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Agent/Registrar, requested by, and at the risk and expense of, the person to whom interest is to be
<br />paid. For the purpose of the payment of interest on this Bond, the registered owner shall be the
<br />person in whose name this Bond is registered at the close of business on the "Record Date," which
<br />shall be the last business day of the month next preceding such interest payment date; provided,
<br />however, that in the event of nonpayment of interest on a scheduled interest payment date, and for
<br />30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be
<br />established by the Paying Agent/Registrar, if and when funds for the payment of such interest have
<br />been received from the City. Notice of the Special Record Date and of the scheduled payment date
<br />of the past due interest (the "Special Payment Date", which shall be 15 days after the Special Record
<br />Date) shall be sent at least five business days prior to the Special Record Date by United States mail,
<br />first class postage prepaid, to the address of each registered owner of a Bond appearing on the books
<br />of the Paying Agent/Registrar at the close of business on the last business day preceding the date of
<br />mailing such notice.
<br />If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday,
<br />legal holiday, or a day on which banking institutions in the city in which the Designated
<br />Payment/Transfer Office is located are authorized by law or executive order to close, then the date
<br />for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or
<br />day on which such banking institutions are authorized to close; and payment on such date shall have
<br />the same force and effect as if made on the original date payment was due.
<br />This Bond is one of a series of fully registered bonds specified in the title hereof issued in the
<br />aggregate principal amount of $4,495,000 (herein referred to as the 'Bonds"), issued pursuant to a
<br />certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of (i) constructing
<br />and improving streets and related pedestrian facilities, in accordance with Proposition No. 4 of the
<br />November 8, 2005 Bond Election, including Donaldson Street/Transit Center improvements, Sessom
<br />Drive reconstruction and Thorpe and Hopkins street improvements, (ii) constructing and improving
<br />streets and related pedestrian facilities, in accordance with Proposition No. 5 of the November 8,
<br />2005 Bond Election, including Victory Gardens street improvements, (iii) constructing and improving
<br />pedestrian and bicycle ways and facilities, in accordance with Proposition No. 6 of the November 8,
<br />2005 Bond Election, including sidewalks, pedestrian crossways and trails, and (iv) for the purpose
<br />of paying the costs of issuing the Bonds.
<br />The Bonds and the interest thereon are payable from the levy of a direct and continuing ad
<br />valorem tax, within the limits prescribed by law, against all taxable property in the City.
<br />The City has reserved the option to redeem the Bonds maturing on and after August 15, 2020,
<br />before their respective scheduled maturity in whole or from time to time in part in integral multiples
<br />of $5,000 on August 15, 2019, or on any date thereafter, at a price equal to the principal amount of
<br />the Bonds so called for redemption plus accrued interest to the redemption date. If less than all of
<br />the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall
<br />direct the Paying Agent/Registrar to call by lot Bonds, or portions thereof within such maturity or
<br />maturities and in such amounts, for redemption.
<br />San Marcos GO 2009 Ordinance 19
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