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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(a) FORM OF CERTIFICATE NO. $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF HAYS, CALDWELL AND GUADALUPE CITY OF SAN MARCOS, TEXAS COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2023 MATURITY INTEREST DATE OF CUSIP DATE RATE ORIGINAL ISSUE NO. , 2023 REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS ON THE MATURITY DATE specified above,the City of San Marcos, in Hays, Caldwell and Guadalupe Counties, Texas (the "Issuer"), being a political subdivision and municipal corporation of the State of Texas,hereby promises to pay to the Registered Owner specified above, or registered assigns (hereinafter called the "Registered Owner"), on the Maturity Date specified above,the Principal Amount specified above. The Certificate will not bear interest. THE PRINCIPAL OF this Certificate is payable in lawful money of the United States of America, without exchange or collection charges. At maturity or redemption prior to maturity, the principal of this Certificate shall be paid to the registered owner hereof upon presentation and surrender of this Certificate at the designated corporate trust office in Houston, Texas (the "Designated Trust Office") of Regions Bank, which is the "Paying Agent/Registrar" for this Certificate and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of this Certificate (the "Ordinance")to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check shall be sent by the Paying Agent/Registrar by United States mail, first-class, postage prepaid, on each such interest payment date, to the registered owner hereof, at its address as it appeared on the last business day of the month preceding each such date (the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described. The foregoing notwithstanding, so long as the Texas Water Development Board is the registered owner of 100% in aggregate principal amount of the Certificates then outstanding,payment of principal and interest, if any, on the Certificates shall be made thereto by wire transfer, at no expense to the Texas Water Development Board. The Issuer covenants with the registered owner of this Certificate that on or before each principal and interest payment date for this Certificate it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Ordinance, the amounts required to provide for the payment, in immediately available funds,of all principal of and interest on, if any,the Certificates, 8 SAN MARCOS(TWDB)CTRCO 2023&2023A:Ordinance($1,120,000)