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Ord 2007-008
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Ord 2007-008
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Last modified
2/4/2010 10:36:01 AM
Creation date
8/27/2007 8:41:18 AM
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City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
2007-8
Date
1/24/2007
Volume Book
170
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<br />SectiOn 1 03 Fmdmgs <br /> <br />The declaratiOns, determmatiOns and findmgs declared, made and found 10 the prealTlble to thIs <br />Ordmance are hereby adopted, restated and made a part of the operative provisiOns hereof. <br /> <br />SectiOn I 04 Table of Contents. Titles and Headmgs <br /> <br />The table of contents, titles and headmgs of the Articles and SectiOns of this Ordmance have been <br />mserted for convemence of reference only and are not to be conSidered a part hereof and shall not 10 any way <br />modify or restnct any of the terms or proviSions hereof and shall never be conSidered or given any effect 10 <br />construmg this Ordmance or any proviSiOn hereof or 10 ascertammg mtent, if any question of intent should <br />anse <br /> <br />SectiOn 1 05 InterpretatiOn. <br /> <br />(a) Unless the context reqUires otherwise, words of the masculine gender shall be construed to <br />mclude correlative words of the femmme and neuter genders and Vice versa, and words of the singular number <br />shall be construed to mclude 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 herem to sustain the validity of this Ordinance <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 existing and available taxmg <br />authonty of the City for such purpose is adequate to permit a legally suffiCient tax 10 consideratiOn of all other <br />outstandmg obligatiOns of the City <br /> <br />(b) In order to proVide for the payment of the debt service requuements on the Certificates, bemg (i) <br />the mterest on the Certificates and (ii) a sinking fund for theu payment at matunty or a SinkIng 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 10 the City that is suffiCient to pay such debt service <br />reqUirements, full allowance bemg made for delmquencies and costs of collectiOn, <br /> <br />(c) The tax leVied by thiS SectiOn shall be assessed and collected each year and applied 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 2007A. Ordinance <br /> <br />4 <br />
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