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IN THE EVENT OF NON-PAYMENT of interest on a scheduled payment date, and for
<br /> 30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be
<br /> established by the Paying Agent/Registrar,if and when funds for the payment of such interest have
<br /> been received from the Issuer. Notice of the Special Record Date and of the scheduled payment
<br /> date of the past due interest ("Special Payment Date", which shall be 15 days after the Special
<br /> Record Date) shall be sent at least five business days prior to the Special Record Date by United
<br /> States mail, first-class postage prepaid, to the address of each registered owner of a Certificate
<br /> appearing on the Registration Books kept by the Paying Agent/Registrar at the close of business
<br /> on the business day next preceding the date of mailing of such notice.
<br /> IF THE DATE for the payment of the principal of or interest on this Certificate shall be a
<br /> Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the
<br /> Designated Trust Office of the Paying Agent/Registrar is located are authorized by law or
<br /> executive order to close, then the date for such payment shall be the next succeeding day which is
<br /> not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to
<br /> close; and payment on such date shall have the same force and effect as if made on the original
<br /> date payment was due.
<br /> THIS CERTIFICATE is one of a Series of Certificates dated , 2022, authorized
<br /> in accordance with the Constitution and laws of the State of Texas in the principal amount of
<br /> $ , for the purpose of paying contractual obligations incurred in connection with: (1)
<br /> planning, acquisition, design and construction of certain drainage and flood control improvements
<br /> to include nonpoint source pollution flood mitigation improvements and acquisitions of land; and
<br /> (2) the payment of professional services in connection therewith including legal, fiscal and
<br /> engineering fees and the costs of issuing the certificates of obligation and other matters related
<br /> thereto.
<br /> ON AUGUST 15, 20, or on any date thereafter, the Certificates of this Series maturing
<br /> on and after August 15, 20_may be redeemed prior to their scheduled maturities, at the option
<br /> of the City, in inverse order of maturity with funds derived from any available and lawful source,
<br /> at par plus accrued interest to the date fixed for redemption as a whole, or in part, and, if in part,
<br /> the particular maturities to be redeemed shall be selected and designated by the City and if less
<br /> than all of a maturity is to be redeemed, the Paying Agent/Registrar shall determine by lot the
<br /> Certificates, or a portion thereof, within such maturity to be redeemed (provided that a portion of
<br /> a Certificate may be redeemed only in an integral multiple of$5,000).
<br /> AS PROVIDED IN THE ORDINANCE, this Certificate may, at the request of the
<br /> registered owner or the assignee or assignees hereof, be assigned, transferred, and exchanged for
<br /> a like aggregate principal amount of fully registered certificates,without interest coupons,payable
<br /> to the appropriate registered owner, assignee, or assignees, as the case may be, having the same
<br /> maturity date, and bearing interest at the same rate, in any Authorized Denomination as requested
<br /> in writing by the appropriate registered owner, assignee, or assignees, as the case may be, upon
<br /> surrender of this Certificate to the Paying Agent/Registrar at its Designated Trust Office for
<br /> cancellation, all in accordance with the form and procedures set forth in the Ordinance. Among
<br /> other requirements for such assignment and transfer, this Certificate must be presented and
<br /> surrendered to the Paying Agent/Registrar at its Designated Trust Office, together with proper
<br /> instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying
<br /> Agent/Registrar,evidencing assignment of this Certificate or any portion or portions hereof in any
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<br /> SAN MARCOS(TWDB)CTRCO 2022:Ordinance
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