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Section 3.02. Date Denomination, Maturities, Numbers and Interest. <br />(a) The Certificates shall have the Original Issue Date of December 1, 2011, shall be in <br />fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, <br />and shall be numbered separately from one upward or such other designation acceptable to the City <br />and the Paying Agent/Registrar. <br />(b) The Certificates shall mature on August 15 in the years and in the principal amounts <br />and interest rates set forth below, interest on each Certificate accruing from the Original Issue Date <br />or the most recent Interest Payment Date to which interest has been paid or provided for at the per <br />annum rates of interest, payable semiannually on February 15 and August 15 of each year until the <br />principal amount shall have been paid or provision for such payment shall have been made, <br />commencing August 15, 2012, as follows: <br />Year <br />Principal <br />Amount <br />Interest <br />Rate <br />Year <br />Principal <br />Amount <br />Interest <br />Rate <br />2013 <br />$100,000 <br />2.000% <br />2023 <br />$500,000 <br />3.000% <br />2014 <br />$100,000 <br />2.000% <br />2024 <br />$525,000 <br />3.125% <br />2015 <br />$100,000 <br />2.000% <br />2025 <br />$545,000 <br />3.500% <br />2016 <br />$100,000 <br />2.000% <br />2026 <br />$570,000 <br />3.625% <br />2017 <br />$100,000 <br />2.000% <br />2027 <br />$595,000 <br />3.750% <br />2018 <br />$410,000 <br />3.000% <br />2028 <br />$620,000 <br />4.000% <br />2019 <br />$425,000 <br />3.250% <br />2029 <br />$645,000 <br />4.000% <br />2020 <br />$445,000 <br />3.000% <br />2030 <br />* * * ** <br />* * * ** <br />2021 <br />$460,000 <br />3.000% <br />2031 <br />$1,370,000 <br />4.000% <br />2022 <br />$480,000 <br />3.000% <br />Section 3.03. Medium, Method and Place of Payment. <br />(a) The principal of, premium, if any, and interest on the Certificates shall be paid in lawful <br />money of the United States of America as provided in this Section. <br />(b) Interest on the Certificates shall be payable to the Owners whose names appear in the <br />Register at the close of business on the Record Date; provided, however, that in the event of <br />nonpayment of interest on a scheduled Interest Payment Date, and for 30 days thereafter, a new <br />record date for such interest payment (a "Special Record Date ") will be established by the Paying <br />Agent/Registrar if and when funds for the payment of such interest have been received from the City. <br />San Marcos C7RCO 2011: Ordinance 6 <br />