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ARTICLE II SECURITY FOR THE CERTIFICATES Section 2.01. Tax Levy for Payment of the Certificates. (a) The City Council hereby declares and covenants that it will provide and levy a tax legally and fully sufficient for payment of the Certificates, it having been determined thatthe existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations of the City. (b) In order to provide for the payment of the debt service requirements on the Certificates, being (i) the interest on the Certificates and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Certificates or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. ( c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Certificates, and the tax shall not be diverted to any other purpose. Section 2.02. Revenue Pledge. The Certificates are additionally secured by and shall be payable from a pledge of the Surplus Revenues. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE CERTIFICATES Section 3.01. Authorization. The City's certificates of obligation to be designated "City of San Marcos, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2000A," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the aggregate principal amount of $1,500,000 for the public purpose of paying contractual obligations to be incurred for constructing, reconstructing and improving downtown streets, including related sidewalks, signage, lighting, drainage, and utility relocations. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Certificates shall have the Original Issue Date of March 15,2000, 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, excepting the initial Certificate, which shall be numbered T-l, as hereinafter provided, or such other designation acceptable to the City and the Paying Agent/Registrar. R:\SANMAR\CO.OOAIDOCSlFINALIORDCO. WPD 4