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<br />fire station, additions and improvements (being the entire
<br />amount voted for such purpose); $450,000 (out of $1,500,000
<br />voted) for the purpose of constructing or purchasing a Fire
<br />Department Training Facility and related improvements,
<br />including the purchase of a site therefor, leaving $1,050,000
<br />to be issued at a later date or dates for such purpose;
<br />$2,000,000 (out of $2,500,000 voted) for the purpose of
<br />purchasing and improving land for park purposes, leaving
<br />$500,000 to be issued at a later date or dates for such
<br />purpose; $1,000,000 (out of $3,000,000 voted) for the
<br />purpose of constructing or purchasing drainage improvements,
<br />leaving $2,000,000 to be issued for such purpose at a later
<br />date or dates; and $1,000,000 (out of $2,500,000 voted) for
<br />the purpose of constructing improvements to the streets in
<br />the City, including necessary drainage in connection there-
<br />with, leaving $1,500,000 to be issued for such purpose at a
<br />later date or dates; under and in strict conformity with the
<br />Constitution and laws of the State of Texas, including
<br />without limitation Chapters 1 and 7 of Title 22 of Vernon's
<br />Texas Civil Statutes, as amended, and by authority of the
<br />bond election described above.
<br />
<br />The Bonds are payable from the proceeds of an ad
<br />valorem tax levied upon all taxable property within the City
<br />within the limitations prescribed by law. Reference is
<br />hereby made to the Bond Ordinance for a description of the
<br />covenants by which the Bonds are secured, the respective
<br />rights thereunder of the registered owners of the Bonds and
<br />the City, and the terms upon which the Bonds are, and are to
<br />be, authenticated and delivered.
<br />
<br />The City has reserved the right to redeem, in
<br />whole or from time to time in part, all of the Bonds matur-
<br />ing in the years 1996 through 2005 on March 15, 1995, or any
<br />interest payment date thereafter, by paying the principal
<br />thereof and accrued interest thereon. If less than all of
<br />the Bonds of any particular maturity are to be redeemed, the
<br />City shall designate the principal amount of Bonds of each
<br />maturity to be redeemed and the Paying Agent/Registrar shall
<br />designate the particular Bonds within such maturity in
<br />integral multiples of $5,000. At least thirty (30) days'
<br />prior notice of any such redemption shall be given by mail
<br />as provided in the Bond Ordinance. Any Bond or Bonds duly
<br />called for redemption, due provision for the full payment of
<br />which has been timely made, shall cease to bear interest
<br />from and after the date fixed for redemption.
<br />
<br />As provided in the Bond Ordinance and subject to
<br />certain limitations therein set forth, this Bond is transfer-
<br />able on the Bond Register of the City, upon surrender of
<br />this Bond for transfer at the principal office of the Paying
<br />AgentlRegistrar, duly endorsed by, or accompanied by a
<br />written instrument of transfer in form satisfactory to the
<br />Paying AgentlRegistrar duly executed by, the registered
<br />owner hereof or his attorney duly authorized in writing, and
<br />thereupon one or more new fully registered Bonds of the same
<br />maturity, of authorized denominations, bearing the same rate
<br />of interest, and for the same aggregate principal amount
<br />will be issued to the designated transferee or transferees.
<br />Similarly, this Bond may be exchanged for a like aggregate
<br />principal amount of fully registered Bonds of other autho-
<br />rized denominations of the same maturity and bearing the
<br />same rate of interest.
<br />
<br />Neither the City nor the Paying AgentlRegistrar
<br />shall be required (1) to transfer or exchange this Bond
<br />during the period of fifteen (15) calendar days next preced-
<br />
<br />RG041R/180B01
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