1999-09-08 Special Called Regular Meeting, Public Hearing, and Workshop Meeting

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e e REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS ($ ON THE MATURITY DATE, specified above, the LA PORTE AREA WATER AUTHORITY (the "Authority"), hereby promises to pay to the Registered Owner, specified above, or the registered assignee hereof (hereinafter called the "registered owner") the Principal Amount, specified above, and to pay interest thereon calculated on the basis ofa 360 day year of twelve 30 day months, from the Dated Date, specified above, to the date of its scheduled maturity or the date of its redemption prior to scheduled maturity, at the Interest Rate per annum, specified above, with said interest being payable on March IS, 2000, and semiannually on each September IS and March IS thereafte~. THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States of America, without exchange or collection charges. The principal of this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or upon the date fixed for its redemption prior to maturity, at the designated payment office of CHASE BANK OF TEXAS, NATIONAL ASSOCIATION which is the "Paying AgentlRegistrar" for this Bond. The payment of interest on this Bond shall be made by the Paying AgentlRegistrar to the registered owner hereof as shown by the "Registration Books" kept by the Paying AgentlRegistrar at the close of business on the Record Date (hereinafter described) by check drawn by the Paying AgentlRegistrar on, and payable solely from, funds of the Authority required to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check shall be sent by the Paying AgentlRegistrar by United States mail, postage prepaid, on each such interest payment date, to the registered owner hereof at its address as it appears on the Registration Books kept by the Paying AgentlRegistrar, as hereinafter described. Upon written request, the registered owner of any Bonds of at least $1,000,000 in principal amount may receive payment of interest by wire transfer. The record date ("Record Date") for the interest payable on any interest payment date means the last calendar day of the month next preceding such interest payment date. In the event of a non-payment of interest on a scheduled payment date, and for 30 calendar days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying AgentlRegistrar, if and when funds for the payment of such interest have been received from the Authority. Notice of the Special Record Date and of the scheduled payment date of the past due interest (which shall be IS days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class, postage prepaid, to the address of each registered owner of a Bond appearing on the books of the Paying AgentlRegistrar at the close of business on the last business day next preceding the date of mailing of such notice. The Authority covenants with the registered owner of this Bond that no later than each principal payment date and interest payment date for this Bond it will make available to the Paying AgentlRegistrar the amounts required to provide for the payment, in immediately available funds by wire transfer or other means acceptable to the Paying Agent/Registrar. of all principal of and interest on the Bonds, when due, in the manner set forth in the resolution authorizing the issuance of this Bond adopted by the Board of Directors of the Authority on September 8, 1999 (the "Resolution"). REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL HAVE THE SAME FORCE AND EFFECT AS IF SET FORTH IN THIS SPACE. IN WITNESS WHEREOF this Bond has been signed with the manual or facsimile signature of the President of the Board of Directors oftbe Authority and countersigned with the manual or facsimile signature of the Secretary of the Board of Directors, and the official seal of the Authority has been duly impressed, or placed in facsimile, on this Bond. LA PORTE AREA WATER AUTHORITY xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Secretary, Board of Directors xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx President, Board of Directors 9