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OFFICIAL BID FORM Honorable Mayor and City Council November 25, 1985 City of San Marcos, Texas Gentlemen: Reference is made to your LIMITED OFFERING MEMORANDUM, dated November 25, 1985, of $730,000 CITY OF SAN MARCOS, TEXAS COMBINATION TAX AND REVENUE REFUNDING BONDS, SERIES 1985, both of which constitute a part hereof. For your legally issued Bonds, as described in said Limited Offering Memorandum, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash premium of $ -0- for Bonds maturing and bearing interest as follows: Matunty Interest Rate 8-1-1986 8.00 % 8-1-1987 8.00 % 8-1-1988 6.30 % 8-1-1989 6.70 % 8-1-1990 7.00 % Our calculation (which is not a part of this bid) of the interest cost from the above is: Total Interest Cost $ 142.638.34 Less Premium -0- NET INTEREST COST $ 142.638.34 EFFECTIVE INTEREST RATE 6.935412 % We are having the Bonds insured by None The Initial Bond shall be registered in the name of MBank Dallas. N.A.. Dallas. Texas (syndicate account manager). We will advise Mr. Einer Juul, MBank Austin, N.A., Corporate Trust Division, P. O. Box 2266, Austin, Texas, the Paying Agent/Registrar, our registration instructions at least five business days prior to the date set for Initial Delivery. We agree to accept delivery of and make payment for the Initial Bond in immediately available funds in the Corporate Trust Division, MBank Austin, N.A., Austin, Texas, not later than 10:00 AM, CSTt on December 30, 1985, or thereafter on the date the Initiòl Bond is tendered for dellvery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructions. Respectfully submitted, MBank Dallas, N.A., Dallas, Tpxas By Authorized Representative ACCEPTANCE CLAUSE The above and foregoi ng bi d i s hereby i n all thi ngs accerted by the City of San ~1arcos, Texas, this the 25th day of November, 1985. ~1ayor ATTEST: City Secretary (Clerk)