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<br /> REG ISTRATI ON
<br /> ~ax :ouiu and Fiscal ResDonsibilityß.ct of 1982 ("TEFRA") ." TEFRA, as amended, mandates,
<br /> among other things, that all municipal bonds and certificates of obligation (excepting those
<br /> with a one year maturity or less) mL:~ be registered in the owner's name, beginning with
<br /> July 1,1983.
<br /> Payingû,gent/Reoistrar ,., The Certificates will be issued only in fully registered form in
<br /> any integral multiple of 55,000 for anyone maturity, Principal of the Certificates will
<br /> be payable to the registered holder or owner (the "Holder" or "Owner") at maturity or redemp-
<br /> tion upon ,presentation at the principal corporate office of American National Bank, Austin,
<br /> Texas, the Paying Agent/Registrar. Interest on the Certificates will be payable by check,
<br /> dated as of the interest payment date, and mailed by the Paying Agent/Registrar to registered
<br /> Holders as shown on the records of the Paying Agent/Registrar on the Record Date (see "Record
<br /> Date for Interest Payment" herein).
<br /> Successor Paying Agent/Registrar ... Provision is made in the Ordinance for replacement of
<br /> the Paying Agent/Registrar, The City covenants to maintain and provide a Paying Agent/
<br /> Registrar at all times while the Certificates are outstanding and any successor Paying Agent/
<br /> Registrar shall be a bank, trust company, financial institution, or other entity duly quali-
<br /> fied and legally authorized to serve as and perform the duties and services of Paying Agent/
<br /> Registrar for the Certificates. Upon any change in the Paying Agent/Registrar for the Bonds,
<br /> the City agrees to promptly cause a written notice thereof to be sent to each registered
<br /> Owner of the Bonds by United States mail, first class postage prepaid, which notice shall
<br /> also give the address of the new Paying Agent/Registrar,
<br /> Future Registration ,'. The Certificates may be transferred, exchanged and registered only
<br /> on the registration books of the Paying Agent/Registrar, and such registration and transfer
<br /> shall be without expense or service charge to the Holder, except for any tax or other
<br /> governmental charges required to be paid with respect to such registration and transfer. A
<br /> Certificate may be assigned by the execution of an assigment form on the Certificate or
<br /> by other instrument of transfer and assignment acceptable to the Paying Agent/Registrar.
<br /> A new Certificate or Certificates will be delivered by the Paying Agent/Registrar, in lieu
<br /> of the Certificate being transferred or exchanged, at the principal corporate office of
<br /> the Paying Agent/Registrar, or sent by United States mail, first class, postage prepaid,
<br /> to the new registered Holder or his designee. To the extent possible, new Certificates
<br /> issued in an exchange or transfer of Certificates will be delivered to the registered
<br /> Holder or assignee of the Holder in not more than three business days after the receipt of
<br /> the Certificates to be cancelled, and the written instrument of transfer or request for
<br /> exchange duly executed by the Holder or his duly authorized agent, in form satisfactory
<br /> to the Paying Agent/Registrar. New Certificates registered and delivered in an exchange
<br /> or transfer shall be in any integral multiple of $5,000 for anyone maturity and for a
<br /> like aggregate principal amount as the Certificate or Certificates surrendered for ex-
<br /> change or transfer.
<br /> Record Date for Interest Payment... The record date ("Record Date") for the interest payable
<br /> on any interest payment date means the 15th day of the preceding month.
<br /> In the event of a non-payment of interest on a scheduled payment date, and for 30 days there-
<br /> after, a new record date for such interest payment (a "Special Record Date") will be estab-
<br /> lished by the Paying Agent/Registrar, if and when funds for the payment of such interest
<br /> have been received from the City. Notice of the Special Record Date and of the scheduled
<br /> payment date of the past due interest (the "Special Payment Date" which shall be 15 days after
<br /> the Special Record Date) shall be sent at least five business days prior to the Special Record
<br /> Date by United States mail, first class, postage prepaid, to the address of each Holder of a
<br /> Certificate appearing on the books of the Paying Agent/Registrar at the close of business on
<br /> the last business day next preceding the date of mailing of such notice.
<br /> Limitation on Transfer of Certificatrs Called for Redemrtion . " Neither the City or the Pay-
<br /> ing Agent/Registrar shall be required to issue or transfer to an assignee of the Holder of the
<br /> Crrtificates any Certificate called for redemption, in whole or in part, within 45 days of the
<br /> date fixed for redemption; provided, however, such limitation of transfer shall not be appli-
<br /> cable to an exchange by the Certificate Holder of the unredeemed balance of a Certificate
<br /> called in part for redemption.
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