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ARTICLE 1II AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Waste Water System Revenue Bonds, Series 2003," are hereby anthorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of $5,130,000 for the purpose of acquiring, constructing and installing additions, improvements and extensions to the City's waterworks and sewer system. Section 3.02. Date, Denomination, Maturities, Numbers and Interest. (a) The Bonds 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 Bonds shall mature on August 15 in the years and in the principal amounts and interest rates set forth below, interest on each Bond 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 2006 $280,000 4.250% 2015 $270,000 4.000% 2007 290,000 4.250% 2016 285,000 4.100% 2008 190,000 4.000% 2017 300,000 4.300% 2009 200,000 4.000% 2018 315,000 4.350% 2010 210,000 4.000% 2019 330,090 4.450% 2011 220,000 4.000% 2020 350,000 4.500% 2012 230,000 4.000% 2021 370,000 4.600% 2013 245,000 4.000% 2022 385,000 4.700% 2014 255,000 4.000% 2023 405,000 4.750% Section 3.03. Medium, Method and Place of Payment. (a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Bonds shall be payable to the Owners whose names appear in the Register at the close of business on the Record Date; provided, however, that in the event of nonpayment of interest R:\San Marcos\WWSS.03\Docs\Ordinance\WS Ord Final.wpd 5