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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Section I PLAN DESCRIPTION AND DEFINED TERMS A. Introduction On October 20, 2015, (the "Creation Date"), the City Council (the "City Council") of the City of San Marcos, Texas (the "City") approved Resolution No. 2015-145R, which authorized the creation of the Trace Public Improvement District (the "PID") to finance the Actual Costs of the Public Improvements for the benefit of certain property in the PID, all of which is located within the city limits of the City. On October 18, 2016, the City Council approved and adopted Ordinance No. 2016-42, which approved a Service and Assessment Plan (the "Original SAP") for the PID and levied $11,175,000 in assessments on property within the PID. On October 16, 2018, the City Council approved and adopted Ordinance No. 2018-38, which approved an Amended and Restated Service and Assessment Plan (the "2018 SAP") for the PID and levied $10,925,000 in additional assessments on propertywithin the PID, which was amended and restated by Ordinance 2018-51 dated December 12, 2018. This 2019 Annual Service Plan Update provides updated Annual Installments resulting from the issuance of the Initial PID Bonds. Chapter 372 of the Texas Local Government Code (as amended, the "PID Act"), governs the creation and operation of public improvement districts within the State of Texas. The Original SAP, as amended and restated by 2018 SAP, and as may be further updated, supplemented and amended from time to time, is the "SAP". The PID Act requires that a service plan cover a period of at least five years and must also define the annual indebtedness and the projected costs for improvements. The PID Act also requires a service plan be reviewed and updated annually for the purpose of determining the annual budget for improvements. The service pian for the PID is described in more detail in Section V herein. The Assessment Roll for the PID is attached hereto as Appendix A, and is addressed in Section VII. The Assessments as shown on the Assessment Roll are based on the method for establishing and levying the Assessments described in Sections IV and VI of this SAP. B. Definitions "2018 SAP" means the 2018 Amended and Restated Trace Public Improvement District Service and Assessment Plan approved by the City Council by an Assessment Ordinance 2018-38 dated October 16, 2018. "Acquisition and Reimbursement Agreement" means the Amended and Restated Trace Public Improvement District Reimbursement Agreement executed between the City and Highpointe Trace, LLC, a California limited liability company (including its successors and assigns) effective as of September 18, 2018. 1