O-2010-3232 Certificates of Obligation Series 2010 and General Obligation Refunding Bonds

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"Owner" shall have the meaning set forth under the definition of "Registered Owner." "Paying Agent/Registrar" shall mean The Bank of New York Mellon Trust Company, National Association, Dallas, Texas, and its successors in that capacity. "Paying Agent/Registrar Agreement" shall mean the agreement between the City and the Paying Agent/Registrar setting forth the duties and obligations of the Paying Agent/Registrar with respect to the Bonds. "Purchaser" shall have the meaning given to such term in Section 7.1 hereof. "Record Date" shall mean the close of business on the firstday of the month in which the applicable Interest Payment Date occurs. "Refunded Obligations" shall mean those obligations described in Schedule I attached hereto, which are being refunded and defeased with the proceeds of the Bonds and other legally available funds of the City, if any. "Register" shall mean the registration books for the Bonds kept by the Paying Agent/Registrar in which are maintained the names and addresses of, and the principal amounts registered to, each Registered Owner of Bonds. "Registered Owner" or "Owner" shall mean the person or entity in whose name any Bond is registered in the Register. Section 2.2.: Interpretations. All terms defined herein and all pronouns used in this Ordinance shall be deemed to apply equally to singular and plural and to all genders. The titles and headings of the articles and sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof. This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of the Bonds and the validity of the levy of ad valorem taxes to pay the principal of and -- interest on the Bonds. ARTICLE III. TERMS OF THE BONDS Section 3.1.: Amount, Purpose and Authorization. (a) The Bonds shall be issued in fully registered form, without coupons, under and pursuant to the authority of the Act in the total authorized aggregate principal amount of FOUR MILLION TWO HUNDRED NINETY FIVE THOUSAND AND NO/100 DOLLARS ($4,295,000) for the purpose of refunding the Refunded Obligations and paying the costs of issuing the Bonds and refunding the Refunded Obligations. (b) It is hereby found and determined that the refunding of the Refunded Obligations and the issuance of the Bonds will benefit the City by reducing total net present value debt service, and that such benefit is sufficient consideration for the issuance of the Bonds and the issuance of the Bonds is in the best interests of the City. 3 HOU:3009756.3