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AR TI CLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "C ity of San Marcos, Texas, Waterworks and Waste Water System Revenue Bonds, Series 2004," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of $7,420,000 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 August 15,2004, 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 February 15,2005, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 2006 $280,000 4.500% 2016 $390,000 4.000% 2007 290,000 4.500% 2017 410,000 4.100% 2008 260,000 4.500% 2018 435,000 4.125% 2009 275,000 4.500% 2019 455,000 4.200% 2010 285,000 4.500% 2020 480,000 4.300% 2011 300,000 4.250% 2021 505,000 4.400% 2012 320,000 4.250% 2022 530,000 4.500% 2013 335,000 4.250% 2023 . 560,000 4.500% 2014 350,000 4.250% 2024 590,000 4.625% 2015 370,000 3.900% 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. R:\San Marcos\ WWSS.04\Docs\Ordinance\Ordinance Final.wpd 5