Ord 1988-087 - Laserfiche WebLink

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herein pledged, and the holder or holders of the Bonds shaH never have the right to demand payment thereof out of any funds raised or to be raised by taxation. Section 2.03. Fiscal Year. The System shaH be operated on a basis of a fiscal year commencing on October 1 and ending on September 30. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's revenue bonds to be designated "City of San Marcos, Texas, Waterworks and Sewer System Revenue Bonds, Series 1988-A," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, in the aggregate principal amount of $2,660,000 for the purpose of constructing and insta11ing additions, improvements and extensions to, and equipping, the City's waterworks system, in accordance with Articles 1111, et seq., Vernon's Texas Civil Statutes, as amended. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shaH have the Original Issue Date of November 1, 1988, and shaH be in fuHy 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 shaH mature on January 1 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 semiannuaHy on January 1 and July 1 of each year until maturity or prior redemption, commencing July 1, 1989 as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1990 $10,000 ltRo % 1998 $120,000 ~.~o % 1991 45,000 q.~o % 1999 130,000 (").qo % 1992 65,000 q.~t¡ % 2000 145,000 6.'lo % 1993 70,000 '" .~Q % 2001 165,000 ï.oC) % 1994 95,000 q.~O % 2002 195,000 1. \ () % 1995 100,000 ".&0 % 2003 200,000 -,. 2ð % 1996 100,000 'L~o % 2004 350,000 î.(;:)C) % 1997 120,000 q.RD % 2005 750,000 "l..að % 2906f -4-