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PRICING CERTIFICATE
<br />The undersigned City Manager and Pricing Officer of the City of San Marcos, Texas (the
<br />"City "), acting pursuant to the authority granted to me by the ordinance adopted by the City Council
<br />of the City on November 1, 2011 (the "Bond Ordinance ") relating to the issuance of the City of San
<br />Marcos, Texas General Obligation Refunding Bonds, Series 2011 (the "Bonds ") hereby find,
<br />determine and commit on behalf of the City to sell and deliver the Bonds on the following terms:
<br />1. Capitalized terms not otherwise defined herein have the meaning assigned in the Bond
<br />Ordinance.
<br />2. The Bonds are hereby sold and shall be delivered to SAMCO Capital Markets, Inc., as
<br />Senior Managing Underwriter, and Stephens, Inc. and Stifel, Nicolaus & Company, Inc., as Co-
<br />Managers (collectively, the "Underwriters "), pursuant to the terms of the Bond Purchase Agreement
<br />dated November 16, 2011, between the City and the Underwriters as attached hereto as Exhibit "A ",
<br />for cash at a price of $14,895,849.09 (being the par amount of the Bonds of $14,800,000 plus a net
<br />reoffering premium of $190,384.70 and less an underwriting discount of $94,535.61), plus accrued
<br />interest from the date of the Bonds to the date of delivery, according to the following terms:
<br />A. The aggregate original principal amount of the Bonds shall be $14,800,000.
<br />B. The Bonds will be issued as serial Current Interest Bonds (the "Bonds ") dated
<br />November 15, 2011 and shall be numbered from R -1 upwards (except that the Initial Bond
<br />shall be numbered T -1). The Bonds shall mature and bear interest from their dated date as
<br />follows:
<br />$1498009000
<br />Principal
<br />Maturity Date
<br />Interest
<br />Principal
<br />Maturity Date
<br />Interest
<br />Amount
<br />(August 15)
<br />Rate
<br />Amount
<br />(August 1.�)
<br />Rate
<br />$330,000
<br />2012
<br />2.000%
<br />$1,155,000
<br />2022
<br />3.000%
<br />160,000
<br />2013
<br />2.000
<br />1,195,000
<br />2023
<br />3.125
<br />345,000
<br />2014
<br />2.000
<br />1,230,000
<br />2024
<br />3.250
<br />1,670,000
<br />2015
<br />2.000
<br />270,000
<br />2025
<br />3.500
<br />1,705,000
<br />2016
<br />2.000
<br />275,000
<br />2026
<br />3.625
<br />985,000
<br />2017
<br />2.500
<br />285,000
<br />2027
<br />3.750
<br />1,010,000
<br />2018
<br />4.000
<br />295,000
<br />2028
<br />4.000
<br />1,045,000
<br />2019
<br />4.000
<br />3101000
<br />2029
<br />4.000
<br />1,090,000
<br />2020
<br />3.000
<br />320,000
<br />2030
<br />4.000
<br />1,125,000
<br />2021
<br />3.000
<br />C. Interest on the Bonds shall be payable February 15 and August 15 of each year,
<br />commencing February 15, 2012. The record date for the Bonds will be the last business day
<br />of the month preceding an Interest Payment Date whether or not such dates are Business
<br />Days.
<br />SAN MARCOS GORB 2011: PRICING CERT. 1
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