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MASTER ORDINANCE ESTABLISHING THE CITY OF SAN MARCOS, TEXAS PASS-THROUGH TOLL REVENUE FINANCING PROGRAM THE STATE OF TEXAS § HAYS AND CALDWELL COUNTIES § WHEREAS, Chapter 1510, specifically, Section 1510.002, of the Texas Government Code, as amended (the "Enabling Act"), authorizes the City to issue obligations secured by and payable from a pledge of and lien on all or part of the Security, as hereinafter defined, in multiple series and issues from time to time for one or more purposes authorized by law including to: (i) provide funds for the construction, acquisition, extension, expansion and/or improvement of roadways pursuant to pass-through toll agreement(s) including expansion of FM 3407 (Wonder World Drive); (ii) create debt service reserve accounts; (iii) pay interest on obligations for the period authorized by State law; (iv) refund or cancel outstanding obligations; and (vi) pay the City's costs of issuance; and WHEREAS, to provide for the financing of projects authorized by the Enabling Act, the Pass-Through Toll Agreement dated October 23, 2006, between the City and the Texas Department of Transportation (the "Agreement") and any other applicable provisions of State law, the City desires to establish the pass-through toll financing program (the "Pass-Through Toll Revenue Financing Program" or the "Financing Program") pursuant to which the City may issue obligations, including bonds, notes and other public securities and, pursuant to Chapter 1510, Texas Government Code, as amended, execute credit agreements, secured by and payable from a pledge of and lien on all or part of the Security, as hereinafter defined; and WHEREAS, simultaneously with the adoption of this Master Ordinance, the City is adopting the First Supplement authorizing the initial series of Bonds to be issued pursuant to the Financing Program in an aggregate principal amount of $42,950,000; and WHEREAS, the terms used in this Master Ordinance and not otherwise defined shall have the meaning given in Exhibit "A" to this Master Ordinance attached hereto and made a part hereof. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS THAT: Section 1. ESTABLISHMENT OF FINANCING PROGRAM AND ISSUANCE OF PARITY DEBT. As authorized by the Enabling Act and other applicable provisions of State law, the Revenue Financing Program is hereby established for the purpose of providing a financing structure for the issuance of Debt by the City secured by and payable from a pledge of and lien on all or part of the Security. This Master Ordinance is intended to establish a master financing program under which Parity Debt of the Financing Program can be incurred. Each issue or series of Parity Debt shall be issued pursuant to a Supplement and no Parity Debt shall be issued unless the City has complied with this Master Ordinance. SAN MARCOS\PassThruTo112008:Master Orclinance