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271f ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos General Obligation Bonds, Series 1994," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, including particularly Tex. Rev. Civ. Stat. Ann. art. 1175, as amended, in the aggregate principal amount of $5,300,000 for the purpose as follows: constructing and equipping a community activity center. - Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date of July IS, 1994, shall be in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on August 15 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing February IS, 1995, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1995 $ 50,000 is. 40 % 2005 $ 300,000 'S". ÇS- % 1996 40,000 1. LlD % 2006 300,000 ~. ia)% 1997 50,000 ~% 2007 325,000 S.ì~ % - 1998 50,000 ~% 2008 400,000 ).8:5'% 1999 50,000 ~% 2009 400,000 ~% 2000 50,000 'l.tlo % 2010 425,000 (¡, .iJO % 2001 70,000 l~~% 2011 450,000 G"oo % 2002 325,000 . D% 2012 450,000 lD. 00 % 2003 325,000 CS. 40 % 2013 450,000 Co.vO% 2004 325,000 5.~S% 2014 465,000 $,$0% Section 3.03. Medium. Method and Place of pavment. (a) The principal of, premium, if any, and interest on the Bonds shall be paid in lawful money of the United States of America as provided in this Section. (b) Interest on the Bonds shall be payable to the Owners whose names appear in the Register at the close of business on the Record Date; provided, however, that in the event of nonpayment of SANM A R 'GO 94' DOCS\O RD NCE.I!BB P 4