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<br />of its combined water and sewer system to the prompt payment of
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<br />principal .of and interest on this Bond at maturity, and to pay said
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<br />principal and interest as they mature.
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<br />This Bond is one of a series of 319 Bonds, numbered consecu-
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<br />tively from 1 to 319, inclusive; Bonds numbered 1 to 37, inclusive,
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<br />of the denomination of One Thousand Dollars ($1,000) each, and Bonds
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<br />numbered 38 to 319, inclusive, of the denomination of Five Thousand
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<br />Dollars ($5,000) each, aggregating One Million Four Hundred Forty-
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<br />seven Thousand Dollars ($1,447,000), issued by the City of San
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<br />Marcos, Texas, of which Bonds $37,000 are issued for the purpose of
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<br />paying off, refunding and canceling an equal amount of outstanding
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<br />indebtedness of the City's waterworks and sewer system, as evidenced
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<br />by "City of San Marcos Junior Lien Waterworks and Sewer System Revenue
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<br />Bonds, Series of 1954", dated January 1, 1954, $433,000 are issued
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<br />for the purpose of constructing extensions and improvements to the
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<br />City's waterworks system, and $977,000 are issued for the purpose
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<br />
<br />of constructing extensions and improvements to the City's sewer
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<br />system, in accordance with the Constitution and laws of the State
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<br />of Texas, particularly Articles 1111 - 1118, both inclusive, and
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<br />Article lllla, of the Revised Civil Statutes of Texas, 1925, as
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<br />amended, the Charter of the City of San Marcos, Texas, and pursuant
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<br />to an Ordinance passed by the City Council of the City of San
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<br />Marcos, Texas., and duly recorded in the Minutes of the City Council.
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<br />The date of this Bond, in conformity with tIle ,ordinance above
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<br />
<br />mentioned, is July 1, 1968.
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<br />Bonds numbered 1 to 41, inclusive, shall be non-callable prior
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<br />to their respective maturity dates.
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<br />The City of San Marcos reserves the right to redeem Bonds
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<br />numbered 42 to 319, inclusive, in whole or in part, and in their
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<br />inverse numerical order, on any interest payment date on and after
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<br />JUly 1, 1978, by paying principal and accrued interest plus a
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<br />premium of 4% on all Bonds called on July 1, 1978; provided, that
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<br />the premium shall reduce 1/4 of 1% each year thereafter until July
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<br />
<br />1, 1994, on and after which date there shall be no premium on any
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