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<br />herein pledged, and the holder or holders of the Bonds shall never have the right to <br />demand payment thereof out of any funds raised or to be raised by taxation. <br /> <br />Section 2.03. Fiscal Year. The System shall be operated on a basis of a <br />fiscal year commencing on October 1 and ending on September 30. <br /> <br />ARTICLE III <br /> <br />AUTHORIZATION; GENERAL TERMS AND PROVISIONS <br />REGARDING THE BONDS <br /> <br />Section 3.01. Authorization. <br /> <br />The City's revenue bonds to be designated "City of San Marcos, Texas, <br />Waterworks and Sewer System Revenue Bonds, Series 1988," are hereby authorized <br />to be issued and delivered in accordance with the Constitution and laws of the State <br />of Texas, in the aggregate principal amount of $1,320,000 for the purpose of <br />constructing and installing additions, improvements and extensions to, and <br />equipping, the City's waterworks system, in accordance with Articles 1111, et seq., <br />Vernon's Texas Civil Statutes, as amended. <br /> <br />Section 3.02. Date. Denomination. Maturities. Numbers and Interest. <br /> <br />(a) The Bonds shall have the Original Issue Date of February 1, 1988, and <br />shall be in fully registered form, without coupons, in the denomination of $5,000 or <br />any integral multiple thereof and shall be numbered separately from one upward or <br />such other designation acceptable to the City and the Paying Agent/Registrar. <br /> <br />(b) The Bonds shall mature on January 1 in the years and in the principal <br />amounts and interest rates set forth below, interest on each Bond accruing from the <br />Original Issue Date or the most recent Interest Payment Date to which interest has <br />been paid or provided for at the per annum rates of interest, payable semiannually <br />on January 1 and July 1 of each year until maturity or prior redemption, <br />commencing January 1, 1989 as follows: . <br /> <br /> Principal Interest Principal Interest <br />Year Amount Rate Year Amount Rate <br />1990 $20,000 9- itJ % 1998 $100,000 6,1/J % <br />1991 50,000 9-'/J % 1999 100,000 ¿.9~ % <br />1992 50,000 1.t¡o % 2000 100,000 '7.0£1 % <br />1993 50,000 ~% 2001 100,000 7-{)O % <br />1994 50,000 .0% 2002 100,000 7./,r% <br />1995 50,000 1. 'If) % 2003 100,000 1'~o% <br />1996 75,000 (p. '/Ó % 2004 150,000 7, .£5% <br />1997 75,000 ø.So % 2005 150,000 /Í.875 % <br /> <br />2387f <br /> <br />-4- <br />