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• 0 <br /> Series 2002 Refunding Bond. Upon such transfer a new fully <br /> registered Series 2002 Refunding Bond or Bonds of the same series <br /> and maturity, of authorized denomination or denominations, for the <br /> same aggregate principal amount, will be issued to the transferee <br /> in exchange therefor. This Series 2002 Refunding Bond is issued <br /> with the intent that the laws of the State of Arkansas shall govern <br /> its construction. <br /> The City and the Trustee may deem and treat the <br /> registered owner hereof as the absolute owner hereof for the <br /> purpose of receiving payment of or on account of principal hereof <br /> and premium, if any, hereon and interest due hereon and for all <br /> other purposes, and neither the City nor the Trustee nor any paying <br /> agent shall be affected by any notice to the contrary. <br /> The Series 2002 Refunding Bonds are issuable only as <br /> fully registered bonds in the denomination of $5, 000, and any <br /> integral multiple thereof. Subject to the limitations and upon <br /> payment of the charges provided in the Authorizing Ordinance, <br /> Series 2002 Refunding Bonds may be exchanged for a like aggregate <br /> principal amount of Series 2002 Refunding Bonds of the same <br /> maturity of other authorized denominations . <br /> IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all <br /> acts, conditions and things required to exist, happen and be <br /> performed precedent to and in the issuance of the Series 2002 <br /> Refunding Bonds do exist, have happened and have been performed in <br /> due time, form and manner as required by law; that the indebtedness <br /> represented by the Series 2002 Refunding Bonds, together with all <br /> obligations of the City, does not exceed any constitutional or <br /> statutory limitation; and that the above referred to revenues <br /> pledged to the payment of the principal of and premium, if any, and <br /> interest on the Series 2002 Refunding Bonds as the same become due <br /> and payable will be sufficient in amount for that purpose. <br /> This Series 2002 Refunding Bond shall not be valid or <br /> become obligatory for any purpose or be entitled to any security or <br /> benefit under the Authorizing Ordinance until the Certificate of <br /> Authentication hereon shall have been signed by the Trustee. <br /> THE CITY HAS DESIGNATED THE SERIES 2002 IMPROVEMENT BONDS <br /> AS "QUALIFIED TAX-EXEMPT OBLIGATIONS" WITHIN THE MEANING OF SECTION <br /> 265 (b) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE <br /> SERIES 2002 REFUNDING BONDS ARE, BY LAW, QUALIFIED TAX-EXEMPT <br /> OBLIGATIONS. <br /> 6 <br />