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<br />I <br /> <br />ARTICLE III <br /> <br />AUTHORIZATION; GENERAL TERMS <br />AND PROVISIONS REGARDING THE CERTIFICATES <br /> <br />Section 3,01. Authorization. <br /> <br />(a) The City's certificates of obligation to be designated "City of San Marcos, Texas, <br />Combination Tax and Revenue Certificates of Obligation, Series 2004," are hereby authorized to be Issued <br />and delivered in accordance with the Constitution and laws of the State of Texas in the aggregate principal <br />amount of $6,355,000 for the purpose of paying contractual obligations to be incurred for the following <br />purposes: constructing, reconstructing and improving streets; constructing and improving drainage facilities; <br />purchasing fire department vehicles and equipment; and to pay costs of issuance with respect to such <br />certificates of obligation. <br /> <br />Section 3.02. Date. Denomination. Maturities. Numbers and Interest. <br /> <br />(a) The Certificates shall have the Original Issue Date of November I, 2004, shall be in fully <br />registered form, without coupons, in the denomination of$5,000 or any integral multiple thereof, and shall <br />be numbered separately from one upward or such other designation acceptable to the City and the Paying <br />Agent/Registrar. <br /> <br />I <br /> <br />(b) The Certificates shall mature on August 15 in the years and in the principal amounts and <br />interest rates set forth below, interest on each Certificate accruing from the Original Issue Date or the most <br />recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of <br />interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall <br />have been paid or provision for such payment shall have been made, commencing August 15, 2005, as <br />follows: <br /> <br /> Principal Interest Principal Interest <br /> Year Amount Rate Year Amount Rate <br /> 2006 $240,000 3.000% 2016 $335,000 4.000% <br /> 2007 250,000 3.000% 2017 345,000 4.050% <br /> 2008 260,000 3.000% 2018 360,000 4.125% <br /> 2009 265,000 3.000% 2019 375,000 4,200% <br /> 2010 275,000 3.000% 2020 395,000 4.300% <br /> 2011 280,000 3.250% 2021 410,000 4375% <br /> 2012 290,000 3.400% 2022 430,000 4.450% <br /> 2013 300,000 3.600% 2023 445,000 4,500% <br />I 2014 310,000 3.700% 2024 465,000 4,600% <br />2015 325,000 3,800% <br /> IUS an MarcoslCO 041DocslOrdinancelCO Ord Final wpd 5 <br /> <br />