal balance of
<br /> the Initial Bond shall bear interest from-the date of the
<br /> Initial Bond to the respective scheduled due dates, or to
<br /> the respective dates of prepayment or redemption, of the
<br /> installments of principal of the Initial Bond, and said
<br /> interest shall be payable, all in the manner provided and at
<br /> the rates and on the dates stated in the FORM OF INITIAL
<br /> BOND set forth in this Ordinance.
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