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Section 2.03. Perfection of Security Interest.
<br />Chapter 1208, Texas Government Code applies to the issuance of the Certificates and the pledge of
<br />the taxes and revenues granted by the City under Sections 2 O 1 and 2.02 of this Ordinance, and such pledge,
<br />therefore, is valid, effective, and perfected. If Texas law is amended at any time while the Certificates are
<br />outstanding and unpaid such that the pledge of the taxes granted by the City under Section 2.01 of this
<br />Ordinance is to be subject to the filing requirements of Chapter 9, Texas Business and Commerce Code, then
<br />in order to preserve to the registered owners of the Certificates of the Certificates the perfection of the security
<br />interest in said pledge, the City agrees to take such measures as it determines are reasonable and necessary
<br />under Texas law to comply with the applicable provisions of Chapter 9, Business and Commerce Code and
<br />enable a filing to perfect the security interest in said pledge to occur.
<br />ARTICLE III
<br />AUTHORIZATION; GENERAL TERMS
<br />AND PROVISIONS REGARDING THE CERTIFICATES
<br />Section 3.01. Authorization.
<br />(a) The City's certificates of obligation to be designated "City of San Marcos, Texas,
<br />Combination Tax and Revenue Certificates of Obligation, Series 2007B,"are hereby authorized to be issued
<br />and delivered in accordance with the Constitution and laws of the State of Texas in the aggregate principal
<br />amount of $12,235,000 for the purpose of paying contractual obligations incurred or to be incurred for: (1)
<br />constructing, improving, extending, expanding, upgrading and/or developing City streets, bridges, sidewalks,
<br />intersections, parking lots and related traffic improvements and costs and purchasing any necessary right-of-
<br />way and equipment therefor, including widening and extending Wonder World Drive; (2) acquiring and
<br />purchasing vehicles, equipment, technology upgrades and computers for City purposes; (3) constructing,
<br />renovating and improving City buildings for ADA compliance, (4) constructing, improving, renovating and/or
<br />equipping City park and recreational facilities, including acquisition of park land and construction of tennis
<br />courts and skate park; (5) constructing, improving, renovating and/or equipping existing animal shelter; (6)
<br />constructing, renovating, repairing and improving the Rio Vista Dam; (7) implementation of the habitat
<br />conservation plan for the San Marcos River, including stabilizing the river banks and removal of silt and
<br />gravel, (8) acquisition and implementation of the automated meter reading project; and (9) paying for
<br />professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing
<br />the Certificates
<br />Section 3 02. Date Denomination, Maturities, Numbers and Interest.
<br />(a) The Certificates shall have the Original Issue Date of June 15, 2007, 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 />(b) The Certificates shall mature on August 15 in the years and in the principal amounts and
<br />interest rates set forth below, interest on each Certificate accruing from the Original Issue Date or the most
<br />recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest,
<br />payable semiannually on February 15 and August 15 of each year until the principal amount shall have been
<br />paid or provision for such payment shall have been made, commencing February 15, 2008, as follows:
<br />San Marcos CTRCO 2007B Ordinance
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