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<br />ARTICLE III <br /> <br />AUTHORlZA TION; GENERAL TERMS AND PROVISIONS <br />REGARDING THE BONDS <br /> <br />Section 3.01. Authorization. <br /> <br />The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Waste Water System <br />Revenue Bonds, Series 1999," are hereby authorized to be issued and delivered in accordance with the laws <br />of the State of Texas in the aggregate principal amount of $6,300,000 for the purpose of acquiring, <br />constructing and installing additions, improvements and extensions to the City's waterworks and sewer <br />system. <br /> <br />Section 3.02. Date. Denomination. Maturities. Numbers and Interest. <br /> <br />( a) The Bonds shall have the Original Issue Date ofF ebruary 1, 1999, 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 or such other designation acceptable to the City and the Paying Agent/Registrar. <br /> <br />(b) The Bonds shall mature on August 15 in the years and in the principal amounts and interest <br />rates set forth below, interest on each Bond accruing from the Original Issue Date or the most recent Interest <br />Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable <br />semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or <br />provision for such payment shall have been made, commencing February 15,2000, as follows: <br /> <br /> Principal Interest Principal Interest <br />Year Amount Rate Year Amount Rate <br />2001 $225,000 4.125% 2011 $335,000 4.400% <br />2002 230,000 4.125% 2012 350,000 4.450% <br />2003 240,000 4.125% 2013 385,000 4.550% <br />2004 250,000 4.125% 2014 380,000 4.650% <br />2005 260,000 4.125% 2015 400,000 4.750% <br />2006 270,000 4.000% 2016 415,000 4.875% <br />2007 285,000 4.050% 2017 435,000 5.000% <br />2008 295,000 4.150% 2018 460,000 5.050% <br />2009 305,000 4.200% 2019 480,000 5..000% <br />2010 320,000 4.300% <br />Section 3.03. Medium. Method and Place ofPavment. <br /> <br /> <br />(a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money <br />of the United States of America as provided in this Section. <br /> <br />R,\SAA'MAR\ wwss. 99\DOCS\ORDNCFN. WPD <br /> <br />5 <br />