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<br />~ ~~G-
<br /> IViDB APPUCATIO~
<br /> Da~d April 8, 1996
<br /> l'1"EW ISSUE - Bool.:-Ent!")'-Only Racing.s: ~foody'.s:""
<br /> S&P: " "
<br /> Insured: (See "BOi'i"D
<br /> r;SURA...ì"CE" .-\.,,'Œ "OIB:ER
<br /> RELEV.-\""iT lli"FOR.'íATION" -
<br /> Racings" h~rei!l)
<br /> In the op~on of Bond Col!JJ.S.<:I, in~~"'t on the Bonds .",ill ~ ~cIudable from gross income for fd_~ inc,"m.:: t3..X p\l,.~se.s 1.I.Il¿::-:
<br /> existing 5tatu~, r.::gulatio!l3, publisb..::d rulings and co\lrt d.ë:isiO1l3 .::xi:,-..ing on th.e da:..:: ther.::oé; subjc;:çt to the macr..~ ~,,-nbcl1.l.Ild.::-:
<br /> 'TAX .MATTE...!tS"haein, including th.e a.!t;::m.a¡jve m.inim1.l.!l1 t3..X on corporatio!l3.
<br />
<br /> 57,500,000
<br /> CITY OF SAN' ~í..\RCOs, TEXAS
<br /> (Hal's Coune:')
<br /> WAIERWORKS .-'\J."'"D SE~ SYSTEM REVE.NVE BOlms, SERIES 1996
<br /> Dated: AprillS, 1996 Due: Janus!")' 1, :u .!ho""'n below
<br /> Intaest on the 57,500,000 City of San }"'!:.rcos, Texas Watcrv."üro and Sewa Sys'"= Reven~ Bonds, Series 199ó (the '&nds') .",ill
<br /> accrue from the ddh'ery date and ",ill ~ payeele Jan=ry 1 and July 1 of each year, comrn.::ncing JanuaIY 1, 1997, and .",ill ~ c.l!culat.ed
<br /> on the basis of a 3é0-d3.y year of t\,..elv.:: 30-61' months. Tn.:: &tln.itive Bonds will be initially r:::gister.::d and d.::Uvered only to Cde &:
<br /> Co., the nomi.n~ of The ~sitory Trus-.. Company CDTC') ptlrStlarlt to the Book-Encry-Only System described herein. Beneficial
<br /> ownership of the Bonds may ~ acquired in c!..""1lominatiO!l3 of S5,C{}0 or integral multiple.:¡ thereof. No physical delivery of th~ Bonds
<br /> will be made to th~ beneficial Oi'i'1len thereof. Principal ot~ pr~urn, If any, and inter.::st on the Bonds will be payable by the Paying
<br /> AgaltJRegistrar to Cede &: Co., which .",ill wake åisuibution of the amounts SO paid to the èx.--neficial O\"11erS of the Bonds, (= 'BOND
<br /> INFOR...\'Lo\TION - Book-Entry-Only SYõ~"herein.
<br /> Tne Bonds are i~-u.ed pursu.a.'1t to thc= Coc.s-Jrution and the gen::-:al laws of the State of Texas, p~rticularly Articles I I 11 through 1113,
<br /> inclusive. VernoD.'s Annotat.::d Texas Ci\il StatUtes ('"'YATCS'), and a:J. oråÏII.?_nc.-= (the "Ordinance') pass.ed by the City Council, and are
<br /> special obligatio!l3 of the Cicy of San Ma.~s, Texas (the "City') payable, both as to pri:acipal and in:erest, solely from and s.xured by a
<br /> first lieD. on and pledge of thc= Net Rc=ve:¡Ue.3 of L.1e City's Wat.erv.'orks and Sewer System (the 'System'). The City has not co\'enanted
<br /> nor obligated itself to pay the Bond.! from money nised or w ~ raised from taxation (see "BOi'1'"D lli"FOR:.\L-\TIOl'í - &curiry
<br /> for Bond.!").
<br /> The initial Paying Agent/Registrar shall ~ Texas Co=erc.-= Ba:J.k National Association (se---.. 'BOND INFOR...\..L-\TION - Paying
<br />: Ag en t/R è: gi strar' ).
<br /> Pr=ds from the 5:lle of the Bonds.",ill be tls.ed to pay for imprO\'=e-Jts and .::xten.sions to the City's Was-.ewa~ System and to pay thc=
<br /> costs associated with the issuanc.-= of the Bor:ds.
<br /> lr L\ TURITY S em D ULE
<br /> Amount M:Hu.."¡".. .Bdk: Prie<: . AzTIount Maturitv Ratc=" Price
<br /> S 100,OeO 1993 3.00% 100% oS 425,000 2008 4.25% 100%
<br /> 100,OeO 1999 3.20% 100% 525,000 2009 -tI5% 100%
<br /> 1O0,OeO 2000 3.35% 100% 6 I 5,000 2010 4.45% 100%
<br /> 100,OCO 200! 3.50% 100% 645,000 201! 4.50% 100%
<br /> 100,000 2002 3.60% 100% 675,000 2012 4.55% 100%
<br /> 100,000 2003 3.70% 100% 705,000 2013 4.60% 100%
<br /> 100,COO 2004 3.80% 100% 735,000 2014 4.ó5% 100%
<br /> 100,000 2005 3.90% 100% no ,000 2015 4.70% 100%
<br /> 400,000 200ó 4.00% lC-O% 805,000 201ó 4.70% 100%
<br /> 400,000 2007 4.15% 100%
<br /> The Cicy reserves the right, at its option., to red:::=¡ Bonds !laving õ.:at.ed maturiti;::s on a..'1d atkr Ja..'1l1.:lI")' 1,2007, in wholo:: or in part, in
<br /> principal amounts of S5,OOO or any int;::g::-al multiple thereof on Ja:l~l I, 2006, or a..'1y date ther::after, at the par vatu;:: thcreof plus
<br /> aærued interest to th:: d.a.f.:: fixed for red..~?ticn (= 'BO}1TI INFOR.'.f.-\TION - R<:d=ptioQ of Bonds').
<br /> Tnc= pres..--ntIy outs~ding revenue debt of t1::: City is rated 'Ä" by :Moody's rn".::stors Se-.."¡c.-=, Inc. ('1vrocdy's') and 'Ä" by S:a.'1dard &:
<br /> Poor's Ratings Se-.."¡c::s, A Division of The McGraw-Hill Co c:¡pa.¡li es, 1'1c. ('S&P'). Tne one outstanding issue is rated 'ÄJ3" by
<br /> Moody's and "MA"by S&P by"~ ofi.n.:.¡;,"anc.-= by }...æL-\.
<br /> Tne Bonds are otTcred for d::livcry wb.::::l, as a:ld If issu.::d a::d r=iv.::d by the Texas Water Th:velopm.:nt Bœ:d and subject to thc=
<br /> approving opinion of the Attorney G.:neral of1..1e Staéè: of Texas and of Fisher &: Ne\'."$;JrTI, P.C., Bond Counsel, AustL'1. Tex~. Tne kg:1l
<br /> opinion of Bond Cotl:lY1 .",iU be printed on or ac-.:a¡;h.::d to L1;:: Bonds (= A?PÐiTIC< B, 'Form of Bond Cou.'1s~I's Opinion'). Ie is
<br /> e:V-p<:cted that the Bonds will be t.e::J.&-..::d ¡Qr c:.:li\'e-;.¡ through DTC. Delivery is anticipaéè:d on or about j\.(ay 16, 1996.
<br /> a Estirnat.::d
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