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<br />(a) <br />REGISTERED <br /> <br />[Form of Bond] <br /> <br />REGISTERED <br /> <br />No.- <br /> <br />$ <br /> <br />United States of America <br />State of Texas <br />COUNTY OF HAYS <br />CITY OF SAN MARCOS. TEXAS <br />COMBINATION TAX AND REVENUE REFUNDING BOND <br />SERIES 1987 <br /> <br />Interest Rate: <br /> <br />Maturity Date: <br /> <br />Original Issue Date: <br /> <br />CUSIP NO.: <br /> <br />March 15. 1987 <br /> <br />The City of San Marcos (the "City"). in the County of Hays. State of Texas. <br />for value received. hereby promises to pay to <br /> <br />or registered assigns. on the Maturity Date specified above. the sum of <br /> <br />DOLLARS <br /> <br />unless this Bond shall have been sooner called for redemption and the payment of <br />the principal hereof shall have been paid or provided for. and to pay interest on such <br />principal amount from the latter of the Original Issue Date specified above or the <br />most recent interest payment date to which interest has been paid or provided for <br />until payment of such principal amount has been paid or provided for. at the per <br />annum rate of interest specified above. computed on the basis of a 360-day year of <br />twelve 30-day months. such interest to be paid semiannually on February 1 and <br />August 1 of each year. commencing August 1. 1987. <br /> <br />The principal of this Bond shall be payable without exchange or collection <br />charges in lawful money of the United States of America upon presentation and <br />surrender of this Bond at the principal corporate office of the Paying Agent/ <br />Registrar executing the registration certificate appearing hereon. Interest on this <br />Bond is payable by check dated as of the interest payment date. mailed by the <br />Paying Agent/Registrar to the registered owner at the address shown on the <br />registration books kept by the Paying Agent/Registrar or by such other customary <br />banking arrangements acceptable to the Paying Agent/Registrar and the person to <br />whom interest is to be paid; provided. however. that such person shall bear all risk <br />and expenses of such customary banking arrangements. For the purpose of the <br />payment of interest on this Bond. the registered owner shall be the person in whose <br /> <br />1659f <br /> <br />-17- <br />