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<br /> Section 3.02. Date. Denomination. Maturities. Numbers and Interest.
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<br /> (a) The Bonds shall have the Original Issue Date of November 15, 1996, shall be in fully registered
<br /> form, without coupons, in the denomination of$5,000 or any integral multiple thereof, and shall be numbered
<br /> separately from one upward or such other designation acceptable to the City and the Paying AgentlRegistrar.
<br /> (b) The Bonds shall mature on February 15 in the years and in the principal amounts and interest
<br /> rates set forth below, interest on each Bond accruing from the Delivery Date or the most recent Interest Payment
<br /> Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on
<br /> February 15 and August 15 of each year until the principal amount shall have been paid or provision for such
<br /> ,- payment shall have been made, commencing February 15, 1998, as follows:
<br /> Principal Interest Principal Interest
<br /> Year Amount R11te Year Amount R11te
<br /> 1999 $ 100,000 3.100% 2009 $ 350,000 4.050%
<br /> 2000 $ 100,000 3.200% 2010 $ 325,000 4.150%
<br /> 2001 $ 100,000 3.300% 2011 $ 355,000 4.200%
<br /> 2002 $ 100,000 3.400% 2012 $ 485,000 4.250%
<br /> 2003 $ 100,000 3.450% 2013 $ 665,000 4.300%
<br /> 2004 $ 5,000 3.550% 2014 $ 700,000 4.350%
<br /> 2005 $ 5,000 3.650% 2015 $ 735,000 4.400%
<br /> 2006 $ 250,000 3.750% 2016 $ 775,000 4.400%
<br /> 2007 $ 350,000 3.850% 2017 $1,650,000 4.450%
<br /> 2008 $ 350,000 3.950% .
<br /> Section 3.03. Medium. Method and Place ofPavment.
<br /> (a) The principal of, prenùum, if any, and interest on the Bonds shall be paid in lawful money
<br /> of the United States of America as provided in this Section.
<br /> (b) Interest on the Bonds shall be payable to the Owners whose names appear in the Register
<br /> at the close of business on the Record Date; provided, however, that in the event of nonpayment of interest on
<br /> í a scheduled Interest Payment Date, and for 30 days thereafter, a new record date for such interest payment (a
<br /> "Special Record Date") will be established by the Paying A~nt/Registrar if and when funds for the payment of
<br /> such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment
<br /> date of the past due interest (the "Special Payment Date", which shall be at least 15 days after the Special Record
<br /> Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class
<br /> postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying AgentlRegistrar
<br /> at the close of business on the last business day next preceding the date of mailing of such notice.
<br /> (c) Interest on the Bonds shall be paid by check (dated as of the Interest Paym,ent Date) and
<br /> sent by the Paying AgentlRegistrar to the person entitled to such payment by United States mail, first class
<br /> postage prepaid, to the address of such person as it appears in the Register or by such other customary banking
<br /> arrangements acceptable to the Paying AgentlRegistrar and the person to whom interest is to be paid; provided,
<br /> hoVr'ever, that such person shall bear all risk and expenses of such other customary banking arrangements; and,
<br /> further provided, that so long as the Texas Water Development Board is the Owner of the Bonds, payments of
<br /> interest shall be made by federal fimds wire transfer, at no expense to such Owner, unless such O'WTIer shall agree
<br /> ... ~ \ ww:s.s. f<B'OOC3\C ItDNcr.FN 5
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