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<br />ORIGiNAL
<br />
<br />YEARS
<br />2000
<br />2001
<br />2002
<br />2003
<br />2004
<br />
<br />AMOUNTS
<br />$125,000
<br />125,000
<br />125,000
<br />125,000
<br />125,000
<br />
<br />MATURITY DATE: MARCH 15
<br />INTEREST
<br />RATES
<br />6.20%
<br />6.20
<br />5.10
<br />4.20
<br />4.25
<br />
<br />YEARS
<br />2005
<br />2006
<br />2007
<br />2008
<br />2009
<br />
<br />AMOUNTS
<br />$125,000
<br />125,000
<br />125,000
<br />125,000
<br />125,000
<br />
<br />INTEREST
<br />RATES
<br />4.25%
<br />4.25
<br />4.30
<br />4.35
<br />4.35
<br />
<br />Section 3. RIGHT OF PRIOR REDEMPTION. The City reserves the right to redeem the Bonds
<br />maturing on or after March 15, 2005, in whole or in part in principal amounts of $5,000 or any integral
<br />multiple thereof, on March 15, 2004, or on any date selected by the City thereafter, at the redemption prices,
<br />on the dates, and in the manner described in the FORM OF BOND set forth in this Ordinance
<br />
<br />Section 4. CHARACTERISTICS OF THE BONDS. (a) Registration. Transfer. and Exchange:
<br />Authentication. The Issuer shall keep or cause to be kept at the principal corporate trust office of Chase Bank
<br />of Texas, 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 ap-
<br />points the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make
<br />such registrations of transfers and exchanges under such reasonable regulations as the Issuer and Paying
<br />AgentlRegistrar may prescribe; and the Paying Agent/Registrar 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 />AgentlRegistrar Agreement substantially in the form of Exhibit A, attached hereto. The Paying
<br />AgentlRegistrar shall obtain and record in the Registration Books the address of the registered owner of each
<br />Bond to which payments with respect to the Bonds shall be mailed, as herein provided; but it shall be the
<br />duty of each registered owner to notify the Paying Agent/Registrar in writing of the address to which
<br />payments shall be mailed, and such interest payments shall not be mailed unless such notice has been given.
<br />To the extent possible and under reasonable circumstances, all transfers of Bonds shall be made within three
<br />business days after request and presentation thereof. The Issuer shall have the right to inspect the
<br />Registration Books during regular business hours of the Paying Agent/Registrar, but otherwise the Paying
<br />AgentlRegistrar shall keep the Registration Books confidential and, unless otherwise required by law, shall
<br />not permit their inspection by any other entity. The Paying Agent/Registrar's standard or customary fees and
<br />charges for making such registration, transfer, exchange and delivery of a substitute Bond or Bonds shalI be
<br />paid as provided in the FORM OF BOND set forth in this Ordinance. Registration of assignments, transfers,
<br />and exchanges of Bonds shalI be made in the manner provided and with the effect stated in the FORM OF
<br />BOND set forth in this Ordinance. Each substitute Bond shall bear a letter and/or number to distinguish it
<br />from each other Bond.
<br />
<br />Except as provided in (c) below, an authorized representative of the Paying Agent/Registrar shall,
<br />before the delivery of any such Bond, date and manualIy sign the Paying AgentlRegistrar's Authentication
<br />Certificate, and no such Bond shall be deemed to be issued or outstanding unless such Certificate is so ex-
<br />ecuted. The Paying Agent/Registrar promptly shall cancel all paid Bonds and Bonds surrendered for transfer
<br />and exchange. No additional ordinances, orders, or resolutions need be passed or adopted by the governing
<br />body of the Issuer or any other body or person so as to accomplish the foregoing transfer and exchange of
<br />any Bond or portion thereof, and the Paying Agent/ Registrar shall provide for the printing, execution, and
<br />delivery of the substitute Bonds in the manner prescribed herein, and said Bonds shall be of type composition
<br />printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to
<br />Article 717k-6, Vernon's Texas Civil Statutes, as amended, and particularly Section 6 thereof, the duty of
<br />transfer and exchange of Bonds as aforesaid is hereby imposed upon the Paying AgentlRegistrar, and, upon
<br />the execution of said certificate, the transferred and exchanged Bond shall be valid, incontestable, and
<br />enforceable in the same manner and with the same effect as the Bonds which initially were issued and
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