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or to the registered assignee hereof-(eitlier being hereinafter
called the "registered ownex"),the, principal amount of
and to pay interest thereon from July 1, 1984,.. to the maturity
date'specified above, or the date of redemption prior to matur-
ity,, with interest being payable on February 1, 1985, and semi-
annually on eachi.August 1 and February 1 thereafter, at the
interest rate per annum., specified above; except' that if the
date of authentication of,this'Bond is later than January 31,
1985, the first scheduled Record-, Date for the Initial - Bond,"
sucli",.principal amount shall bear interest from the ;interest
payment .,date next. preceding -the date of authentication-, unless
such 'date 'of authentication is after any =Record. Date .(herein-
after defined) but' on or before the ,next following interest
payment date, in which case.such principal amount shall bear
interest from such next following interest payment date.
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 principal. Corporate
trust office of First City,. National Bank of Austin,:° Austin,
Texas, which is the "Payi.ngAgent/Registrar" for •this.": Bond.
"The payment of interest orr this Bond shall be made by the
Paying Agent/Registrar ',to. the registered owner hereof ""on each
.interest payment date ,by check or draft, ..dated as of ";such in-
terest payment.date,".drawn by the Paying Agent/Registrar,on,
and payable ' solely, from, -:, funds of the Issuer , required by the
Ordinance authorizing the - issuance of the Bonds (the "Bond
Ordinance")to be -on deposit with the Paying Agent/Registrar
for',such purpose as hereinafter provided and such check or
draft "shall be sent by the Paying Agent/Registrar- by,United
States mail, first class postage prepaid, on each such interest
payment date,'to"the registered owner hereof,at•the address of
the registered owner, as it appeared on the last business day
of the month next preceding each such date (the' "Record Date")
.on the Registration Books kept by:the Paying Agent/Registrar,
as hereinafier.described,', Any accrued interest due upon the'
redemption -:of -this Bond prior to maturity as provided herein
shall be.paid,to-the registered :owner at the principal corpor-
ate trust"office of the Paying Agent/Registrar: upon presenta
tion. and .,.surrender. of this Bond for:. redemption :and payment at
the principal corporate trust office of the Paying Agent/Regis-
trar. The Issuer covenants with the registered owner' of this
Bond that on or before each principal payment date, interest
payment date, and accrued, interest payment date for this Bond
it will make available to, the Paying Agent/Registrar, from the
"Interest and Sinking Fund" created by the Bond Ordinlance, the
amounts required to provide for the payment,, in immediately
available funds,. of all principal of and interest on the Bonds,
when due.
IF TEE DATE for the payment of the principal of ox`inter.
est on this Bond shall bt: a Saturday, Sunday, a legal -holiday,
or a day on which banking institutions it! the City where the
Paying Agent/Registrar ,is located are authorized by law or
executive order to close, then. the date for such payment shall
be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day on which banking institutions are
authorized to close; and payment on such. date shall have the
same force and effect as if made on the original date payment
was due
-THIS BOND is one of an ;issue of Bonds initially dated July
1 1984, authorized in accordance with the Constitution and
laws"; of the State of Texas in the principal" amount of
$1,785,000 for: the purpose of providing $1,000,000 for the
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