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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average interest rate reported by the Daily Bond Buyer in its weekly "20 Bond Index" during the one -month period preceding the date notice of sale is given; Ili. The bonds shall expressly provide that the issuing Sub - District reserves the right to redeem the bonds at any time subsequent to the tenth anniversary of the date of issuance, without premium; iv. The bonds will have a fixed interest rate, not a variable rate, unless the issuing Sub - District secures the prior approval of City; and v. Any refunding bonds must provide for a minimum of three percent (3 %) value savings, and the latest maturity of the refunding bonds may not extend beyond the latest maturity of the refunded bonds, unless the issuing Sub - District secures the prior approval of City. Section 6.02 Economic Feasibility. At least 30 days before issuance of bonds, except refunding bonds, the issuing Sub - District's financial advisor shall certify in writing that the bonds are being issued within the existing economic feasibility guidelines established by the Commission for Sub - Districts issuing bonds for water, sewer or drainage facilities in the county in which the issuing district is located. The Sub - District shall deliver certification to the city clerk, the city manager and the director of finance. Section 6.03 Notice of Bond Issues. a. At least thirty (30) days before the issuance of bonds, the Sub-District shall deliver to the City Manager and City Attorney the notice as to: i. The amount of the bonds being proposed for issuance; ii. The projects to be funded by such bonds; and iii. The proposed debt service tax rate after issuance of the bonds. b. Within thirty (30) days after the issuing Sub - District closes the sale of a series of bonds, the issuing Sub - District shall deliver to the city manager a copy of the final official statement for such series of bonds. If the City requests additional information regarding such issuance, the Sub - District shall promptly provide such information at no cost to City. Section 6.04 Compliance with Agreements. At least thirty (30) days before issuance of bonds, the Sub - District shall certify to City in writing that the Sub - District is in substantial compliance with the Consent Ordinance approved by the City, with this Agreement, the Strategic Partnership Agreement and all other agreements between City, the District or Sub - Districts. Section 6.05 Tax Rate. The Sub - Districts' ad valorem tax rate will approximate or exceed the City's tax rate. HE