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<br /> <br /> <br /> <br /> <br /> <br /> <br /> Section 5. FORM OF INITIAL BOND. The form of the <br /> Initial Bond, including the form of Registration Certificate <br /> of the Comptroller of Public Accounts of the State of Texas <br /> to be endorsed on the Initial Bond, shall be substantially <br /> as follows: <br /> FORM OF INITIAL BOND <br /> NO. R-1 $5,000,000 <br /> UNITED STATES OF AMERICA <br /> STATE OF TEXAS <br /> COUNTY OF LAMAR <br /> CITY OF PARIS, TEXAS <br /> WATERWORKS AND SEWER SYSTEM <br /> PRIOR LIEN REVENUE BOND <br /> SERIES 1988 <br /> THE CITY OF PARIS, in Lamar County, Texas (the "Issu- <br /> er"), being a political subdivision of the State of Texas, <br /> hereby promises to pay to <br /> <br /> CLAYTON & COMPANY <br /> or to the registered assignee or assignees of this Bond or <br /> any portion or portions hereof (in each case, the "regis- <br /> tered owner") the aggregate principal amount of <br /> <br /> FIVE MILLION DOLLARS <br /> in annual installments of principal due and payable on June <br /> 15 in each of the years, and in the respective principal <br /> amounts, as set forth in the following schedule: <br /> <br /> YEAR AMOUNT YEAR AMOUNT <br /> <br /> 1989 $ 75,000 1999 $230,000 <br /> 1990 90,000 2000 245,000 <br /> 1991 110,000 2001 260,000 <br /> 1992 125,000 2002 275,000 <br /> 1993 140,000 2003 290,000 <br /> 1994 155,000 2004 400,000 <br /> 1995 170,000 2005 420,000 <br /> 1996 185,000 2006 445,000 <br /> 1997 200,000 2007 470,000 <br /> 1998 215,000 2008 500,000 <br /> and to pay interest, from the date of this Bond hereinafter <br /> stated, on the balance of each such installment of princi- <br /> pal, respectively, from time to time remaining unpaid, at <br /> the rates as follows: <br /> <br /> <br /> <br /> 3 <br />