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on the unpaid principal amount hereof from the later of the Closing Date or the most recent interest
<br />payment date to which interest has been paid or provided for until such principal amount shall have
<br />been paid or provided for, at the per annum rate of interest specified above, computed on the basis
<br />of a 360 -day year of twelve 30 -day months, such interest to be paid semiannually on February 15 and
<br />August 15 of each year, commencing February 15, 2017.
<br />The principal of this Certificate shall be payable without exchange or collection charges in
<br />lawful money of the United States of America upon presentation and surrender of this Certificate at
<br />the corporate trust office in Houston, Texas (the "Designated Payment/Transfer Office "), of the
<br />Paying Agent /Registrar executing the registration certificate appearing hereon, or, with respect to
<br />a successor Paying Agent /Registrar, at the Designated Payment /Transfer Office of such successor.
<br />Interest on this Certificate is payable by check dated as of the interest payment date, mailed by the
<br />Paying Agent /Registrar to the registered owner at the address shown on the registration books kept
<br />by the Paying Agent /Registrar or by such other customary banking arrangements acceptable to the
<br />Paying Agent /Registrar, requested by, and at the risk and expense of, the person to whom interest
<br />is to be paid. For the purpose of the payment of interest on this Certificate, the registered owner
<br />shall be the person in whose name this Certificate is registered at the close of business on the
<br />"Record Date," which shall be the last business day of the month next preceding such interest
<br />payment date; provided, however, that in the event of nonpayment of interest on a scheduled interest
<br />payment date, and for 30 days thereafter, a new record date for such interest payment (a "Special
<br />Record Date ") will be established by the Paying Agent /Registrar, if and when funds for the payment
<br />of such interest have been received from the City. Notice of the Special Record Date and of the
<br />scheduled payment date of the past due interest (the "Special Payment Date ", which shall be 15 days
<br />after the Special Record Date) shall be sent at least five business days prior to the Special Record
<br />Date by United States mail, first class postage prepaid, to the address of each registered owner of a
<br />Certificate appearing on the books of the Paying Agent /Registrar at the close of business on the last
<br />business day preceding the date of mailing such notice.
<br />If a date for the payment of the principal of or interest on the Certificates is a Saturday,
<br />Sunday, 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,
<br />or day on which such banking institutions are authorized to close; and payment on such date shall
<br />have the same force and effect as if made on the original date payment was due.
<br />This Certificate is one of a series of fully registered certificates of obligation specified in the
<br />title hereof issued in a total aggregate principal amount of $35,005,000 (herein referred to as the
<br />"Certificates "), issued pursuant to a certain Ordinance of the City Council of the City (the
<br />"Ordinance "), for the following purposes: (1) constructing, improving, extending, expanding,
<br />upgrading and developing City streets, bridges, sidewalks, parking, related traffic improvements and
<br />transportation facilities including purchasing any necessary rights -of -way and equipment; (2)
<br />constructing, improving and extending the City's electric utility system; (3) acquiring, constructing,
<br />designing, equipping and renovating city park facilities and buildings; (4) constructing and
<br />improving the City's drainage facilities; (5) constructing, improving and extending the City's water
<br />and waste water system; (6) constructing and improving the City's airport; (7) acquiring,
<br />San Marcos CTRCO 2016: Ordinance 21
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