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If a date for the payment of the principal of or interest on the Certificates is a Saturday,
<br />Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated
<br />Payment/Transfer Office is located are authorized by law or executive order to close, then the date
<br />for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or
<br />day on which such banking institutions are authorized to close; and payment on such date shall have
<br />the same force and effect as if made on the original date payment was due.
<br />This Certificate is one of a series of fully registered certificates of obligation specified in the
<br />title hereof issued in the aggregate principal amount of $11,960,000 (herein referred to as the
<br />"Certificates"), issued pursuant to a certain Ordinance of the City Council of the City (the
<br />"Ordinance"), for the following purposes: (1) constructing, reconstructing, improving, extending,
<br />expanding, upgrading and/or developing City streets, bridges, sidewalks, intersections, parking lots
<br />and related traffic improvements and costs and purchasing any necessary right-of--way and equipment
<br />therefor; (2) acquiring and purchasing fire department vehicles and equipment; (3) constructing and
<br />improving drainage facilities; (4) constructing, improving, renovating and/or equipping City park and
<br />recreational facilities, including additional acquisition costs for the Spring Lake Preserve; (5)
<br />additional costs related to constructing, improving and equipping the Central Fire Station; (6)
<br />constructing, improving and stabilizing portions of the San Marcos River Bank; (7) constructing,
<br />improving and equipping the multi service facility, including any necessary land acquisition; (8)
<br />additional costs for the bike and pedestrian improvements; and (9) the payment of professional
<br />services in connection therewith including legal, fiscal and engineering fees and the costs of issuing
<br />the certificates of obligation.
<br />The Certificates and the interest thereon are payable from the levy of a direct and continuing
<br />ad valorem tax, within the limit prescribed by law, against all taxable property in the City and by a
<br />limited pledge of certain Surplus Revenues of the City's waterworks and sewer system, all as provided
<br />in the Ordinance.
<br />The City has reserved the option to redeem the Certificates maturing on and after August 15,
<br />2018, before their respective scheduled maturity in whole or from time to time in part in integral
<br />multiples of $5,000, on August 15, 2017, or on any date thereafter, at a price equal to the principal
<br />amount of the Certificates so called for redemption plus accrued interest to the redemption date. If
<br />less than all of the Certificates are to be redeemed, the City shall determine the amounts thereof to
<br />be redeemed and shall direct the Paying Agent/Registrar to call by lot Certificates, or portions thereof
<br />within such maturity or maturities and in such amounts, for redemption.
<br />Notice of such redemption or redemptions shall be sent by United States mail, first class
<br />postage prepaid, not less than 30 days before the date fixed for redemption, to the registered owner
<br />of each of the Certificates to be redeemed in whole or in part. Notice having been so given, the
<br />Certificates or portions thereof designated for redemption shall become due and payable on the
<br />redemption date specified in such notice, and from and after such date, notwithstanding that any of
<br />the Certificates or portions thereof so called for redemption shall not have been surrendered for
<br />payment, interest on such Certificates or portions thereof shall cease to accrue. Conditional notice
<br />of redemption may also be given as provided in the Ordinance.
<br />San Marcos CTRCO 2008: Ordinance 20
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