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OFFICIAL STATEMENT RELi\TlNG TO $1,660 ,000 City of San Marcos, Texas General Obligation Bonds, Series 1988 and $1,340,000 City of San Marcos, Texas Combination Tax and Revenue Certificates of Obligation, Series 1988 INTRODUCTION This Official Statement of the City of San Marcos, Texas (the "City"), a political subdivision located in Hays County, is provided to furnish information in connection with the sale of the City's $1,660,000 General Obiigation Bonds, Series 1988 (the "Bonds") and $1,340,000 Combination Tax and Revenue Certificates of Obiigation, Series 1988 (the "Certificates"). The Bonds and Certificates are issued pursuant to the provisions of an ordinance (the "Ordinance") to be adopted by the City Council on February 17, 1988. This Official Statement was prepared to present for the purchaser of the Bonds and Certificates information concerning the Bonds and Certificates, the revenues pledged to the Bonds and Certificates, the description of the revenue base, factors that may affect pledged revenues, and other pertinent data, all as more fully described herein. See "Table of Contents". The City has never defaulted on its general obligation or revenue bonds. The City operates under a Home Rule Charter which was approved by the electorate February 24, 1967. The Charter provides for the Council-Manager form of government for the City. Policymaking and supervisory functions are the responsibility of and vested in the Mayor and City Council. USE OF PROCEEDS Proceeds from the sale of the Bonds will be used for various public improvements within the City including: (1) street and drainage projects; (2) pub1ic safety equipment; and (3) related contingencies such as engineers' fees and issuance costs. Proceeds from the sale of the Certificates will be used for reconstruction of various streets and intersections and related drainage and related contingencies such as engineers' fees and issuance costs. SOURCE OF PA YMENT The Bonds shall be payable from the receipt of an ad valorem tax levied, within the limits prescribed by law, against taxable property located within the City as provided in the Ordinance. The Certificates shaH be payable from the receipt of an ad valorem tax levied, within the limits prescribed by law, against taxable property located within the City as provided in the Ordinance. In combination with the ad valorem taxes levied, the Certificates shaH be payable from and secured by an irrevocable lien on and limited pledge of $10,000 of surplus revenues of the City's waterworks and sewer system, as provided in the Ordinance. - 7-