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Section 3. AMOUNT, NAME, PURPOSE, AND AUTHORIZATION. The Bonds,
<br />each to be designated the "CITY OF SAN MARCOS, TEXAS GENERAL OBLIGATION
<br />REFUNDING BONDS, SERIES 2010 ", is hereby authorized to be issued and delivered in
<br />accordance with the Constitution and laws of the State of Texas, particularly Chapter 1207, Texas
<br />Government Code, as amended, and the Charter of the City. The Bonds shall be issued in the
<br />aggregate principal amount not to exceed $20,000,000 for the purpose of providing funds for (i)
<br />refunding the Refunded Obligations and (ii) paying the costs of issuing the Bonds.
<br />Section 4. DATE, DENOMINATION, MATURITIES, NUMBERS, INTEREST
<br />AND REDEMPTION. (a) Initially there shall be issued, sold, and delivered hereunder fully
<br />registered bonds, without interest coupons, which may be in the form of Current Interest Bonds or
<br />Premium Compound Interest Bonds, numbered consecutively from R -1 upward, in the case of
<br />Current Interest Bonds, and from PC -1 upward, in the case of Premium Compound Interest Bonds
<br />(except the Initial Bond delivered to the Attorney General of the State of Texas which shall be
<br />numbered T -1 and TPC -1 respectively) payable to the respective initial Registered Owners thereof,
<br />or to the registered assignee or assignees of said Bonds or any portion or portions thereof, in
<br />Authorized Denominations, maturing not later than August 15, 2023, serially or otherwise on the
<br />dates, in the years and in the principal amounts, respectively, and dated, as all set forth in the Pricing
<br />Certificate to be executed and delivered by the Pricing Officer pursuant to subsection (b) of this
<br />section. The Pricing Certificate is hereby incorporated in and made a part of this Ordinance and shall
<br />be filed in the minutes of the City Council as part of this Ordinance. The Bonds shall be designated
<br />by the year in which they are awarded. No Bonds shall be sold under this Ordinance after the close
<br />of business 5:00 P.M. central daylight savings time on April 19, 2011.
<br />(b) As authorized by Chapter 1207.007, Texas Government Code, as amended, the
<br />Pricing Officer is hereby authorized to act on behalf of the City in selling and delivering the Bonds,
<br />determining which of the Refundable Obligations shall be refunded and constitute Refunded
<br />Obligations under this Ordinance and carrying out the other procedures specified in this Ordinance,
<br />including determining the date of the Bonds, any additional or different designation or title by which
<br />the Bonds shall be known, the price at which the Bonds will be sold, the years in which the Bonds
<br />will mature, the principal amount to mature in each of such years, the aggregate principal amount of
<br />Current Interest Bonds and Premium Compound Interest Bonds, the rate of interest to be borne by
<br />each such maturity, the interest payment periods, the dates, price, and terms upon and at which the
<br />Bonds shall be subject to redemption prior to maturity at the option of the City, as well as any
<br />mandatory sinking fund redemption provisions, and all other matters relating to the issuance, sale, and
<br />delivery of the Bonds and the refunding of the Refunded Obligations, all of which shall be specified
<br />in the Pricing Certificate; provided that (i) the price to be paid for the Bonds shall not be less than
<br />95% of the aggregate original principal amount thereof plus accrued interest thereon from its date
<br />to its delivery, (ii) none of the Bonds shall bear interest at a rate, or yield in the case of Premium
<br />Compound Interest Bonds, greater than the maximum authorized by law, and (iii) the refunding must
<br />produce a net present value debt service savings of at least 3.0% of the principal amount of the
<br />Refunded Obligations, net of any City contribution. In establishing the aggregate principal amount
<br />of the Bonds, the Pricing Officer shall establish an amount not to exceed the amount authorized in
<br />Section 3, which shall be sufficient to provide for the purposes for which the Bonds are authorized
<br />San Marcos GORB 2010 - Delegated: Ordinance 3
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