Ord 2019-003/authorizing the issuance of the City of San Marcos Special Assessment Revenue Bonds, Series 2018 (Trace Public Improvement District); approving aand authorizing an Indenture of Trust, a Bond Purchase Agreement, an Offering Memorandum, a

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EW 1 _► 1 _M [LETTERHEAD OF P3WORKS, LLC] City of San Marcos, Texas 630 E. Hopkins San Marcos, Texas 78666 McCall, Parkhurst & Horton L.L.P 600 Congress Ave., Suite 1800 Austin, Texas 78701 January 31, 2019 FMSbonds, Inc. 100 Crescent Court, Suite 700 Dallas, Texas 75201 UMB Bank, N.A. 6034 W. Courtyard Drive, Suite 370 Austin, Texas 78730 Re: City of San Marcos, Texas, Special Assessment Revenue Bonds, Series 2019 (Trace Public Improvement District) (the "Bonds") Ladies and Gentlemen: The undersigned, , representative of P3Works LLC ("P3Works"), consultant in connection with the creation by the City of San Marcos, Texas (the "City"), of Trace Public Improvement District (the "District"), does hereby represent the following: 1. P3Works has supplied certain information contained in the Preliminary Limited Offering Memorandum, dated January 7, 2019 (the "Preliminary Limited Offering Memorandum"), and the final Limited Offering Memorandum, dated January 15, 2019 (the "Limited Offering Memorandum"), both in connection with the Bonds, relating to the issuance of the Bonds by the City, as described above. The information P3Works provided for the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum is located (a) under the caption "ASSESSMENT PROCEDURES," (b) under the caption "THE DISTRICT — Collection History of the Initial Assessments," (c) under the caption "THE PID ADMINISTRATOR" and (d) in the Service and Assessment Plan (the "SAP") for the City located in APPENDIX C to the Limited Offering Memorandum. 2. To the best of my professional knowledge and belief, the portions of the Limited Offering Memorandum described above do not contain an untrue statement of a material fact as to the information and data set forth therein, and does not omit to state a material fact necessary to snake the statements made therein, in the light of the circumstances under which they were made, not misleading. 3. P3Works agrees to the inclusion of the SAP in the Limited Offering Memorandum and to the use of its naive in the Limited Offering Memorandum for the Bonds. 4. P3Works agrees that, to the best of its ability, it will inform you immediately should it learn of any event(s) or information of which you are not aware subsequent to the date G-1 4158-2138-4984.4