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ESTIMATED OVERLAPPING FUNDED DEBT PAYABLE FROM AD VALOREM TAXES (As of 10-31-85) Estimated Tota 1 % Overl appi ng Taxing Jurisdiction Funded Debt Applicable Funded Debt City of San Marcos $10,522,000 100.00% $10,522,000 San Marcos Consolidated Indpendent School District 13,216,000 71.42% 9,438,867 Hays County -0- 33.23% -0- Upper San Marcos Watershed Reclamation and Flood Control District 1,725,000 75.48% 1,302,030 Total $21,262,897 Ratio Overlapping Funded Debt to Taxable Assessed Valuation ---------------- 4.29% Per Capita Overlapping Funded Debt - $637.66 TAX RATE LIMITATION All taxable property within the City is subject to the assessment, levy and colleciton by the City of a continuing, direct annual ad valorem tax sufficient to provide for the payment of principal of and interest on the Bonds within the limits prescribed by law. Article XI, Section 5, of the Texas Constitution is applicable to the City, and limits the maximum ad valorem tax rate to $2.50 per $100 Assessed Valuation (for all City purposes) The Charter of the City also limits its tax rate to $2.50 per $100 Assessed Valuation ... for all City purposes. Under rulesprDmulgated by the Office of the Attorney General of Texas, such Office will not approve tax bonds of the City unless the City can demonstrate its ability to pay debt service requirements on all outstanding City tax bonds, including the issue to be approved from a tax levey of $1.50 per$lOO of valuation, based on 90% collection of the tax. TAX DATA (Year Ending 9-30) Distribution Tax General Interest and % Current % Total Tax Year Rate Fund Sin~ing Fund Tax Levy Collections Collections 1976/77 $1.30 $1.12 0.18 $1,306,582 88.33% 102.20% 1977/78 1.30 1.12 0.18 1,366,968 90.21% 104.53% 1978/79 1.30 1.18 0.12 1,420,263 89.30% 98.99% 1979/80 1.30 1.18 0.12 1,476,444 91.00% 100.61% 1980/81 1.42 1.25 0.17 1,714,311 90.14% 100.76% 1981/82 1.03 0.89 0.14 1,986,801 89.23% 101.08% 1982/83 0.65 0.59 0.06 2,391,685 90.00% 100.44% 1983/84 0.68 0.62 0.06 2,693,544 85.00% 100.50% 1984/85 0.76 0.64 0.12 3,458,491 (In Process) Property within the City is assessed as of January 1 of each year; taxes become due October 1 of the same year, and become delinquent on February 1 of the following year. Split payments are not permitted. Discounts are not allowed. Charges for penalty and interest are made as follows: Month Penalty Interest Total February 6% 1% 7% March 7% 2% 9% April 8% 3% 11 % May 9% 4% 13% June 10% 5% 15% July 12% 6% 18% - 6 -