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<br />[FORM OF OPINION OF BOND COUNSEL] <br /> <br />HUTCHISON PRICE BOYLE & BROOKS <br /> <br />$1,340,000 <br />CITY OF SAN MARCOS, TEXAS <br />COMBINATION TAX AND REVENUE <br />CERTIFICATES OF OBLIGATION <br />SERIES 1988 <br /> <br />WE HAVE CONDUCTED AN EXAMINATION into the validity of an issue of <br />certificates of obligation entitled "City of San Marcos, Texas, Combination Tax and <br />Revenue Certificates of Obligation, Series 1988" (the "Certificates"), dated <br />February 1, 1988, and issued by the City of San Marcos, Texas (the "City"), as fully <br />registered certificates, aggregating $1,340,000, and maturing serially on August 1 in <br />the years 1990 through 2003r " Iñterest on the Certificates is payable semiannually on <br />February 1 and August 1 of each year, commencing February 1, 1989. The <br />Certificates mature in the amounts and bear interest at the rates prescribed for <br />their respective maturity dates in accordance with the schedule provided in the <br />ordinance adopted by the City authorizing the Certificates (the "Ordinance"), to <br />which reference is hereby made for all purposes. Certain of the Certificates are <br />subject to redemption prior to their scheduled maturities in accordance with the <br />terms and conditions set forth in the Ordinance. <br /> <br />WE HAVE EXAMINED those portions of the Constitution and laws of the <br />State of Texas considered by us relevant to this opinion, certified copies of the <br />proceedings of the City Council of the City, and other documents authorizing and <br />relating to the issuance of the Certificates, including the form of Certificates <br />approved in the Ordinance. <br /> <br />BASED ON SUCH EXAMINATION, IT IS OUR OPINION that the Certificates <br />have been authorized, issued and delivered in accordance with the Constitution and <br />laws of the State of Texas and constitute valid and legally binding obligations of the <br />City; that a continuing ad valorem tax upon all taxable property within the City, <br />within the limit prescribed by law, together with certain Surplus Revenues of the <br />City's Waterworks and Sewer System (as defined and described in the Ordinance), <br />necessary to pay the interest on and principal of the Certificates, have been pledged <br />irrevocably for such purpose; and that the total indebtedness of the City, including <br />the Certificates, does not exceed any constitutional, statutory or other limitations. <br /> <br />BASED ON THE FOREGOING, IT IS OUR FURTHER OPINION that the <br />Certificates wiU not be "private activity bonds" within the meaning of Section <br />