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APPROVAL CERTIFICATE
<br />The undersigned Authorized Representative of the City of San Marcos, Texas pursuant to
<br />the resolution (the 'Resolution") authorizing the issuance of obligations designated as "Alliance
<br />Regional Water Authority Contract Revenue Bonds (Regional Water Supply Contract Project —
<br />City of San Marcos, Texas), Series 2025C" (the 'Bonds") hereby approves the following terms of
<br />the Bonds:
<br />(i) the total principal amount of the Bonds of $12,015,000;
<br />(ii) the purchase price for the Bonds is $12,015,000 (representing the original principal
<br />amount of the Bonds);
<br />(iii) the interest rates and maturity schedule for the Bonds are as set forth below:
<br />Maturity
<br />Principal
<br />Interest
<br />Maturi
<br />Principal
<br />Interest
<br />Date 8/15
<br />Amount
<br />Rate
<br />Date 8/15
<br />Amount
<br />Rate
<br />2027
<br />$505,000
<br />1.700%
<br />2037
<br />$630,000
<br />2.570%
<br />2028
<br />515,000
<br />1.700
<br />2038
<br />650,000
<br />2.880
<br />2029
<br />525,000
<br />1.730
<br />2039
<br />670,000
<br />3.000
<br />2030
<br />535,000
<br />1.820
<br />2040
<br />690,000
<br />3.090
<br />2031
<br />545,000
<br />1.930
<br />2041
<br />715,000
<br />3.200
<br />2032
<br />555,000
<br />2.060
<br />2042
<br />740,000
<br />3.270
<br />2033
<br />570,000
<br />2.150
<br />2043
<br />765,000
<br />3.360
<br />2034
<br />580,000
<br />2.240
<br />2044
<br />795,000
<br />3.380
<br />2035
<br />595,000
<br />2.340
<br />2045
<br />820,000
<br />3.400
<br />2036
<br />615,000
<br />2.570
<br />(iv) the Bonds are subject to redemption as set forth below:
<br />The Bonds stated to mature on and after August 15, 2036 may be redeemed prior to their
<br />Stated Maturities, at the option of the Authority, in inverse order of maturity on February 15, 2036,
<br />or on any date thereafter, in whole or in part in an Authorized Denomination (and if within a Stated
<br />Maturity selected at random and by lot by the Paying Agent/Registrar) at the redemption price of
<br />par, together with accrued interest to the date of redemption, and upon thirty (30) days prior written
<br />notice being given by United States mail, first-class postage prepaid, to Holders of the Bonds to be
<br />redeemed, and subject to the terms and provisions relating thereto contained in the Resolution. If
<br />any Bond subject to redemption prior to Stated Maturity and in an Authorized Denomination
<br />thereof may be redeemed, and, if less than all of the principal sum is to be redeemed, there shall
<br />be issued, without charge therefor, to the Holder thereof, upon the surrender of such Bond to the
<br />Paying Agent/Registrar at a corporate trust office, a new Bond of like Stated Maturity and interest
<br />rate in any Authorized Denominations provided in the Resolution for the then unredeemed balance
<br />of the principal sum.
<br />If the Bond (or any portion of the principal sum) shall have been duly called for redemption
<br />and notice of such redemption duly given, then upon such redemption date the Bond (or the portion
<br />of the principal sum to be redeemed) shall become due and payable, and, if money for the payment
<br />ARWA I San Marcos 2025C I Approval Certificate
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