Ord 2014-033/Authorizing the issuance and sale of an amount not to exceed $13,750,000 City Of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2014

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The Certificates and the interest thereon are payable from the levy of a direct and continuing ad valorem tax, within the limit prescribed by law, against all taxable property in the City and by a limited pledge of certain Surplus Revenues of the City's waterworks and sewer system, all as provided in the Ordinance. The City has reserved the option to redeem the Certificates maturing on and after August 15, 2024, before their respective scheduled maturity in whole or from time to time in part in integral multiples of $5,000, on August 15, 2023, or on any date thereafter, at a price equal to the principal amount of the Certificates so called for redemption plus accrued interest to the redemption date. If less than all of the Certificates are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent /Registrar to call by lot Certificates, or portions thereof within such maturity or maturities and in such amounts, for redemption. The Certificates maturing on August 15 in the years 2026 and 2034 (the "Term Certificates ") are subject to mandatory sinking fund redemption by lot or other customary method prior to maturity in the following amounts, on the following dates and at a price of par plus accrued interest to the redemption date. Term Certificates Maturing August 15, 2026 Redemption Date Principal Amount August 15, 2025 $710,000 August 15, 2026* 735,000* *Final Maturity Term Certificates Maturing August 15, 2034 Redemption Date Principal Amount August 15, 2033 $950,000 August 15, 2034* 990,000* *Final Maturity The principal amount of the Term Certificates required to be redeemed pursuant to the operation of the mandatory sinking fund redemption provisions shall be reduced, at the option of the City by the principal amount of any Term Certificates of the stated maturity which, at least 50 days prior to a mandatory redemption date, (1) shall have been acquired by the City, at a price not exceeding the principal amount of such Term Certificates plus accrued interest to the date of San Marcos CTRCO 2014 Ordinance 22