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FIRST SUPPLEMENTAL ORDINANCE TO THE <br />MASTER ORDINANCE ESTABLISHING THE <br />CITY OF SAN MARCOS, TEXAS <br />PASS-THROUGH TOLL REVENUE FINANCING PROGRAM <br />THE STATE OF TEXAS § <br />COUNTIES OF HAYS AND CALDWELL § <br />WHEREAS, on March 4, 2008, the City Council of the City of San Marcos, Texas (the <br />"City"), adopted a "Master Ordinance Establishing the City of San Marcos, Texas Pass-Through Toll <br />Revenue Financing Program" (referred to herein as the "Master Ordinance"); and <br />WHEREAS, in order to enable the City to provide for the financing of projects authorized <br />by Chapter 1510, Texas Government Code, as amended (the "Enabling Act"), and other applicable <br />provisions of State law, the Master Ordinance establishes a revenue financing program pursuant to <br />which the City can issue and enter into obligations, including bonds and other types of obligations, <br />secured by and payable from a pledge of and lien on all or part of the Security, as defined in the <br />Master Ordinance, and in the sole discretion of the City in any Supplement to the Master Ordinance <br />and to the extent such Security is insufficient to pay the interest and principal payments on the <br />Bonds, a pledge of the City's direct annual ad valorem tax on all taxable property in the City; and <br />WHEREAS, for such purposes, the City deems it necessary to issue Parity Debt, as <br />hereinafter defined, pursuant to this "First Supplemental Ordinance to the Master Ordinance <br />establishing the City of San Marcos, Texas Pass-Through Toll Revenue Financing Program" (the <br />"First Supplement"); and <br />WHEREAS, the City further finds and determines that all terms and conditions for the <br />issuance of the bonds herein authorized as Parity Debt have been or can be met and satisfied; and <br />WHEREAS, the bonds authorized to be issued by this First Supplement are to be issued and <br />delivered pursuant to the Enabling Act, as hereinafter defined, and other applicable State laws. <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS THAT: <br />ARTICLE I <br />BONDS ISSUED UNDER PASS-THROUGH TOLL <br />REVENUE FINANCING PROGRAM <br />Section 1.01. DEFINITIONS. (a) Definitions. The capitalized terms used herein (except <br />in the FORM OF BONDS set forth in Exhibit B hereto) and not otherwise defined shall have the <br />meanings given in the Master Ordinance or in Exhibit A to this First Supplement. The recitals to <br />this First Supplement and the exhibits hereto are incorporated herein and made a part hereof for all <br />purposes. <br />SAN MARCOS 2008: FirstSupplementalOrdvtance <br />