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the same interest rate are to be redeemed, the particular Bonds of such maturity and bearing such <br />interest rate shall be selected in accordance with the arrangements between the City and the securities <br />depository. <br />If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, <br />legal holiday, or a day on which banking institutions in the city in which the Designated <br />Payment/Transfer Office is located are authorized by law or executive order to close, then the date <br />for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or <br />day on which such banking institutions are authorized to close; and payment on such date shall have <br />the same force and effect as if made on the original date payment was due. <br />This Bond is one of a series of fully registered bonds specified in the title hereof issued in the <br />aggregate principal amount of $13,915,000 (herein referred to as the "Bonds"), issued pursuant to <br />a certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of acquiring, <br />constructing and installing additions, improvements and extensions to the City's waterworks and <br />waste water system. <br />With respect to any optional redemption of the Bonds, unless certain prerequisites to such <br />redemption required by the Bond Ordinance have been met and moneys sufficient to pay the principal <br />of and premium, if any, and interest on the Bonds to be redeemed shall have been received by the <br />Paying Agent/Registrar prior to the giving of such notice of redemption, such notice shall state that <br />said redemption may, at the option of the City, be conditional upon the satisfaction of such <br />prerequisites and receipt of such moneys by the Paying Agent/Registrar on or prior to the date fixed <br />for such redemption, or upon any prerequisite set forth in such notice of redemption. If a conditional <br />notice of redemption is given and such prerequisites to the redemption and sufficient moneys are not <br />received, such notice shall be of no force and effect, the City shall not redeem such Bonds and the <br />Paying Agent/Registrar shall give notice, in the manner in which the notice of redemption was given, <br />to the effect that the Bonds have not been redeemed. <br />This Bond and all the Bonds of the series of which it is a part constitute special obligations <br />of the City of San Marcos, Texas, and, together with certain Previously Issued Parity Obligations <br />defined and described in the Ordinance, are payable as to both principal and interest from and equally <br />secured by a first and prior lien on and pledge of the Net Revenues of the City's combined <br />Waterworks and Waste Water System. Reference is hereby made to the Ordinance for a more <br />complete statement of the covenants and provisions securing the payment of this Bond and the series <br />of which it is one. <br />Whenever the beneficial ownership of this Bond is determined by a book entry at a securities <br />depository for the Bonds, the foregoing requirements of holding, delivering or transferring this Bond <br />shall be modified to require the appropriate person or entity to meet the requirements ofthe securities <br />depository as to registering or transferring the book entry to produce the same effect. <br />The City expressly reserves the right to issue further and additional special revenue obligations <br />equally secured by a lien on and pledge of the net revenues of the City's combined Waterworks and <br />SANMARCOS/W W W SRed1008: Ordinance 2~ <br />