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<br />It <br /> <br />e <br /> <br />Neither the Authority nor the Paying <br />Agent/Registrar shall be required (1) to transfer or <br />exchange this Bond during the period of 15 calendar days <br />next preceding any interest payment date or (2) to transfer <br />or exchange this Bond during the 30-day period prior to the <br />date fixed for redemption of this Bond. <br /> <br />The Authority, the Paying Agent/Registrar and any <br />agent of either of them may treat the person, firm or <br />corporation in whose name this Bond is registered as the <br />owner hereof for the purpose of receiving payment as herein <br />provided and for all other purposes, whether or not this <br />Bond be .overdue, and neither the Authority, the Paying <br />Agent/Registrar nor any such agent shall be affected by <br />notice or knowledge to the contrary. <br /> <br />It is hereby certified, covenanted and represented <br />that all acts, conditions and things required to exist or to <br />be performed or done precedent to or in the issuance of this <br />Bond in order to render the same a legal, valid and binding <br />obligation of the Authority have been performed, exist and <br />have been done in regular and due time, form and manner, as <br />required by law, and that the issuance of the Bonds does not <br />exceed any constitutional or statutory limitation. This <br />Bond shall be construed in accordance with and shall be <br />governed by the laws of the State of Texas. <br /> <br />* * * * * * * * * * <br /> <br />(Legend to be printed on the <br />face of all printed Bonds) <br /> <br />REFERENCE IS HEREBY MADE TO FURTHER PROVISIONS OF <br />THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER <br />PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF <br />FULLY SET FORTH IN THIS PLACE. <br /> <br />* * * * * * * * * * <br /> <br />(Additional paragraph to be typed <br />on Initial Bonds only) <br /> <br />This Bond shall not be entitled to any right or <br />benefit under the Bond Resolution, or be valid or become <br />obligatory for any purpose, unless the Comptroller of Public <br />Accounts of the State' of Texas or his duly authorized agent <br />shall have executed the Registration Certificate of Comp- <br />troller of Public Accounts endorsed hereon. <br /> <br />038DESAJ/024C02 <br /> <br />'-14- <br />