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<br /> THE PRINCIPAL of this Certificate is payable at the principal
<br />corporate office of the Paying Agent/Registrar executing the
<br />registration certificate appearing hereon, upon presentation and
<br />surrender of this Certificate. The interest payable on any interest
<br />payment date will be paid to the person in whose name this Certificate
<br />(or one or more predecessor Certificates) is registered at the close
<br />of business on the Record Date for such interest payment which shall be
<br />the 15th day of the month next preceding such interest payment date;
<br />provided, however, that in the event of non-payment of interest on a
<br />scheduled interest payment date, and for 30 days thereafter, a new
<br />record date for such interest payment (the "Special Record Date") will
<br />be established by the Paying Agent/Registrar, if and when funds for
<br />the payment of such interest have been received from the City. Notice
<br />of the Special Record Date and of the scheduled payment date of the
<br />past due interest (the "Special Payment Date", which shall be 15 days
<br />after the Special Record Date) shall be sent at least 5 business days
<br />pr ior to the Special Record Date by united States mail, first class
<br />postage prepaid, to the address of each Holder of a Certificate
<br />appearing on the books of the Paying Agent/Registrar at the close of
<br />business on the last business day preceding the date of mailing of such
<br />notice. All payments of principal of, premium, if any, and interest on
<br />this Certificate shall be in lawful money of the United States of
<br />America and shall be made by the Paying Agent/Registrar by check sent
<br />on or prior to the appropriate date of payment, by United States Mail,
<br />first class postage prepaid, to the registered owner hereof on the
<br />applicable dates specified, at the address appearing on the
<br />Registration Books, or by such other method acceptable to the Paying
<br />Agent/Registrar requested by the registered owner at the Holder's risk
<br />and expense.
<br /> THE CERTIFICATES maturing on and after August 1, 1995, may be
<br />redeemed prior to their Stated Maturities, at the option of the City,
<br />on August 1, 1994, or on any interest payment date thereafter, in whole
<br />or in part, in principal amounts of $5,000 or any integral multiple
<br />thereof (and if within a Stated Maturity at random and by lot by the
<br />Paying Agent/Registrar) at the redemption price of par, together with
<br />accrued interest to the date of redemption, and upon 30 days pr ior
<br />written notice being given at the direction of the City, and subject to
<br />the terms and provisions relating thereto contained in the Ordinance.
<br />If this Certificate be of a denomination in excess of $5,000 portions
<br />of the principal sum hereof in installments of $5,000 or any integral
<br />multiple thereof may be redeemed, and, if less than all of the
<br />principal sum hereof is to be redeemed, upon the surrender of this
<br />Certificate to the Paying Agent/Registrar at its principal corporate
<br />office there shall be issued to the registered owner hereof, without
<br />charge therefor, for the then unredeemed balance of the principal sum
<br />hereof, a new Certificate or Certificates of like maturity and
<br />interest rate in any authorized denominations provided by the
<br />Ordinance. If this Certificate (or any portion of the principal sum
<br />hereof) shall have been duly called for redemption and notice of such
<br />redemption duly given, then upon such redemption date this Certificate
<br />(or the portion of the principal sum hereof to be redeemed) shall
<br />become due and payable, and, if moneys for the payment of the
<br />redemption price and interest on the principal amount to be redeemed
<br />to the date of redemption are held by the Paying Agent/Registrar for
<br />the purpose of such payment, interest shall cease to accrue and be
<br />payable from and after the redemption date on the principal amount
<br />hereof so redeemed.
<br /> THIS Certificate is one of the series designated in its title,
<br />issued in the aggregate principal amount of $5,800,000 (the
<br />"Certificates") for the purpose of paying contractual obligations to
<br />be incurred for the acquisition, construction and installation of
<br />additions, improvements and extensions to, and equipment for, the
<br />City's sewer system, in accordance with the Constitution and laws of
<br />the State of Texas, and particularly Article 2368a.l of the Revi sed
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