Ord 2023-042 authorizing the issuance and sale of an amount not to exceed $1,120,000.00 of Combination Tax and Surplus Revenue Certificates of Obligation, Series 2023

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(3) Reduce the amount of the principal of, or redemption premium, if any, payable on any outstanding Certificate; (4) Modify the terms of payment of principal or of interest or redemption premium on outstanding Certificate or any of them or impose any condition with respect to such payment; or (5) Change the requirement with respect to obtaining the Registered Owner's consent to such amendment. (c) If at any time the City shall desire to amend this Ordinance under this Section, the City shall send by U.S. mail to the Registered Owner a copy of the proposed amendment. (d) Whenever at any time within one year from the date of mailing of such amendment the City shall receive an instrument or instruments executed by the Registered Owner, which instrument or instruments shall refer to the proposed amendment and shall specifically consent to and approve such amendment, the City may adopt the amendment in substantially the same form. (e) Upon the adoption of any amendatory Ordinance pursuant to the provisions of this Section, this Ordinance shall be deemed to be modified and amended in accordance with such amendatory Ordinance,and the respective rights,duties, and obligations of the City and all holders of such affected Certificate shall thereafter be determined, exercised, and enforced, subject in all respects to such amendment. (f) Any consent given by the Registered Owner pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of such consent and shall be conclusive and binding upon all future Registered Owner of the same Certificate during such period. Such consent may be revoked at any time after six months from the date of said consent by the Registered Owner who gave such consent, or by a successor in title, by filing notice with the City. (g) For the purposes of establishing ownership of the Certificate, the City shall rely solely upon the registration of the ownership of such Certificate on the Registration Books kept by the Paying Agent/Registrar. Section 21. INTEREST EARNINGS. That the interest earnings derived from the investment of proceeds from the sale of the Certificates may be used along with other proceeds for the construction of the permanent improvements set forth in Section 1 hereof for which the Certificates are issued; provided that after completion of such permanent improvements, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund. It is further provided, however, that any interest earnings on proceeds which are required to be rebated to the United States of America pursuant to this Ordinance hereof in order to prevent the Certificates from being arbitrage bonds shall be so rebated and not considered as interest earnings for the purposes of this Section. Section 22. DEFEASANCE. (a)Defeased Certificates. That any Certificate and the interest thereon shall be deemed to be paid, retired and no longer outstanding (a "Defeased 27 SAN MARCOS(TWDB)CTRCO 2023&2023A:Ordinance($1,120,000)