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2005 Bond or Bonds of the same series and maturity, of authorized <br /> denomination or denominations, for the same aggregate principal <br /> amount , will be issued to the transferee in exchange therefor. <br /> This Series 2005 Bond is issued with the intent that the laws of <br /> the State of Arkansas shall govern 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 2005 Bonds are issuable only as fully <br /> registered bonds in the denomination of $5 , 000 , and any integral <br /> multiple thereof . Subject to the limitations and upon payment of <br /> the charges provided in the Authorizing Ordinance, Series 2005 <br /> Bonds may be exchanged for a like aggregate principal amount of <br /> Series 2005 Bonds of the same maturity of other authorized <br /> 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 2005 Bonds <br /> do exist, have happened and have been performed in due time, form <br /> and manner as required by law; that the indebtedness represented by <br /> the Series 2005 Bonds, together with all obligations of the City, <br /> does not exceed any constitutional or statutory limitation; and <br /> that the above referred to revenues pledged to the payment of the <br /> principal of and premium, if any, and interest on the Series 2005 <br /> Bonds as the same become due and payable will be sufficient in <br /> amount for that purpose . <br /> This Series 2005 Bond shall not be valid or become <br /> 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 THIS SERIES 2005 BOND AS A <br /> "QUALIFIED TAX-EXEMPT OBLIGATION" WITHIN THE MEANING OF SECTION <br /> 265 (b) OF THE INTERNAL REVENUE CODE OF 1986 , AS AMENDED. <br /> 6 <br />