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<br />on each September 15 and March 15 thereafter to the Maturity Date, specified above, or the date of redemption
<br />prior to maturity, at the Interest Rate per annum, specified above; except that if this Bond is required to be
<br />authenticated and the date of its authentication is later than the first Record Date (hereinafter defined), such princi-
<br />pal amount shall bear interest from the interest payment date next preceding the date of authentication, unless such
<br />date of authentication is after any Record Date but on or before the next following interest payment date, in which
<br />case such principal amount shall bear interest from such next following interest payment date; provided, however,
<br />that if on the date of authentication hereof the interest on the Bond or Bonds, if any, for which this Bond is being
<br />exchanged is due but has not been paid, then this Bond shall bear interest from the date to which such interest
<br />has been paid in full.
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<br />THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States
<br />of America, without exchange or collection charges. The principal of this Bond shall be paid to the registered
<br />owner hereof upon presentation and surrender of this Bond at maturity or upon the date fixed for its redemption
<br />prior to maturity, at the designated payment office of CHASE BANK OF TEXAS, NATIONAL ASSOCIATION,
<br />Houston, Texas, or its successor, which is the "Paying Agent/Registrar" for this Bond. The payment of interest
<br />on this Bond shall be made by the Paying Agent/Registrar to the registered owner hereof on each interest payment
<br />date by check, dated as of such ~nterest payment date, drawn by the Paying Agent/Registrar on, and payable solely
<br />from, funds of the City required by the ordinance authorizing the issuance of this Bond adopted on June 22, 1998
<br />(the "Bond Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter pro-
<br />vided; and such check shall be sent by the Paying Agent/Registrar by United States mail, first-class postage pre-
<br />paid, on each such interest payment date, to the registered owner hereof, at its address as it appeared on the last
<br />business day of the month next preceding each such date (the "Record Date") on the Registration Books kept by
<br />the Paying Agent/Registrar, as hereinafter described. In addition, interest may be paid by such other method,
<br />acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the registered owner.
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<br />THIS BOND is one of a series of Bonds dated as of June 15, 1998, authorized in accordance with the
<br />Constitution and laws of the State of Texas in the original principal amount of $2,500,000 for the purpose of
<br />providing funds for park and drainage improvements.
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<br />REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE BOND SET FORTH
<br />ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL HAVE THE SAME FORCE AND EFFECT AS
<br />IF SET FORTH IN THIS SPACE.
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<br />IN WITNESS WHEREOF, the City has caused this Bond to be signed with the manual or facsimile
<br />signature of the Mayor of the City and countersigned with the manual or facsimile signature of the City Secretary
<br />of the City, and has caused the official seal of the City to be duly impressed, or placed in facsimile, on this Bond.
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<br />CITY OF LA PORTE, TEXAS
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<br />xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
<br />City Secretary
<br />City of La Porte, Texas
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<br />xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
<br />Mayor
<br />City of La Porte, Texas
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<br />[Form of Back Panel of Bond]
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<br />THE BONDS are issued pursuant to the Bond Ordinance whereunder the City covenants to levy a
<br />continuing direct annual ad valorem tax on taxable property within the City, not to exceed $2.50 per assessed
<br />$100 valuation, as provided in Article XI, Section 5 of the Texas Constitution, for each year while any part of
<br />the Bonds are considered outstanding under the provisions of the Bond Ordinance, in sufficient amount to pay
<br />interest on each Bond as it becomes due, to provide a sinking fund for the payment of the principal of the Bonds
<br />when due, and to pay the expenses of assessing and collecting such tax, all as more specifically provided in the
<br />Bond Ordinance. Reference is hereby made to the Bond Ordinance for provisions with respect to the custody
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