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OPFICIAL SID PORM Honorable Mayor and City Council Ci ty of San Marcos San Marcos, Texas February 17, 1988 Members of the City Council: Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated January 25, 1988, of $1,340,000 CITY OF SAN MARCOS, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988, both of which constitute a part hereof. For your legally issued Certificates, as described in said Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $ for Certificates maturing and bearing interest as follows: Maturity Interest Maturi ty Interest Maturity Interest (August 1) Rate (August 1) Rate (August 1) Rate 1990 % 1995 % 1999 1991 % 1996 % 2000 % 1992 % 1997 % 2001 % 1993 % 1998 % 2002 % 1994 % 2003 % Our calculation (which is not a part of this bid) of the interest cost from the above is: Total Interest Cost $ Less Premium NET INTEREST COST $ EFFECTIVE INTEREST RATE 96 We are having the Certificates of the following maturities insured by at a premium of $ (excluding fees paid to rating agencies). The Initial Certificate or Certificates shall be registered in the name of (syndicate account manager). We wiH adviæ Mr. Einer JuuJ, Corporate Trust Division, MTrust Corp, N. A., P. O. Box 2266, Austin, Texas, 78780, (512) 479-5132, the Paying Agent/Registrar, our registration instructions at least five business days prior to the date set for Initial Delivery. Check of the . Bank, , in the amount of $26,800.00, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this bid), and is submitted in accordance with the terms as set forth in the Official Statement and Notice of Sale and Bidding Instructions. We agree to accept de!ivery of and make payment for the Certificates in immediately available funds in the Corporate Trust Division, MTrust Corp, N. A., Austin, Texas, not later than 10:00 AM, CST, on March 22, 19&8, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructions. The undersigned agrees to complete, execute, and deliver to the City, at least 6 business days prior to delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Notice of Sale and Bidding Instructions, with such changes thereto as may be acceptable to the City. Respectfully submitted, By Authorized Representative ACCEPTANCE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of San Marcos, Texas, this the 17th day of February 1988. ATTEST: Mayor City Secretary