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ARTICLE VII SALE OF THE BONDS; CONTROL AND DELIVERY OF THE BONDS Section 7.01. Sale of Bonds; Official Statement. (a) The Bonds are hereby officially sold and awarded to Legg Mason Wood Walker, Inc., at a price of par, plus accrued interest from the Original Issue Date to the Closing Date. It is officially found, determined and declared that the bid of said Purchaser is the highest bid for the Bonds as the result of competitive bids in accordance with the Notice of Sale and Bidding Instructions, Official Bid Form and Preliminary Official Statement for the Bonds. The Bonds shall initially be registered in the name of the Purchaser or its designee. (b) The form and substance of the Official Statement for the Bonds and any addenda, supplement or amendment thereto (the "Official Statement") presented to and considered at this meeting, is hereby in all respects approved and adopted, and the Official Statement is hereby deemed final as of its date (except for the omission of pricing and related information) within the meaning and for the purposes of paragraph (b)(1) of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended, by the City Council. The Mayor and City Clerk of the City are hereby authorized and directed to execute the same manually or by facsimile signatures and deliver appropriate numbers of executed copies thereof to the Purchaser of the Bonds. The Official Statement as thus approved, executed and del'ivered, with such appropriate variations as shall be approved by the Mayor and the Purchaser of the Bonds, may be used by the Purchaser in the public offering and sale thereof. The use and distribution of the Official Statement in the public offering of the Bonds by the Purchaser is hereby ratified, approved and confirmed. The City Clerk is hereby authorized and directed to include and maintain a copy of the Official Statement and any addenda, supplement or amendment thereto thus approved among the permanent records of this meeting. The use and distribution of the Official Statement for the Bonds and the preliminary public offering of the Bonds by the Purchaser is hereby ratified, approved and confirmed. (c) All officers of the City are authorized to take such actions and to execute such documents, certificates and receipts as they may deem necessary and appropriate in order to consummate the delivery of the Bonds. (d) In the event municipal bond guaranty insurance is obtained for the Bonds pursuant to the terms of sale of the Bonds as set forth in the winning bid, all officers of the City are authorized to do any and all things to execute and deliver any and all documents, certificates or other instruments necessary or required for the issuance ora municipal bond insurance policy relating to the Bonds; To the extent permitted by applicable law, the City will comply with all notice and other applicable requirements of the insurer issuing the municipal bond insurance policy in connection with the issuance of the Bonds, as such requirements may be in the effect and transmitted to Bond Counsel with such insurer's commitment to issue such insurance. (e) The obligation of the Purchaser to accept delivery of the Bonds is subject to the Purchaser's being furnished with the final, approving opinion of Fisher & Newsom, P.C., Bond Counsel for the City, which opinion shall be dated and delivered the Closing Date. Section 7.02. Control and Delivery of Bonds. (a) The Mayor of the City is hereby authorized to have control of the Initial Bond and all necessary records and proceedings pertaining thereto pending investigation, examination and approval of the R:\San Marcos\WWSS.03\Docs\Ordinance\WS Ord Final.wpd 20