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<br /> Section 3.02. Date. Denomination. Maturities. Numbers and Interest.
<br /> (a) The Bonds shall have the Original Issue Date of December 1, 1996, shall be in fi.ù1y 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 Agent/Registrar.
<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 Rate Year Amount Rate
<br /> 1999 $ 25,000 7.00% 2008 $ 50,000 5.15%
<br /> 2000 50,000 7.00% 2009 95,000 5.25%
<br /> 2001 50,000 7.00% 2010 110,000 5.35%
<br /> 2002 50,000 7.00% 2011 120,000 5.40%
<br /> 2003 50,000 7.00% 2012 130,000 5.40%
<br /> 2004 50,000 7.00% 2013 190,000 5.50%
<br /> 2005 50,000 7.00% 2014 205,000 5.50%
<br /> 2006 50,000 5.00% 2017 705,000 5.60%
<br /> 2007 20,000 5.10% .
<br /> Section 3.03. Medium. Method and Place ofPavment.
<br /> (a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money of
<br /> 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 at the
<br /> close of business on the Record Date; provided, however, that in the event of nonpayment of interest on a
<br /> 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 Agent/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 Agent/Registrar
<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 Payment Date) and sent
<br /> by the Paying AgentlRegistrar to the person entitled to such payment by United States mail, fIrst class postage
<br /> prepaid, to the address of such person as it appears in the Register or by such other customary banking
<br /> ammgements acceptable to the Paying Agent/Registrar and the person to whom interest is to be paid; provided,
<br /> however, 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 shaIl be made by federal funds wire transfer, at no expense to such O\\-ner, unless such O\\-ner shall agree
<br /> lL"""""""'WW5S.9<C""""""'lUJNCE.FN 5
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