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Ord 2007-007
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Ord 2007-007
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Last modified
2/4/2010 10:35:52 AM
Creation date
8/27/2007 8:40:59 AM
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Template:
City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
2007-7
Date
1/24/2007
Volume Book
170
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<br />SectIOn 1 03 Fmdmgs <br /> <br />The declaratIOns, detenmnatIOns and findmgs declared, made and found m the preamble to thIS <br />Ordmance are hereby adopted, restated and made a part of the operatIve provlSlons hereof. <br /> <br />SectIOn 1 04 Table of Contents, Titles and Headmgs <br /> <br />The table of contents, tItles and headmgs of the ArtIcles and SectIOns of thIS Ordinance have been <br />mserted for convemence of reference only and are not to be conSIdered a part hereof and shall not m any way <br />modIfy or restnct any of the terms or proVISIOns hereof and shall never be conSIdered or given any effect m <br />construmg thIS Ordmance or any proVISIOn hereof or m ascertammg mtent, if any question of mtent should <br />anse <br /> <br />Section 1.05 InterpretatIOn. <br /> <br />(a) Unless the context reqUIres otherwIse, words of the mascuhne gender shall be construed to <br />mclude correlatIve words of the femmme and neuter genders and VIce versa, and words of the smgular number <br />shall be construed to include correlatIve words of the plural number and VIce versa. <br /> <br />(b) ThIS Ordmance and all the terms and proVISIOns hereof shall be liberally construed to <br />effectuate the purposes set forth herein to sustam the vahdIty of thIS Ordmance <br /> <br />ARTICLE II <br /> <br />SECURITY FOR THE CERTIFICATES <br /> <br />SectIOn 201 Tax Levv for Payment of the Certificates <br /> <br />(a) The CIty Council hereby declares and covenants that It wIll provIde and levy a tax legally and <br />fully suffiCIent for payment of the CertIficates, it havmg been determmed that the eXIstmg and available taxing <br />authonty of the City for such purpose IS adequate to permIt a legally suffiCIent tax m conSIderatIOn of all other <br />outstandmg obhgatIOns of the CIty <br /> <br />(b) In order to proVIde for the payment of the debt servIce reqUIrements on the CertIficates, bemg (i) <br />the mterest on the CertIficates and (ii) a smkmg fund for theu payment at matunty or a smkmg fund of two <br />percent (whIchever amount IS the greater), there IS hereby leVIed for the current year and each succeedmg year <br />thereafter, while the CertIficates or mterest thereon remam outstandmg and unpaId, a tax wIthm legal <br />limItatIOns on each $100 valuatIOn of taxable property m the CIty that IS suffiCIent to pay such debt servIce <br />reqUIrements, full allowance bemg made for dehnquencIes and costs of collectIOn. <br /> <br />(c) The tax leVIed by thIS SectIOn shall be assessed and collected each year and apphed to the payment <br />of the debt servIce requuements on the CertIficates, and the tax shall not be dIverted to any other purpose <br /> <br />SectIOn 2 02 Revenue Pledge <br /> <br />The CertIficates are addItIOnally secured by and shall be payable from a pledge of the Surplus <br />Revenues <br /> <br />San Marcos CTRCO 2007' Ordinance <br /> <br />4 <br />
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