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ARTICLE III <br />AUTHORIZATION; GENERAL TERMS <br />AND PROVISIONS REGARDING THE CERTIFICATES <br />Section 3.01. Authorization. <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 2014," are hereby authorized to <br />be issued and delivered in accordance with the Constitution and laws of the State of Texas in the <br />aggregate principal amount of $13,725,000 for the purpose of paying contractual obligations incurred <br />or to be incurred for: (1) constructing, improving, extending, expanding, upgrading and developing <br />City streets, bridges, sidewalks, intersections and related traffic improvements including purchasing <br />any necessary rights -of -way and equipment; (2) constructing and improving the City's drainage <br />facilities; (3) constructing, improving and extending the City's water and waste water system; (4) <br />constructing, improving and extending the City's electric system; and (5) the payment of professional <br />services in connection therewith including legal, fiscal and engineering fees and the costs of issuing <br />the certificates of obligation <br />Section 3.02. Date, Denomination, Maturities, Numbers and Interest. <br />(a) The Certificates shall have the Dated Date of May 15, 2014, shall be in fully <br />registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, <br />and shall be numbered separately from one upward or such other designation acceptable to the City <br />and the Paying Agent /Registrar. <br />(b) The Certificates shall mature on August 15 in the years and in the principal amounts <br />and interest rates set forth below, interest on each Certificate accruing from the Closing Date or the <br />most recent Interest Payment Date to which interest has been paid or provided for at the per annum <br />rates of interest, payable semiannually on February 15 and August 15 of each year until the principal <br />amount shall have been paid or provision for such payment shall have been made, commencing <br />February 15, 2015, as follows: <br />San Marcos CTRCO 3014: Ordinance 6 <br />