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<br />ARTICLE III <br /> <br />AUTHORIZATION; GENERAL TERMS <br />AND PROVISIONS REGARDING THE CERTIFICATES <br /> <br />Section 3.01. Authorization. <br /> <br />(a) The City's certificates of obligation to be designated "City of San Marcos, Texas, <br />Combination Tax and Revenue Certificates of Obligation, Series 2002," are hereby authorized to be issued <br />and delivered in accordance with the Constitution and laws of the State of Texas in the aggregate principal <br />amount of$I,800,000 for the purpose of paying contractual obligations to be incurred for purchasing and <br />improving land for park purposes. <br /> <br />Section 3.02. Date. Denomination. Maturities. Numbers and Interest. <br /> <br />(a) The Certificates shall have the Original Issue Date of September 15,2002, shall be in fully <br />registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, and shall <br />be numbered separately from one upward or such other designation acceptable to the City and the Paying <br />Agent/Registrar. <br /> <br />(b) The Certificates shall mature on August 15 in the years and in the principal amounts and <br />interest rates set forth below, interest on each Certificate accruing from the Original Issue Date or the most <br />recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of <br />interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall <br />have been paid or provision for such payment shall have been made, commencing February 15, 2003, as <br />follows: <br /> <br />[Remainder of page left blank intentionally] <br /> <br />R :\San Marcos\CO .02\Docs\Ordi nancc\Final. wpd <br /> <br />5 <br />