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<br /> States mail, first-class postage prepaid, on each such interest
<br /> payment date, to the registered owner hereof, at the address of
<br /> the registered owner, as it appeared on the last business day
<br /> of the month next preceding such date (the "Record Date") on
<br /> the Registration Books kept by the Paying Agent/Registrar, as
<br /> hereinafter described. Any accrued interest due upon the re-
<br /> demption of this Certificate of Obligation prior to maturity as
<br /> provided herein shall be paid to the registered owner at the
<br /> principal corporate trust office of the Paying Agent/Registrar
<br /> upon presentation and surrender of this Certificate of Obliga-
<br /> tion for redemption and payment at the principal corporate
<br /> ~trust office of the Paying Agent/Registrar. The Issuer coven-
<br /> i ants with the registered owner of this Certificate of Obliga-
<br /> tion that on or before each principal payment date, interest
<br /> ~payment date, and accrued interest payment date for this
<br /> Certificate of Obligation, it will make available to the Paying
<br /> ~Agent/Registrar, from the "Interest and Sinking Fund" created
<br /> by the Certificate of Obligation Ordinance, the amounts re-
<br /> quired to provide for the payment, in immediately available
<br /> funds, of all principal of and interest on the Certificates of
<br /> ~Obligation, when due.
<br /> IF THE DATE for the payment of the principal of or inter-
<br /> ~est on this Certificate of Obligation shall be a Saturday,
<br /> Sunday, a legal holiday, or a day on which banking institutions
<br /> in the city where the Paying Agent/Registar is located are au-
<br /> thorized by law or executive order to close, then the date for
<br /> such payment shall be the next succeeding day which is not such
<br /> a Saturday, Sunday, legal holiday, or day on which banking
<br /> ~institutions are authorized to close; and payment on such date
<br /> ~shall have the same force and effect as if made on the original
<br /> date payment was due.
<br /> THIS CERTIFICATE OF OBLIGATION is one of an issue of
<br /> Certificates of Obligation initially dated December 15, 1984,
<br /> authorized in accordance with the Constitution and laws of the
<br /> State of Texas in the original principal amount of $6,500,000,
<br /> for the purpose of paying, in whole or in part, contractual
<br /> qobligations for improving and extending the City's combined
<br /> lWaterworks and Sewer System, and for paying all or a portion of
<br /> ~the legal, fiscal and engineering fees in connection with this
<br /> ~project.
<br /> ON DECEMBER 15, 1994, or on any interest payment date
<br /> thereafter, the Certificates of Obligation of this Series may
<br /> be redeemed prior to their scheduled maturities, at the option
<br /> of the Issuer, with funds derived from any available source, as
<br /> a whole, or in part, and, if in part, the maturity or maturi-
<br /> ~ties of Certificates of Obligations and the amounts threof, to
<br /> be redeemed shall be selected and designated by the Issur, and
<br /> the Issuer shall direct the Paying Agent/Registrar to call by
<br /> lot Certificates of Obligation, or portions thereof within such
<br /> maturities and in such principal amounts for redemption (pro-
<br /> vided that a portion of this Certificate of Obligation may be
<br /> redeemed only in an integral multiple of $5,000), at the
<br /> redemption 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 redemption of
<br /> Certificates of Obligation prior to maturity a written notice
<br /> of such redemption shall be given by the Issuer to the Paying
<br /> ~Agent/Registrar, and the Paying Agent/Registrar shall send a
<br /> copy of such notice by United States mail, first-class postage
<br /> prepaid, not less than 15 days prior to the date fixed for any
<br /> such redemption, to the registered owner of each Certificate of
<br /> IObligation to be redeemed at its address as it appeared on the
<br /> l30th day prior to such redemption date; provided, however, that
<br /> ~the failure to send, mail, or receive such notice, or any
<br /> ~defect therein or in the sending or mailing thereof, shall not
<br /> laffect the validity or effectiveness of the proceedings for the
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