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reserve fund surety policies with respect to the Bonds (provided that the selection of the provider of the debt service reserve fund surety shall be made from the insurers copies of whose forms of credit agreement are attached hereto as Exhibit D, and the form of credit agreement of the selected provider, revised as necessary to accomplish the acquisition of such surety policy, shall be used in connection with the Bonds), Underwriters of the Bonds, if any, in addition to and/or in substitution of those named in Section 7.01, and all other matters relating to the issuance, sale and delivery of the Bonds, provided that (1) none of the Bonds shall bear interest at a rate greater than the maximum provided by law, and (ii) the refunding must produce a net present value debt service savings of not less than 3.00% of the principal amount of the Refunded Obligations, net of any issuer contribution. Such officer is further authorized to complete and attach Exhibit A to this Ordinance with the final terms of the Bonds approved pursuant to the authority granted herein and to enter into, execute and carry out the Purchase Contract with the Purchasers. (b) Selection of Eligible Obligations for Refunding. Such officer is further authorized, pursuant to Tex. Gov't Code Ann. SI207.007(a)(4), to select such portion or portions, if any, of the Eligible Obligations to be refunded with the proceeds of the Bonds and to evidence such selection by executing and attaching to this Ordinance as Exhibit B a certificate describing the maturities and the principal amount of such maturities of the Eligible Obligations to be refunded with the proceeds of the Bonds. (c) The delegations of authority provided by subsections (a) and (b) shall tenninate on the date that is six months after the date of passage of this Ordinance. Section 3.03. Original Issue Date, Denomination, Maturities, Numbers and Interest. (a) The Bonds shall have the Original Issue Date set forth in Exhibit A hereto, 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 the dates, in the years and in the principal amounts and interest rates set forth in Exhibit A hereto. Interest on each Bond shall accrue 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 each February 15 and August 15, commencing on the date set forth in Exhibit A hereto, until the principal amount shall have been paid or provision for such payment shall have been made. Section 3.04. 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. (b) Interest on the Bonds shall be payable to the Owners whose names appear in the Register at the close of business on the Record Date; provided, however, that in the event of nonpayment of interest on a scheduled Interest Payment Date, and for 30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (the "Special Payment Date", which shall be at least 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. R:lSan MaTCos\WWWWRfd.05\Docs\Ordinance\Ord Final.wpd 6