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If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated Payment/Transfer Office is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. This Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $3,990,000 (herein referred to as the "Bonds"), issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of acquiring, constructing and installing additions, improvements and extensions to the City's waterworks and waste water system. This Bond and all the Bonds of the series of which it is a part constitute special obligations of the City of San Marcos, Texas, and, together with certain Previously Issued Parity Obligations defined and described in the Ordinance, are payable as to both principal and interest from and equally secured by a first and prior lien on and pledge of the Net Revenues of the City's combined Waterworks and Waste Water System. Reference is hereby made to the Ordinance for a more complete statement of the covenants and provisions securing the payment of this Bond and the series of which it is one. The City expressly reserves the right to issue further and additional special revenue obligations equally secured by a lien on and pledge of the net revenues of the City's combined Waterworks and Waste Water System on a parity with the bonds of this issue; provided, however, that any and all such additional parity obligations may be issued only in accordance with and subject to the covenants, conditions, limitations and restrictions relating thereto which are set out and contained in the Ordinance, to which reference is hereby made for more complete and full particulars. The holders of the Bonds are not entitled to demand payment thereof out of any money raised by taxation The City has reserved the option to redeem the Bonds maturing on and after August 15, 2015, before their respective scheduled maturity in whole or from time to time in part in integral multiples of$5,000 on August 15, 2014, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. Ifless than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereofwithin such maturity or maturities and in such amounts, for redemption. Notice of such redemption or redemptions shall be sent by United States mail, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the registered owner of each of the Bonds to be redeemed in whole or in part. Notice having been so given, the Bonds or portions thereof designated for redemption shall become due and payable on the redemption date specified in such notice, and from and after such date, notwithstanding tha~ any of the Bonds or portions thereof so called for redemption shall not have been surrendered for payment, interest on such Bonds or portions thereof shall cease to accrue. Conditional notice of redemption may also be given as provided in the Ordinance. As provided in the Ordinance, and subject to certain limitations therein set forth, this Bond is transferable upon surrender of this Bond for transfer at the Designated Paymentrfransfer Office, with such endorsement or other evidence of transfer as is acceptable to the Paying Agent/Registrar, and, thereupon, one or more new fully registered Bonds of the same stated maturity, of authorized denominations, bearing the same rate of interest, and for the same aggregate principal amount will be issued to the designated transferee or transferees. San Marcos WS 2005A: Ordinance 1 J .16-2005 17