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INSERTIONS FOR THE INITIAL BOND <br />The Initial Bond shall be in the form set forth in this Section, except that: <br />A.immediately under the name of the Bond, the headings "INTEREST RATE" and <br />"MATURITY DATE" shall both be completed with the words "As shown below" and <br />"CUSIP NO." shall be deleted. <br />B.the first paragraph shall be deleted and the following will be inserted: <br />"ONTHE MATURITY DATE SPECIFIED BELOW,the City of San Marcos, Texas <br />(the "City"), being a political subdivision, hereby promises to pay to the Registered Owner specified <br />above, or registered assigns (hereinafter called the "Registered Owner"), on in each of <br />the years, in the principal installments and bearing interest at the per annum rates set forth in <br />thefollowing schedule: <br />Years Maturity Amounts Interest Rates <br />(Information from Sections 2 and 3 to be inserted) <br />The City promises to pay interest on the unpaid principal amount hereof (calculated on the basis of <br />a 360-day year of twelve 30-day months) from Date of Bond at the respective Interest Rate per <br />annum specified above. Interest is payable on February 15, 2022 and semiannually on each August <br />15 and February 15thereafter to the date of payment of the principal installment specified above; <br />except, that if this Bond is required to be authenticated and the date of its authentication is later than <br />the first Record Date (hereinafter defined), such principal amount shall bear interest from the interest <br />payment date next preceding the date of authentication, unless such date of authentication is after <br />any Record Date but on or before the next following interest payment date, in which case such <br />principal amount shall bear interest from such next following interest payment date; provided, <br />however, that if on the date of authentication hereof the interest on the Bond or Bonds, if any, for <br />which this Bond is being exchanged is due but has not been paid, then this Bond shall bear interest <br />from the date to which such interest has been paid in full." <br />C.The initial Bond shall be numbered "T-1." <br />Section 6. TAX LEVY. A special Interest and Sinking Fund (the "Interest and Sinking <br />Fund") is hereby created solely for the benefit of the Bonds, and the Interest and Sinking Fund shall <br />be established and maintained by the City at an official depository bank of the City. The Interest <br />and Sinking Fund shall be kept separate and apart from all other funds and accounts of the City, and <br />shall be used only for paying the interest on and principal of the Bonds. All ad valorem taxes levied <br />and collected for and on account of the Bonds shall be deposited, as collected, to the credit of the <br />Interest and Sinking Fund. During each year while any of the Bonds or interest thereon are <br />outstanding and unpaid, the governing body of the City shall compute and ascertain a rate and <br />amount of ad valorem tax which will be sufficient to raise and produce the money required to pay <br />the interest on the Bonds as such interest comes due, and to provide and maintain a sinking fund <br />adequate to pay the principal of the Bonds as such principal matures (but never less than 2% of the <br />13 <br />SANMARCOS GOB 2021: OrdinanceGOB <br /> <br />