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<br />September 15, 1994, and semiannually thereafter on March 15 and September ]5 of each year to the registered
<br />owner of any such Bond in the manner provided in the FORM OF BOND set forth in this Ordinance:
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<br /> MATURITY DATE: MARCH 15
<br /> INTEREST INTEREST
<br />YEARS AMOUNTS RATES YEARS AMOUNTS RATES
<br />1995 $ 65,000 3,35% 2001 $100,000 4.65%
<br />1996 105,000 3,60 2002 400,000 4.80
<br />1997 80,000 3.85 2003 400,000 4,95
<br />1998 85,000 4.10 2004 455,000 5.05
<br />1999 90,000 4.30 2005 440,000 5,15
<br />2000 95,000 4.40 2006 145,000 5.25
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<br />SECTION 3. RIGHT OF PRIOR REDEMPTION. The City reserves the right to redeem the Bonds
<br />maturing on or after March 15, 2003, in whole or in part in principal amounts of $5,000 or any integral multiple
<br />thereof, on March 15,2002, or on any date selected by the City thereafter, at the redemption prices, on the dates,
<br />and in the manner described in the FORM OF BOND set forth in this Ordinance
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<br />SECTION 4. CHARACTERISTICS OF THE BONDS. (a) Reaistration, Transfer, and Exchanae;
<br />Authentication. The Issuer shall keep or cause to be kept at the principal corporate trust office of Texas
<br />Commerce Bank National Association, Houston, Texas (the "Paying Agent/Registrar") books or records for the
<br />registration of the transfer and exchange of the Bonds (the "Registration Books"), and the Issuer hereby appoints
<br />the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make such
<br />registrations of transfers and exchanges under such reasonable regulations as the Issuer and Paying
<br />Agent/Registrar may prescribe; and the Paying AgentlRegistrar shall make such registrations, transfers, and
<br />exchanges as herein provided. The Mayor and the City Secretary are authorized to enter into a Paying
<br />Agent/Registrar Agreement substantially in the fonn of Exhibit A, atlached hereto. The Paying Agent/Registrar
<br />shall obtain and record in the Registration Books the address of the registered owner of each Bond to which
<br />payments with respect to the Bonds shall be mailed, as herein provided; but it shall be the duty of each
<br />registered owner to notify the Paying Agent/Registrar in writing of the address to which payments shall be
<br />mailed, and such interest payments shall not be mailed unless such notice has been given, To the extent possible
<br />and under reasonable circumstances, all transfers of Bonds shall be made within three business days after request
<br />and presentation thereof. The Issuer shall have the right to inspect the Registration Books during regular
<br />business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Regis-
<br />tration Books confidential and, unless otherwise required by law, shall not pennit their inspection by any other
<br />entity. The Paying Agent/Registrar's standard or customary fees and charges for making such registration,
<br />transfer, exchange and delivery of a substitute Bond or Bonds shall be paid as provided in the FORM OF BOND
<br />set forth in this Ordinance. Registration of assignments, transfers, and exchanges of Bonds shall be made in the
<br />manner provided and with the effect stated in the FORM OF BOND set forth in this Ordinance. Each substitute
<br />Bond shall bear a letter and/or number to distinguish it from each other Bond,
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<br />Except as provided in (c) below, an authorized representative of the Paying Agent/Registrar shall, before
<br />the delivery of any such Bond, dale and manually sign the Paying Agent/Registrar's Authentication Certificate,
<br />and no such Bond shall be deemed to be issued or outstanding unless such Certificate is so executed. The
<br />Paying Agent/Registrar promptly shall cancel all paid Bonds and Bonds surrendered for transfer and exchange.
<br />No additional ordinances, orders, or resolutions need be passed or adopted by the governing body of the Issuer
<br />or any other body or person so as to accomplish the foregoing transfer and exchange of any Bond or portion
<br />thereof, and the Paying Agent! Registrar shall provide for the printing, execution, and delivery of the substitute
<br />Bonds in the manner prescribed herein, and said Bonds shall be of type composition printed on paper with
<br />lithographed or steel engraved borders of customary weight and strength, Pursuant to Vernon's Ann. Tex. Civ.
<br />SI. Art. 717k-6, and particularly Section 6 thereof, the duty of tmnsfer and exchange of Bonds as aforesaid is
<br />hereby imposed upon the Paying Agent/Registrar, and, upon the execution of said certificate, the transferred and
<br />exchanged Bond shall be valid, incontestable, and enforceable in the same manner and with the same effect as
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