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<br />denominations, bearing the same rate of interest, and for the same aggregate principal amount will be issued <br />to the designated transferee or transferees. <br /> <br />Neither the City nor the Paying Agent/Registrar shall be required to transfer or exchange any <br />Certificate called for redemption, in whole or in part, within 45 days of the date fixed for redemption; <br />provided, however, such limitation shall not be applicable to an exchange by the Owner of the uncalled <br />balance of a Certificate. <br /> <br />The City, the Paying Agent/Registrar, and any other person may treat the person in whose name this <br />Certificate is registered as the owner hereof for the purpose of receiving payment as herein provided (except <br />interest shall be paid to the person in whose name this Certificate is registered on the Record Date or Special <br />Record Date, as applicable) and for all other purposes, whether or notthis Certificate be overdue, and neither <br />the City nor the Paying Agent/Registrar shall be affected by notice to the contrary. <br /> <br />IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Certificate and the series of <br />which it is a part is duly authorized by law; that all acts, conditions and things required to be done precedent <br />to and in the issuance of the Certificates have been properly done and performed and have happened in <br />regular and due time, form and manner, as required by law; and that the total indebtedness of the City, <br />including the Certificates, does not exceed any constitutional or statutory limitation. <br /> <br />IN WITNESS WHEREOF, this Certificate has been duly executed on behalf of the City, under its <br />official seal, in accordance with law. <br /> <br />City Clerk, City of San Marcos, Texas <br /> <br />Mayor, City of San Marcos, Texas <br /> <br />[SEAL] <br /> <br />(b) <br /> <br />[Form of Certificate of Paying Agent/Registrar] <br /> <br />CERTIFICATE OF PAYING AGENT/REGISTRAR <br /> <br />This is one of the Certificates referred to in the within mentioned Ordinance. The series of <br />Certificates of which this Certificate isa part was originally issued as one Initial Certificate which was <br />approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts <br />of the State of Texas. <br /> <br />JPMORGAN CHASE BANK <br />as Paying Agent/Registrar <br /> <br />Dated: <br /> <br />By: <br /> <br />Authorized Signatory <br /> <br />R:\San Marcos\CO.O3\Docs\Ordinance\CO Ord FinaLwpd <br /> <br />18 <br />