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<br />ARTICLE III <br /> <br />AUTHORIZATION; GENERAL TERMS <br />AND PROVISIONS REGARDING THE BONDS <br /> <br />Section 3.01. Authorization. <br /> <br />The City's bonds, to be designated "City of San Marcos, Texas, Electric Utility System Revenue <br />Refunding Bonds, Series 2002," are hereby authorized to be issued and delivered in accordance with the <br />Constitution and laws of the State of Texas, including particularly Tex. Gov't Code Ann. ch. 1207, in the <br />aggregate principal amount of$13,590,000 for the purpose of providing funds to refund the Refunded Bonds <br />and to pay the costs of issuing the Bonds.. <br /> <br />Section 3.02. Date, Denomination, Maturities, Numbers and Interest. <br /> <br />(a) The Bonds shall have the Original Issue Date of August 1,2002, shall be in fully registered <br />form, without coupons, in the denomination of$5,000 or any integral multiple thereof, and shall be numbered <br />separately from one upward, excepting the initial Bond, which shall be numbered T-l, as hereinafter <br />provided, or such other designation acceptable to the City and the Paying Agent/Registrar. <br /> <br />(b) The Bonds shall mature on November 1 in the years and in the principal amounts and interest <br />rates set forth below, interest on each Bond accruing on the basis of a 360-day year of twelve 30-day months <br />from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or <br />provided for at the per annum rates of interest, payable semiannually on May 1 and November 1 of each year <br />until the principal amount shall have been paid or provision for such payment shall have been made, <br />commencing November 1, 2002, as follows: <br /> <br />R\San Marcos\EUS Rfdg.02\Docs\Ordinance\Final.wpd <br /> <br />6 <br />