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<br /> (b) Form of Bond. <br /> REGISTERED REGISTERED <br /> NO. $ <br /> UNITED STATES OF AMERICA <br /> STATE OF TEXAS <br /> CITY OF SAN MARCOS, TEXAS <br /> COMBINATION TAX AND REVENUE REFUNDING BOND <br /> SERIES 1985 <br /> Interest Rate: Due: Initial Date: CUSIP <br /> December 1, 1985 <br /> THE CITY OF SAN MARCOS (the "City"), in the County of Hays, , <br /> State of Texas, hereby promises to pay to <br /> or the registered assigns thereof, on the due date specified above <br /> the principal sum of <br /> DOLLARS <br /> and to pay interest thereon, from the later of the Initial Date or <br /> the most recent interest payment date to which interest has been <br /> paid or duly provided for, until maturity, at the per annum rate <br /> specified above, semiannually on August 1 and February 1, <br /> commencing August 1, 1986. <br /> THE PRINCIPAL of this Bond is payable at the principal <br /> cor~orate office of the Paying Agent/Registrar executing the <br /> reg1stration certificate appearing hereon, upon presentation and <br /> surrender of this Bond. The interest on this Bond payable on any <br /> interest payment date will be paid to the person in whose name <br /> this Bond (or one or more Predecessor Bonds) is registered at the <br /> close of business on the Record Date for such interest payment <br /> which shall be the 15th day of the month next preceding such <br /> interest payment date; provided, however, that in the event of <br /> nonpayment of interest on a scheduled interest payment date, and <br /> for thirty days thereafter, a new record date for such interest <br /> payment (the "Special Record Date") will be established by the <br /> Paying Agent/Registrar, if and when funds for the payment of such <br /> interest have been received from the city. Notice of the Special <br /> Record Date and of the scheduled payment date of the past due <br /> interest (the "Special Payment Date", which shall be fifteen days <br /> after the special Record Date) shall be sent at least five <br /> business days prior to the Special Record Date by United States <br /> mail, first class postage prepaid, to the address of each Holder <br /> of a Bond appearing on the books of the Paying Agent/Registrar at <br /> the close of business on the last business day preceding the date <br /> of mailing such notice. All payments of principal of, premium, if <br /> any, and interest on this Bond shall be in lawful money of the <br /> -6- <br />