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<br />required to be paid with respect thereto shall be paid by the person requesting such assignment, transfer, or exchange,
<br />as a condition precedent to the exercise of such privilege. The foregoing notwithstanding, in the case of the
<br />exchange of a portion of a Bond which has been redeemed prior to maturity, as provided herein, and in the case of
<br />the exchange of an assigned and transferred Bond or Bonds or any portion or portions thereof, such fees and charges
<br />of the Paying Agent/Registrar will be paid by the Issuer. The Paying Agent/Registrar shall not be required to make
<br />any such transfer or exchange (i) during the period commencing with the close of business on any Record Date and
<br />ending with the opening of business on the next following principal or interest payment date or (ii) with respect to
<br />any Bond or any portion thereof called for redemption prior to maturity, within 45 days prior to its redemption date.
<br />IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, or otherwise
<br />ceases to act as such, the Issuer has covenanted in the Bond Ordinance that it promptly will appoint a competent and
<br />legally qualified substitute therefor, and cause written notice thereof to be mailed to the registered owners of the
<br />Bonds.
<br />BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms
<br />and provisions of the Bond Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Bond
<br />Ordinance is duly recorded and available for inspection in the official minutes and records of the governing body
<br />of the Issuer, and agrees that the~terms and provisions of this Bond and the Bond Ordinance constitute a contract
<br />between each registered owner hereof and the Issuer.
<br />IT IS HEREBY CERTIFIED, RECITED, AND COVENANTED THAT this Bond has been duly and validly
<br />authorized, issued, and delivered; all acts, conditions, and things required or proper to be performed, exist, and be
<br />done precedent to or in the authorization, issuance, and delivery of this Bond have been performed, existed, and been
<br />done in accordance with law; and ad valorem taxes sufficient to provide for the payment of the interest on and
<br />principal of this Bond, as such interest comes due, and as such principal matures, have been levied and ordered to
<br />be levied against all taxable property in the Issuer, and have been pledged for such payment, within the limit
<br />prescribed by law.
<br />FORM OF INITIAL BOND
<br />The Initial Bond shall be in the form set forth above for the Definitive Bonds except the following shall
<br />replace the heading and the first paragraph and the Bond will be a continuous document:
<br />NO. I-1
<br />United States of America
<br />State of Texas
<br />CITY OF LA PORTS, TEXAS
<br />GENERAL OBLIGATION REFUNDING BOND,
<br />SERIES 1994
<br />Issue Date: APRIL, 1, 1994
<br />Registered Owner:
<br />$7,445,000
<br />Principal Amount: SEVEN MILLION FOUR HUNDRED FORTY FIVE THOUSAND DOLLARS ($7,445,000)
<br />THE CITY OF LA PORTS, TEXAS (the "Issuer"), for value received, acknowledges itself indebted to and
<br />hereby promises to pay to the order of the Registered Owner, specified above, or the registered assigns thereof (the
<br />"Registered Owner"), the Principal Amount, specified above, with principal installments payable on August IS in
<br />each of the years, and bearing interest at per annum rates in accordance with the following schedule:
<br />7
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