Ord 2025-013 authorizing the issuance and sale of an approximate amount of $30,450,000.00 of Waterworks and Wastewater System Revenue Bonds, Series 2025, pledging the revenues of the water and wastewater system in support of the bonds

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been so deposited, shall be remitted to the City for deposit to the General Account of the System Account. (c) Continuing Duty of Ppying Agent and Registray. Notwithstanding any provision of any other Section of this First Supplement which may be contrary to the provisions of this Section, all money or Defeasance Securities set aside and held in trust pursuant to the provisions of this Section for the payment of principal of Bonds and premium, if any, and interest thereon, shall be applied to and used solely for the payment of the particular Bonds and premium,if any,and interest thereon,with respect to which such money or Defeasance Securities have been so set aside in trust. Until all Defeased Debt shall have become due and payable, the Paying Agent/Registrar for such Defeased Debt shall perform the services of Paying Agent/Registrar for such Defeased Debt the same as if they had not been defeased, and the City shall make proper arrangements to provide and pay for such services as required by this First Supplement. (d) Amendment of this Section. Notwithstanding anything elsewhere in this First Supplement, if money or Defeasance Securities have been deposited or set aside with the Paying Agent/Registrar for such Bonds or an eligible trust company or commercial bank pursuant to this Section for the payment of Bonds and such Bonds shall not have in fact been actually paid in full, no amendment of the provisions of this Section shall be made without the consent of the registered owner of each Bonds affected thereby. (e)Retention of Rights. Notwithstanding the provisions of subsection (a) of this Section, to the extent that, upon the defeasance of any Defeased Debt to be paid at its maturity, the City retains the right under State law to later call that Defeased Debt for redemption in accordance with the provisions of this First Supplemental Ordinance relating to the Defeased Debt, the City may call such Defeased Debt for redemption upon complying with the provisions of State law and upon the satisfaction of the provisions of subsection (a) of this Section with respect to such Defeased Debt as though it was being defeased at the time of the exercise of the option to redeem the Defeased Debt and the effect of the redemption is taken into account in determining the sufficiency of the provisions made for the payment of the Defeased Debt. Section 7.04. PAYING AGENT/REGISTRAR AGREEMENT, SALE OF BONDS AND OFFICIAL STATEMENT. (a) The Paying Agent/Registrar Agreement by and between the City and the Paying Agent/Registrar is hereby approved and the Mayor is hereby authorized to execute, and deliver such Paying Agent/Registrar Agreement. (b) The Bonds are hereby sold to the bidder whose bid produced the lowest net effective interest rate, pursuant to the taking of public bids therefor, on this date, and shall be delivered to Robert W. Baird & Co., Inc. (the "Purchaser") at a price of$30,635,744.46, representing the par amount of the Bonds, plus a net reoffering premium of $1,190,323.10, less an underwriter's discount of$579,578.64. The Bonds shall initially be registered in the name of Cede & Co. (c) The City hereby approves the form and content of the Official Statement relating to the Bonds and any addenda, supplement or amendment thereto, and approves the distribution of such Official Statement in the reoffering of the Bonds by the Underwriters in final form,with such changes therein or additions thereto as the officer executing the same may deem advisable, such 23 San Marcos I WWSRB 20251 11t Supplemental Ordinance