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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(iv) The Trustee shall receive a certificate from the Developer, through an authorized representative, certifying that: (1) the Developer is not in default in the performance and observance of any of the terms, provisions and conditions applicable to it contained in the Financing Agreement, Reimbursement Agreement; (2) the Developer is in material compliance with its continuing disclosure agreements entered into in connection with all Outstanding Bonds, Additional Bonds and any other applicable City obligations, pursuant to Rule 15c2-12 of the Securities Exchange Commission, (3) 100% of the residential lots within the Phase C are under contract with or have been sold to merchant homebuilders unaffiliated with the Developer, and (4) the Multifamily A tract or site will be under contract for sale with a developer. (v) The Developer shall provide the City with a certificate or report from either the Hays Central Appraisal District, an independent certified appraiser, appraisal firm or financial consultant, selected by the City in consultation with the Developer, assuming completion of the improvements financed with the proceeds of the Additional Bonds, demonstrating that (1) the ratio of the aggregate appraised value of all assessed Parcels within the District to the portion of the aggregate principal amount of the Outstanding Bonds and the Additional Bonds to be issued (the "Aggregate Value to Lien Ratio") is at least 3:1 and (2) the ratio of the appraised value of each type of assessed Parcel within the District to the portion of the allocable principal amount of the Outstanding Bonds and the Additional Bonds to be issued for each type of assessed Parcel (each an "Individual Value to Lien Ratio") is at least 2:1. In calculating the Aggregate Value to Lien Ratio and Individual Value to Lien Ratio, the Hays Central Appraisal District, independent certified appraiser, appraisal firm or financial consultant may rely on a certificate from the Administrator that home construction has commenced and the County appraiser's assessed valuation for completed homes and a certification of value for lots on which homes are under construction. (vi) Additional Bonds may only be issued for the purposes of financing the costs of the Public hnprovements as described in the Service and Assessment Plan, including related soft costs and financing costs. (vii) The principal of and interest on any Additional Bonds must be scheduled to be paid or mature on or , or both, of the years in which principal or interest is scheduled to be paid or mature. (viii) The maximum aggregate principal amount of all Additional Bonds that may be issued is [$_,_,000]. (ix) There shall be deposited to the Reserve Fund an amount equal to the Reserve Account Requirement taking into account the Outstanding Bonds Similarly Secured and the Additional Bonds then proposed to be issued. 70