Ord 2021-059/authorizing the issuance of Electric Utility Refunding Bond Series 2021

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This Bond is one of a duly authorized issue of bonds designated as "City of San Marcos, Texas Electric Utility System Revenue Bonds, Series *"(the "Bonds"), in the aggregate principal amount of $ ** issued pursuant to the laws of the State of Texas, including specifically the Enabling Act (the "Act"), and initially under and pursuant to an ordinance of the City adopted on April 2, 2013, and entitled Second Supplemental Ordinance to the Master Ordinance establishing the City of San Marcos, Texas Electric Utility System Revenue Financing Program (the "Second Supplement") for the purpose of (i) paying the costs of acquiring, purchasing, constructing, improving, renovating, enlarging or equipping the City's Electric Utility System and (ii) paying the costs associated with the issuance of the Bonds. The Bonds are secured by a first lien on and pledge of the Security as defined in the Master Ordinance adopted on April 2, 2013 (the "Master Ordinance"), on a parity with all other Parity Debt (as defined in the Master Ordinance and the Second Supplement). The Master Ordinance, as supplemented by the Second Supplement, is referred to in this Bond as the "Ordinance." Terms used herein and not otherwise defined shall have the meanings given in the Ordinance. The Bonds are issued as "Current Interest Bonds," which total in principal amount $ and which pay accrued interest at stated intervals to the Registered Owners. Redemption Provisions [Redemption provisions as provided in the Pricing Certificate.] At least 30 days prior to the date fixed for any redemption of Bonds or portions thereof prior to maturity, a written notice of such redemption shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, at least 30 days prior to the date fixed for any such redemption to the Registered Owner of each Bond to be redeemed at its address as it appeared on the Registration Books maintained by the Paying Agent/Registrar on the day such notice of redemption is mailed. By the date fixed for any such redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the required redemption price for the Bonds or portions thereof which are to be so redeemed. If such written notice of redemption is mailed and if due provision for such payment is made, all as provided above, the Bonds or portions thereof which are to be so redeemed thereby automatically shall be treated as redeemed prior to their scheduled maturities, and they shall not bear interest after the date fixed for redemption, and they shall not be regarded as being outstanding except for the right of the Registered Owner to receive the redemption price from the Paying Agent/Registrar out of the funds provided for such payment. If a portion of any Bond shall be redeemed a substitute Bond or Bonds having the same maturity date, bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000, at the written request of the Registered Owner, and in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to As provided in the Pricing Certificate. To the extent that the Pricing Certificate relating to the Bonds is inconsistent with any provisions in this Form of Bond or contains information to complete missing information in this Form of Bond, the language in the Pricing Certificate shall be used in the executed Bonds. B-2 SanMARCOS\EtectricUtitSysRevBonds\2021: 2116uppOrdmiice