Ord 2014-070/Approving a petition submitted by Metcalfe, Wolfe, Stuart & Williams, LLP on behalf of Walton Texas, LP granting the consent of the City of San Marcos, Texas, to the creation of Cotton Center Municipal Utility District No. 1

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wastewater from the City. At the time of execution of this Agreement City agrees that it will have sufficient wastewater capacity to serve the District. Upon completion of the improvements necessary to connect the District to the City's wastewater facilities, which improvements will be described in the wastewater service agreement referred to in sub- part (a) above; the City agrees that it will serve the District. City further acknowledges that its approval of any preliminary or final subdivision plat of property within the District shall constitute a representation by the City that it has sufficient wastewater capacity available to serve the platted lots at the time of plat approval. ARTICLE V AUTHORITY Section 5.01 Authority. This Agreement is entered into under the statutory authority of Section 54.016 of the Texas Water Code and Section 212.172 of the Texas Local Government Code. The Parties intend that this Agreement guarantee the continuation of the extraterritorial status of the Land; authorize certain general uses and development on the Land; provide for infrastructure for the Land; specify the uses and development of the Land after annexation; and provide other lawful terms and considerations relating to the Land. Except as modified by this Agreement or an approved Development Agreement, Chapter 70 of the City's Code of Ordinances effective at the time this Agreement is executed shall apply. Section 5.02 Vested Rights. Execution of this agreement, under Section 212.172 of the Texas Local Government Code, constitutes a permit under Chapter 245. ARTICLE VI ISSUANCE OF BONDS, TAX RATE Section 6.01 Bonds. a. The Sub - District may issues bonds as authorized under applicable state law, the Enabling Act, Section 70.053 of the Code and this Agreement as authorized by the City. b. A The Sub - District shall have authority to issue bonds for the purposes and projects identified in the District's Enabling Act, in Chapter 54 of the Texas Water Code, as amended, and any and all other applicable state law applicable to the District's authority to operate and manage its system. Bond financing may be utilized for the construction of water infrastructure, wastewater infrastructure, drainage and storm sewer infrastructure, water quality, roads — including sidewalks built at the time of the road construction, fire- fighting services, and parks and recreation facilities, if applicable, in the future. c. Bonds issued by the Sub - District shall comply with the following requirements: i. Maximum maturity of 25 years; ii. Except for refunding bonds, the net effective interest rate of the bonds, taking into account any discount or premium, will not exceed two percent above the highest