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<br /> <br /> <br /> <br /> <br /> <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 has been authorized in accordance with the <br /> Constitution and laws of the State of Texas in the aggregate <br /> principal amount of $5,000,000 for the purpose of providing <br /> money for improvements and extensions to the Issuer's <br /> Waterworks System and Sewer System. <br /> ON JUNE 15, 1998, or on any interest payment date <br /> thereafter, the unpaid installments of principal of this <br /> Bond may be prepaid or redeemed prior to their scheduled due <br /> dates, at the option of the Issuer, with funds derived from <br /> any available source, as a whole, or in part, and, if in <br /> part, the Issuer shall select and designate the maturity, or <br /> maturities, and the amount that is to be redeemed, and if <br /> less than a whole maturity is to be called, the Issuer shall <br /> direct the Paying Agent/Registrar to call by lot (provided <br /> that a portion of this Bond may be redeemed only in an <br /> integral multiple of $5,000), at the prepayment or redemp- <br /> tion price of the principal amount thereof, plus accrued <br /> interest to the date fixed for prepayment or redemption. At <br /> least 30 days prior to the date fixed for any such prepay- <br /> ment or redemption a written notice of such prepayment or <br /> redemption shall be mailed by the Paying Agent/Registrar to <br /> the registered owner hereof. By the date fixed for any such <br /> prepayment or redemption due provision shall be made by the <br /> Issuer with the Paying Agent/Registrar for the payment of <br /> the required prepayment or redemption price for this Bond or <br /> the portion hereof which is to be so prepaid or redeemed, <br /> plus accrued interest thereon to the date fixed for prepay- <br /> ment or redemption. If such written notice of prepayment or <br /> redemption is given, and if due provision for such payment <br /> is made, all as provided above, this Bond, or the portion <br /> thereof which is to be so prepaid or redeemed, thereby auto- <br /> matically shall be treated as prepaid or redeemed prior to <br /> its scheduled due date, and shall not bear interest after <br /> the date fixed for its prepayment or redemption, and shall <br /> not be regarded as being outstanding except for the right of <br /> the reqistered owner to receive the prepayment or redemption <br /> price plus accrued interest to the date fixed for prepayment <br /> or redemption from the Paying Agent/Registrar out of the <br /> ,funds provided for such payment. The.Paying Agent/Registrar <br /> shall record in the Registration Books all such prepayments <br /> or redemptions of principal of this Bond or any portion <br /> hereof. <br /> THIS BOND, to the extent of the unpaid or unredeemed <br /> principal balance hereof, or any unpaid and unredeemed <br /> portion hereof in any integral multiple of $5,000, may be <br /> assigned by the initial registered owner hereof and shall be <br /> 5 <br />