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<br />Houston, Texas, or its successor (the "Paying Agent/Registrar") ,
<br />to the address of each such owner as it appears on such Bond
<br />Register on the date aforesaid. The Bonds shall mature and
<br />become payable, subject to prior redemption in accordance
<br />with the provisions of Section 5 hereof, on February 15 in
<br />each of the years and in the principal amount set forth in
<br />the schedule below, and shall bear interest at the respective
<br />rates per annum set forth opposite the year of maturity in
<br />said schedule, to-wit:
<br />
<br />Year of Principal Interest
<br />Maturity Amount Rate
<br />1987 $175,000 't,5 (j %
<br />1988 175,000 ~.50 %
<br />1989 175,000 ~,.,o %
<br />1990 175,000 ~.50 %
<br />1991 175,000 ~.50 %
<br />1992 175,000 fji. sa %
<br />1993 175,000 ~;SO %
<br />1994 175,000 '$?so %
<br />1995 175,000 7.Q(J %
<br />1996 250,000 tJ!o %
<br />1997 250,000 ?,O %
<br />1998 250,000 ,?,'() %
<br />1999 250,000 7.'';- %
<br />2000 275,000 {.2() %
<br />2001 275,000 "".30 %
<br />2002 275,000 1.35 %
<br />2003 275,000 "7. tit) %
<br />2004 275,000 6.."0 %
<br />2005 300,000 o.;3() %
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<br />Section 4. That the principal of the Bonds shall
<br />be payable, without exchange or collection charges, in any
<br />coin or currency of the United States of America which, on
<br />the date of payment thereof, is legal tender for the payment
<br />of debts due the United States of America, upon their pre-
<br />sentation and surrender as they become due or at their
<br />earlier redemption date, if any, at the principal office of
<br />the Paying Agent/Registrar.
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<br />Section 5. That the City reserves the right to
<br />redeem, in whole or from time to time in part, all of the
<br />Bonds maturing in the years 1997 through 2005 on February
<br />15, 1996, or any interest payment date thereafter, by paying
<br />the principal thereof and accrued interest thereon. The
<br />City shall, at least forty-five (45) days prior to the date
<br />fixed for redemption (unless a shorter notice shall be
<br />satisfactory to the Paying Agent/Registrar), notify the
<br />Paying Agent/Registrar of such date and the principal amount
<br />of Bonds of each maturity to be redeemed. If less than all
<br />of the Bonds are to be redeemed, the particular Bonds within
<br />any particular maturity (in integral multiples of $5,000)
<br />shall be selected by the Paying Agent/Registrar by such
<br />method as it shall deem fair and' appropriate. The
<br />registered owner of any Bond, all or a portion of which has
<br />been called for redemption, shall be required to present
<br />such Bond to the Paying Agent/Registrar for payment of the
<br />principal of and accrued interest on that portion of the
<br />Bond called for redemption~ provided, however, upon the
<br />surrender of any such Bond, the City shall execute and the
<br />Paying Agent/Registrar shall authenticate and deliver to the
<br />registered owner thereof a new Bond or Bonds' of the same
<br />maturity in an aggregate principal amount equal to the
<br />unredeemed portion of the Bond surrendered. Notice of
<br />redemption shall be given by mailing a copy thereof by
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<br />RG047B/180BOl
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