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<br /> 'Ll( E& <br /> [FORM OF OPINION OF BOND COUNSEL] <br /> HUTCHISON BOYLE BROOKS &. FISHER <br /> $3,415,000 <br /> CITY OF SAN MARCOS, TEXAS <br /> GENERAL OBLIGATION REFUNDING BONDS <br /> SERIES 1993 <br /> WE HAVE CONDUCTED AN EXAMINATION into the validity of an issue <br /> of bonds entitled "City of San Marcos, Texas, General Obligation <br /> Refunding Bonds, Series 1993" (the "Bonds"), issued by the City of <br /> San Marcos, Texas (the "City"), which are issued as fully registered <br /> bonds, and which mature and bear interest at the rates of interest <br /> per annum, in the manner and payable on the dates, all as provided <br /> in the ordinance (the "Ordinance"), adopted by the City authorizing <br /> the Bonds, to which reference is hereby made for all purposes. <br /> Certain of the Bonds are subject to redemption prior to their <br /> scheduled maturities in accordance with the terms and conditions set <br /> forth in the Ordinance. <br /> WE HAVE EXAMINED those portions of the Constitution and laws <br /> of the State of Texas considered by us relevant to this opinion; a <br /> certain Escrow Agreement (the "Escrow Agreement") between the City <br /> and Ameritrust Texas National Association; a certain report of KPMG <br /> Peat Marwick, Certified Public Accountants; certified coples of the <br /> proceedings of the City Council of the City and other documents <br /> authorizing and relating to the issuance of the Bonds, including the <br /> form of the Bonds approved in the Ordinance. <br /> BASED ON SUCH EXAMINATION, having relied upon the accuracy of <br /> the calculations in the aforesaid report of KPMG Peat Marwick, it is <br /> our opinion that the outstanding and unpaid obligations identified <br /> in the Ordinance as being refunded, discharged, paid and retired <br /> with a portion of the proceeds of the Bonds, have now been <br /> appropriately and legally defeased; and that the holders of said <br /> refunded obligations, may obtain payment thereof only out of the <br /> funds provided therefor now held ln trust for that purpose by <br /> Ameritrust Texas National Association, pursuant to the terms of the <br /> Escrow Agreement and the Ordinance, all done pursuant to and ln <br />