Ord 2006-017 - Laserfiche WebLink

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I I I Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from the Net Revenues, and the Holders thereof not entitled to demand payment thereof out of any money raised by taxation. Section 2.03. Perfection of Security Interest. Chapter 1208, Government Code applies to the issuance of the Bonds and the pledge of the revenues granted by the City under Section 2.01 of this Ordinance, and such pledge, therefore, is valid, effective, and perfected. If Texas law is amended at anytime while the Bonds are outstanding and unpaid such that the pledge of the revenues granted by the City under Section 2.01 of this Ordinance is to be subject to the filing requirements of Chapter 9, Business and Commerce Code, then in order to preserve to the registered owners ofthe Bonds the perfection of the security interest in said pledge, the City agrees to take such measures as it determines are reasonable and necessary under Texas law to comply with the applicable provisions of Chapter 9, Business and Commerce Code and enable a filing to perfect the security interest in said pledge to occur. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Waste Water System Revenue Bonds, Series 2006," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of$7,915,000 for the purpose of acquiring, constructing and installing additions, improvements and extensions to the City's waterworks and waste water system. Section 3.02. Date, Denomination, Maturities, Numbers and Interest. (a) The Bonds shall have the Original Issue Date of May 1, 2006, shall be in fully 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 AgentlRegistrar. (b) The Bonds shall mature on August 15 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 semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing February 15, 2007, as follows: SANMARCOS/WWWSRev2006-2: Ordinance 6