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<br />deliver in exchange for the Initial Bonds, Bonds registered in accordance with such instructions in an aggregate principal amount equal to
<br />the aggregate principal amount of the Initial Bonds submitted for transfer or exchange.
<br />Pavine Al!entJRee:istrar
<br />The Bonds will be issued in fully registered form in integral multiples of $5,000, and principal and semiannual interest will be payable
<br />by Texas Commerce Bank, N.A., Houston, Texas, the Paying Agent/Registrar (the "Registrar"). Principal of the Bonds will be payable
<br />to the registered owner at maturity or redemption upon presentation to the Registrar. Interest on the Bonds will be payable by check,
<br />dated as of the interest payment date, and mailed by the Registrar to registered owners as shown on the records of the Registrar as of the
<br />fifteenth day of the month next preceding each interest payment date.
<br />Successor Pavinl! Al!entJRee:istrar
<br />Provision is made in the ordinance authorizing the issuance of the Bonds for replacement of the Registrar. If the Registrar is replaced by
<br />the City, the new Registrar shall accept the previous Registrar's records and act in the same capacity as the previous Registrar. Any
<br />Registrar selected by the City shall be either a national or state banking institution and shall be a corporation organized and doing
<br />business under the laws of the United States of America or of any State, authorized under such laws to exercise trust powers, and subject
<br />to supervision or examination by Federal or State authority. Successor Registrars, if any, shall be determined by the City.
<br />Future Ree:istration
<br />The Bonds may be transferred, registered and assigned only on the registration books of the Registrar, and such registration and transfer
<br />shall be without expense or service charge to the owner, except for any tax or other govemmental charges required to be paid with
<br />respect to such registration and transfer. A Bond may be assigned by the execution of an assignment form on the Bonds or by other
<br />instrument of transfer and assignment acceptable to the Registrar. A new Bond or Bonds will be deliVl.'J'ed by the Registrar in lieu of the
<br />Bond being transferred or exchanged at the principal office of the Registrar. To the extent possible, new Bonds issued in an exchange or
<br />transfer of Bonds will be delivered to the registered owner or assignee of the owner in not more than three business days after the receipt
<br />of the Bonds to be cancelled in the exchange or transfer and the written instrument of transfer or request for exchange duly executed by
<br />the owner or his duly authorized agent, in form satisfactory to the Registrar. New Bonds registered and delivered in an exchange or
<br />transfer shall be in denominations of $5,000 or any integral multiple thereof for anyone maturity and for a like aggregate principal
<br />amount as the Bond or Bonds surrendered for exchange or transfer.
<br />Limitation on Transfer or Exchanee of Bonds
<br />Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange any Bond during the period of 15 days next
<br />preceding any interest payment date.
<br />Record Date
<br />The record date ("Record Date") for the interest payable on any interest payment date is dermed as the last business day of the month
<br />next preceding such interest payment date.
<br />USE OF INFORMATION IN OFFICIAL STATEMENT
<br />This Official Statement has been prepared by Moroney, Beissner & Co., Inc., a firm employed by the City to perform professional
<br />services in the capacity of Financial Advisors, including the preparation of this Official Statement. Information with respect to interest
<br />rates, discounts, and other matters relating to the resale of the Bonds, including changes in the affairs of the City subsequent to the date
<br />hereof, is the responsibility of the Underwriters and such information is not provided herein. The information set forth herein has been
<br />obtained from the City and other sources which are believed to be reliable, but no guarantee is made as to the accuracy or completeness
<br />of such information, and its inclusion herein is not to be construed as a representation on the part of the City nor Moroney, Beissner &
<br />Co., Inc. to such effect. No person has been authorized to give any information or to make any representations other than those
<br />contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having
<br />been authorized by the City or Moroney, Beissner & Co., Inc.
<br />This Official Statement does not constitute an offer to sell or solicitation of an offer to buy in any state in which such offer or solicitation
<br />is not authorized, or in which the person making such offer or solicitation is not qualified to do so, or any person to whom it is unlawful
<br />to make such offer or solicitation. Any information and expressions of opinions herein are subject to change, without notice, and neither
<br />the delivery of this Official Statement, nor any sale made hereunder, shall under any circumstances create any implication that there has
<br />been no change in the affairs of the City since the date hereof.
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