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<br />e <br /> <br />e <br /> <br />paid, on each such interest payment date, to the registered owner hereof, <br />at its address as it appeared on the last business day of the month next <br />preceding each such date (the "Record Date") on the Registration Books <br />kept by the Paying Agent/Registrar, as hereinafter described. In addition, <br />interest may be paid by such other method, acceptable to the Paying <br />Agent/Registrar, requested by, and at the risk and expense of, the <br />registered owner. <br /> <br />THIS BOND is one of a Series of Bonds dated as of April 15, <br />1991, authorized in accordance with the Constitution and laws of the State of <br />Texas in the original principal amount of $6,430,000 FOR THE PURPOSE OF <br />PROVIDING FUNDS TO REFUND CERTAIN OF THE ISSUER'S OUTSTANDING <br />OBLIGATIONS (as described in the preamble to the Bond Ordinance). <br /> <br />REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS <br />OF THE BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS <br />SHALL HAVE THE SAME FORCE AND EFFECT AS IF SET FORTH IN THIS <br />SPACE. <br /> <br />IN WITNESS WHEREOF, the Issuer has caused this Bond to be <br />signed with the manual or facsimile signature of the Mayor of the Issuer and <br />countersigned with the manual or facsimile signature of the City Secretary of <br />the Issuer, and has caused the official seal of the Issuer to be duly <br />impressed, or placed in facsimile, on this Bond. <br />CITY OF LA PORTE, TEXAS <br /> <br />(facsimile signature) <br />City Secretary <br /> <br />(facsimile signature) <br />Mayor <br /> <br />[Form of Back Panel of Bond] <br /> <br />THE BONDS are issued pursuant to the Bond Ordinance <br />whereunder the Issuer covenants to levy a continuing direct annual ad <br />valorem tax on taxable property within the Issuer, not to exceed $2.50 per <br />assessed $100 valuation, as provided in Article XI, Section 5 of the Texas <br />Constitution, for each year while any part of the Bonds are considered <br />outstanding under the provisions of the Bond Ordinance, in sufficient <br />amount to pay interest on each Bond as it becomes due, to provide a <br />sinking fund for the payment of the principal of the Bonds when due, and <br />to pay the expenses of assessing and collecting such tax, all as more <br />specifically provided in the Bond Ordinance. Reference is hereby made to <br />the Bond Ordinance for provisions with respect to the custody and <br />application of the Issuer's funds, remedies in the event of a default <br />hereunder or thereunder, and the other rights of the registered owner. <br /> <br />THIS BOND IS TRANSFERABLE OR EXCHANGEABLE only upon <br />presentation and surrender at the principal corporate office of the Paying <br />Agent/Registrar. If this Bond is being transferred, it shall be duly <br />endorsed for transfer or accompanied by an assignment duly executed by the <br />registered owner, or his authorized representative, subject to the terms and <br />conditions of the Bond Ordinance. <br /> <br />7 <br />