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ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE CERTIFICATES Section 3.01. Authorization. (a) The City's certificates of obligation to be designated "City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2003," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the aggregate principal amount of $10,005,000 for the purpose of paying contractual obligations to be incurred for the following purposes: constructing, reconstructing and improving streets, including signalization; constructing and improving drainage facilities; and renovating and improving the City's Rio Vista swimming pool. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Certificates shall have the Original Issue Date of November 1,2003, shall be in fully registered form, without coupons, in the denomination of$5,000 or any integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Certificates shall mature on August 15 in the years and in the principal amounts and interest rates set forth below, interest on each Certificate accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing August 15, 2004, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 2005 $1 00,000 4.250% 201 5 $575,000 4. 1 00% 2006 100,000 4.250% 2016 605,000 4.200% 2007 100,000 4.250% 2017 635,000 4.250% 2008 405,000 4.250% 201 8 670,000 4.400% 2009 430,000 4.250% 201 9 705,000 4.400% 2010 450,000 4.250% 2020 740,000 4.500% 201 1 475,000 4.250% 202 1 775,000 4.600% 2012 495,000 4.250% 2022 8 1 5,000 4.700% 201 3 520,000 4.000% 2023 860,000 4.750% :iiilii¡iiiiiiiiiilii::¡:::::i::jili:ill!II:1111111111IIIII:II:::¡::¡:::::::::! ' .... . ,'.'...'...'..'......'....'.........'..'.'.'.'.'.'.....'.'. ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ...................................... ....................................... ...................................... :::::r:::I::::::II:~:~:~~::r:IIIIII::I:~~:: ....................................... ...................................... 20 ....................................... 14 550,000 4.000% ...................................... ....................................... ....................................... :.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.;.:.:.:.:.:.:.:.:.:.:.:.:.:.:.: t::::rrrrr:t'::r:tt:rmmmttm::: R:\San Marcos\CO.O3\Docs\Ordinance\CO Ord Final.wpd 5