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<br />August 1, 1998, or any interest payment date thereafter, at the par value thereof plus accrued interest to
<br />the date fixed for redemption. If less than aU of the Bonds are to be redeemed and if less than aU of a
<br />maturity is to be redeemed, the Paying Agent/Registrar shaH determine by lot the Bonds, or portions
<br />thereof, within such maturity to be redeemed. Not less than 30 days prior to a redemption date for the
<br />Bonds, the City shall cause a notice of redemption to be sent by United States mail, first class, postage
<br />prepaid, to each Holder of a Bond to be redeemed, in whole or in part, at the address of the Holder
<br />appearing on the registration books of the Paying Agent/Registrar at the dose of business on the business
<br />day next preceding the date of mailing such notice.
<br />
<br />Payment Record: The City has never defaulted.
<br />
<br />Legality: Attorney General of the State of Texas, and
<br />Hutchison Price Boyle &: Brooks, Bond Counsel, Austin, Texas.
<br />(Opinion Printed on the Certificates; See Legal Opinions.)
<br />
<br />Delivery: Anticipated on or about March 22, 1988.
<br />
<br />Paying Agent/Registrar. . . The initial Paying Agent/Registrar wilJ be MTrust Corp, N. A., Austin, Texas.
<br />In the Ordinance the City retains the right to replace the Paying Agent/Registrar. The City covenants to
<br />maintain and provide a Paying Agent/Registrar at aU times while the Certificates are outstanding and any
<br />successor Paying Agent/Registrar shall be a bank, trust company, financial institution, or other entity
<br />duly qualified and legaHy authorized to serve as and perform the duties and services of Paying
<br />Agent/Registrar for the Certificates. Upon any change in the Paying Agent/Registrar for the
<br />Certificates, the City agrees to promptly cause a written notice thereof to be sent to each registered
<br />Owner of the Certificates by United States mail, first class, postage prepaid, which notice shall also give
<br />the address of the new Paying Agent/Registrar.
<br />
<br />Record Date for Interest Payment. . . The record date ("Record Date") for the interest payable on any
<br />interest payment date means the 15th day of the preceding month.
<br />
<br />In the event of a non-payment of interest on a scheduled payment date, and for 30 days thereafter, a new
<br />record date for such interest payr;rent (a "Special Record Date") wjJJ be established by the Paying
<br />Agent/Registrar, if and when funds for the payment of such interest have been received from the City.
<br />Notice of the Special Record Date and of the scheduled payment date of the past due interest (the
<br />"Special Payment Date" which shall be 15 days after the Special Record Date) shaH be sent at least five
<br />business days prior to the Special Record Date by United States mail, first class, postage prepaid, to the
<br />address of each Holder of a Certificate appearing on the books of the Paying Agent/Registrar at the dose
<br />of business on the last business day next preceding the date of mailing of such notice.
<br />
<br />Transfer, Exchange and Registration... The Certificates may be transferred and exchanged on the
<br />registration books of the Paying Agent/Registrar only upon presentation and surrender thereof to the
<br />Paying Agent/Registrar, and such transfer or exchange shaH be without expense or service charge to the
<br />Holder, except for any tax or other governmental charges required to be paid with respect to such
<br />registration, exchange and transfer. A Certificate may be assigned by the execution of an assignment
<br />form on the Certificate or by other instrument of tr.ansfer and assignment acceptable to the Paying
<br />Agent/Registrar. A new Certificate or Certificates will be delivered by the Paying Agent/Registrar, in
<br />lieu of the Certificate being transferred or exchanged, at the principal corporate office of the Paying
<br />Agent/Registrar, or sent by United States mail, first class, postage prepaid, to the new registered Holder
<br />or his designee. To the extent possible, new Certificates issued in an exchange or transfer of Certificates
<br />will be delivered to the registered Holder or assignee of the Holder in not more than three business days
<br />after the receipt of the Certificates to be canceHed, and the written instrument of transfer or request for
<br />exchange duly executed by the Holder or his duly authorized agent, in form satisfactory to the Paying
<br />Agent/Registrar. New Certificates registered and delivered in an exchange or transfer shaH be in any
<br />integral multiple of $5,000 for anyone maturity and for a like aggregate principal amount as the
<br />Certificate or Certificates surrendered for exchange or transfer.
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