Ord 2016-018/authorizing the issuance and sale of $38,000,000 City of San Marcos, Texas, Combination Tax And Revenue Certificates of Obligation, Series 2016

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(b) Mandatory Sinking Fund Redemption (1) The Certificates scheduled to mature on August 15, 2035 (the "Term Certificates ") are subject to scheduled mandatory redemption by the Paying Agent /Registrar (or DTC or a successor securities depository, as applicable, if the Certificates are in Book - Entry form) by lot, or by any other customary method that results in a random selection, at a price equal to the principal amount thereof, plus accrued interest to the redemption date, out of moneys available for such pui pose in the hlterest and Sinking Fund, in the dates and in the respective principal amounts, set forth in the following schedule: i! August 15, 0 Mandatory Redemption Date Principal Amount August 15, 2034 1 $2,265,000 August 15, 2035 j $2,330,000 (maturity) (ii) The principal amount of Term Certificates of a stated maturity required to be redeemed on any mandatory redemption date pursuant to the operation of the mandatory sinking fund redemption provisions hereof shall be reduced, at the option of the City, by the principal amount of any Term Certificates of the same maturity which, at least 50 days prior to a mandatory redemption date (1) shall have been acquired by the City and delivered to the Paying Agent /Registrar for cancellation., (2) shall have been purchased and canceled by the Paying Agent /Registrar at the request of the City, or (3) shall have been redeemed pursuant to the optional redemption provisions and not theretofore credited against a mandatory sinking fund redemption requirements. (iii) The City reserves the right to purchase Term Certificates, in lieu of redemption, at a price not exceeding the principal amount thereof, plus accrued interest, with moneys on deposit in the Interest and Sinking Fund which are available for mandatory redemption of the Term Certificates, and the principal amount of Term Certificates so purchased and delivered to the Paying Agent /Registrar at least 50 days prior to a mandatory redemption date shall be credited against the amount required to be called for redemption in that year. San Marcos CTACO 2016: Ordinance 15